Sir Philip in TV deal with Cowell

Sir Philip Green has joined forces with Simon Cowell to form a global entertainment company to create TV programmes on both sides of the Atlantic.

It is understood this will involve the creation of a holding company for all of the X-Factor star’s entertainment interests and provide a springboard for new programmes devised or produced by Mr Cowell, with Sir Philip providing business advice.

The new company, as yet unnamed, will provide a potentially lucrative merchandising opportunity, for Sir Philip, according to the Financial Times.

The pair, close friends for years, both declined to comment on the new venture. But a source close to the talks said it would be key to a new deal for Cowell as he renegotiates terms for the TV hit show, American Idol.

Last updated: 5:33pm, June 25 2009