Simon Cowell and Sony Music Entertainment have renewed their partnership, confirming details of a new long-term global venture to focus on the production and exploitation of music, television, film and digital content.

The new venture will own all of the existing Syco - Cowell's music company in partnership with Sony - television and music assets, including the global TV format "The X Factor" and "Got Talent", as well as acts including Leona Lewis, Susan Boyle and Il Divo.

Fox's U.S. version of "The X Factor," to air in the fall of 2011 with Cowell as executive producer and judge, is included in the deal. The global show airs in 17 countries.

Syco Television is also the owner of the "Got Talent" television format which airs in 27 countries worldwide.

Syco will be co-owned by Sony Music and a Simon Cowell-owned company; it will be based in London and will also have offices in L.A. Syco was previously the name for Cowell's music and television activities as a division of Sony Music Entertainment U.K. and it has a staff of 28.

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

"Over the past 20 years, Simon Cowell has been a great partner and is an integral part of the Sony Music global family. We are extremely excited to be able to continue and further develop our relationship with Simon, and significantly grow the Syco venture," added Rolf Schmidt-Holtz, CEO, Sony Music Entertainment.

Sony Music says Cowell has worked with artists selling more than 180 million albums and delivered more than 150 No.1 records during his career. In 2009, Cowell was named No. 1 in Hollywood Reporter's Top 50 Most Powerful in Reality TV.

"Simon Cowell is one of the most prominent and successful creative music and television executives in the entertainment business today. This new venture will allow Sony Music and all Sony divisions to develop and pursue a host of new opportunities with this supremely talented individual," said Sir Howard Stringer, Chairman, CEO and president, Sony Corporation in a statement.

Ged Doherty, chairman and CEO, Sony Music Entertainment U.K., added: "I am absolutely delighted that we have been able to extend our long and mutually beneficial partnership with Simon. He is an inspiring and stimulating business partner and working with him closely over the last 10 years has been an absolute pleasure. With the launch of "The X Factor" in the U.S., we look forward to replicating the unprecedented success the show has had in the U.K. globally."

U.K. retail magnate Sir Philip Green will be an advisor to Simon Cowell and a shareholder in the company, majority owned and controlled by Cowell, which will serve as the partner with Sony Music in the new Syco.