SIMON Cowell will lay off almost all personnel at its Syco company and “reduce staff” after nearly 20 years.
The sun can reveal music tycoon chose to strengthen its multi-million pound global empire – which has sold more than 250 million records worldwide – to focus on family life.
In recent days, many of Simon’s employees have begun “leaving out” of conversations – including some of his closest confidants who have worked with him for decades.
A source said: “Simon came to a point in his life when he didn’t want the stress of running a global empire and so made the tough decision to take Syco down.
“Obviously everyone involved, including Simon, is very upset. It truly is the end of an era.
“Simon made this decision with a heavy heart but after much deliberation, he must do what is best for him and his family.
“Running his business internationally – especially during the pandemic and since he was in a bicycle accident – has become exhausting and understandably Simon now wants to focused on other things, and especially his family.”
Simon, 62, who first founded the company as a record label in 2004, will now focus solely on being a TV personality and is expected to begin filming the next series of Britain’s Got Talent in London on Sunday.
The source continued: “Simon’s decision will give him more time to focus on what he loves.
“Aside from family time, he loves BGT and its counterpart America’s Got Talent and he wants to keep appearing on it and in front of the camera for years to come.”
News comes after Simon Turn on the question to his partner of eight years, Lauren Silverman.
The Sun reveals what Simon was like offer for Lauren, 44, on Christmas Eve in Barbados earlier this week.
Simon and Lauren welcomed son Eric, 7, in 2014 and insiders say spending more time with his son has become a priority.
His bicycle accident in August 2019, which left him virtually paralyzed and saw him lying for months with a broken spine, also puts life in perspective.
The source said: “Simon puts his relationship with Eric above all else.
“After he was born, Simon’s life changed forever and work became secondary to Eric and being with him.
“As Eric got older, this became even more important to Simon.
“The bike accident he had less than two years ago was also a big wake-up call. He needs to be with Eric and Lauren more.
“By focusing on his screen roles, Simon will be freed up to spend more time with them.”
Through Syco, Simon has amassed a fortune of £492.9 million, according to Forbes.
He started the brand as a record label, S Records, in 2004 before forming a new partnership with Sony Music and changing the company name to Syco Entertainment six years later with three branches. branch of music, television and film.
In July 2020, Simon purchased Sony Music’s stake in the company and left Syco Music, which had previously signed stars including Little Mix and One Direction.
Simon’s television arm is his biggest asset, with his record-breaking Got Talent series airing in 69 countries around the world.
The next series of the hit UK version begins filming on Sunday with the show airing on ITV in the spring.
https://www.thesun.ie/tv/8206739/simon-cowell-axing-staff-syco/ Simon Cowell cuts staff and shrinks Syco empire to focus on family life after getting engaged to Lauren Silverman