Pop Idol tycoon Fuller launches new venture

Media mogul Simon Fuller, who launched the Spice Girls and Pop Idol, is to launch a new entertainment company, he announced today.

The TV guru - one of the most powerful figures in the entertainment world and estimated to be worth around £300 million - had been expected to step up to run US firm CKX, to whom he sold his company 19.

But he has now said he will set up a new venture, although he will continue to work with CKX on a number of projects - including American Idol and So You Think You Can Dance - on a profit-share basis.

Fuller built up 19 managing acts such as Eurythmics, and later Annie Lennox as a solo star, and building the Spice Girls into global stars. He also created S Club 7 and their hit TV shows and his company has guided the careers of the likes of Will Young, Kelly Clarkson. His company also manages David and Victoria Beckham, as well as tennis ace Andy Murray.

His new deal with CKX will see him continuing to oversee its global online series If I Can Dream, which was announced late last year and he will give "general consulting services" to the company.

Robert Sillerman, chairman and CEO of CKX said: "I am thrilled with this new arrangement with Simon. He is truly one of the most creative geniuses in the entertainment industry today. This new arrangement guarantees that Simon and CKX will be working together for many, many years to come.

"I'm also delighted that going forward Simon will be free to focus his creative energy on developing new ideas and projects and that CKX has the opportunity to invest in his new business."

Fuller said: "This is the beginning of another important chapter in my life. As an entrepreneur I feel I am about to enter my prime years and starting a new entertainment company at this moment fills me with great excitement. Since its acquisition by CKX, 19 has achieved extraordinary success and I am delighted to be able to continue my relationship with Bob, the CKX team and all the properties that I have created."

Fuller will continue as executive producer of American Idol, which judge Simon Cowell announced he was leaving this week in order to launch The X Factor in the US.