It’s official, Simon Cowell is leaving his record label Syco Music. Yep, the music mogul has announced his departure, just days after Louis Tomlinson revealed he was also cutting ties with the company.

It turns out, Simon actually sold Syco Music to Sony back in 2005, but he remained heavily involved with the label — up until now, that is. It’s now been reported that Simon is walking away for good. But why is he saying goodbye, you ask? Well, according to sources close to him, it’s because he wants to focus on his TV company, Syco Entertainment — which owns The X Factor and the Got Talent shows — instead.

“This deal is huge. Simon has had to pay a massive amount to regain control of Syco Entertainment. That has meant he is no longer involved in Syco Music but it’s not in great shape right now,” a source told The Sun. “Leaving it now makes sense for him because he can instead focus on his Got Talent shows, as those are his money-makers now.”

For those who missed it, Louis shared the news that he was exiting the label, which was behind all of One Direction‘s albums and his debut solo LP, Walls, on July 11, 2020, after working with them for 10 years.

“Hope everyone is doing OK! Just wanted to let you know that Syco Music and I have agreed to part ways,” the “Back To You” crooner shared on Twitter. “I’m really excited for the future and to be back in the studio writing the next album. Can’t wait to finally see you all on tour! Stay safe and see you soon, Louis.”

The singer added in another tweet, “Your support is incredible as always! Loads of love.”

When asked if that meant that his upcoming tour would be canceled, he replied, “No hahaha, why would it?”

And when a fan wondered if he had started writing his second album, the 28-year-old said, “Few concepts and ideas.”

Syco has also signed artists like CNCONoah CyrusPRETTYMUCH, Little Mix and more.

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