Simon Cowell and Sir Philip Green to Form Venture

Simon Cowell is to set up a joint venture with billionaire retailing magnate Sir Philip Green to create an international entertainment company. The Daily Telegraph reports that the pair, who are said to be close friends, will form a new company involved in television production, talent management and merchandising. It will be based in London and Los Angeles, with Cowell focused on the presenting and production side and Green overseeing finances and merchandising. The new company has not yet been formally set up or named, but the Telegraph reports a source close to the deal saying "Simon is 100% committed to this". Sir Philip Green is the owner of the Arcadia Group, home of leading retail brands such as Topshop, Burton, Dorothy Perkins and Miss Selfridge.