Simon Cowell has exercised an option to buy out Sony Music's 75% share in their joint venture Syco Entertainment, giving him full control of the production powerhouse.

Syco operates the successful Got Talent and The X Factor franchises around the world and also manages artists such as Susan Boyle, Labrinth and Noah Cyrus.

Under the terms of the deal, Sony Music will get to keep the current roster of artists and their back catalogues, while Cowell will gain sole charge of the rest of the operation.

"We have all shared some incredible achievements, and importantly we have had lots of fun," said Cowell in a statement. "I won't say this was an easy decision to make, however sometimes you have to personally support something you are so passionate about.

"I've always believed it's important to take on new goals in order to drive new ideas and creativity so I'm very excited to be taking an independent and creatively-led Syco Entertainment into the future."

In a recent interview Cowell revealed that he has been using the coronavirus lockdown productively and has developed three new TV formats.