Simon Cowell signs new Sony deal - 'X Factor' just the beginning

simon-cowell-american-idol-320-2.jpgIt looks like current "American Idol" judge Simon Cowell will be influencing the entertainment world for quite some time.

Simon Cowell and Sony Corp's Sony Music Entertainment have signed on for a long-term venture to produce TV, music and film, starting with the U.S. version of "The X Factor."

According to the Financial Times (via Reuters), it is a five-year deal wherein Sony relinquishes 100% ownership of Simon Cowell's record label, Syco Records, in exchange for a 50% ownership in this new venture.

Cowell said in a statement, "I have had a fantastic relationship with Sony for many years and I'm delighted we are launching this venture together."

Meanwhile, the Other Simon (Simon Fuller) recently announced plans for a new entertainment company as well. So everybody should be happy, right? Except Fuller told the London Times over the weekend that "X Factor" is the TV equivalent of wrestling, incomparable to the "boxing"-type purity of "American Idol." "I want "Idol" to be purely about talent. We're not going to be led into the mud, we're going to stay on our hill."

Hmmm. We aren't entirely sure what makes "American Idol" so high and mighty over "X Factor," particularly with "Idol's" history of giving some people better edits than others, playing up sob stories for some contestants but not others and putting cannon fodder in the Top 24 so the "right" people make the Top 12.

What do you guys think? All we can say is we hope Gerald McRaney and Jameson Parker play Fuller and Cowell in the movie.

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Photo credit: FOX