SIMON Cowell is separating from almost all employees at his company Syco and “downsizing” after almost 20 years.
The Sun can reveal that the music mogul has decided to consolidate his multi-million pound global empire – which has sold over 250 million records worldwide – to focus on family life.
In recent days, many of Simon’s staff have begun “leaving” Conversations – including some of his closest associates who have worked with him for decades.
A source said: “Simon has reached a time in his life where he no longer wants the stress of running a global empire and has therefore made the difficult decision to wind down Syco.
“Obviously everyone involved, including Simon, is very sad. It really is the end of an era.
“Simon made this decision with a heavy heart, but after much deliberation he had to do what is best for him and his family.
“Running his business internationally – especially during the pandemic and since his bike accident – has become exhausting and understandably Simon now wants to focus on other things, particularly his family.”
Simon, 62, who first founded the company as a record label in 2004, will now focus solely on being a television personality and is expected to start filming the next season 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 enjoys.
“As well as spending time with his family, he loves BGT and its US counterpart America’s Got Talent and would love to continue performing there and in front of the camera for many more years to come.”
The news comes after Simon popped the question to his partner of eight years, Lauren Silverman.
The Sun revealed how Simon Lauren, 44, proposed on Christmas Eve in Barbados earlier this week.
Simon and Lauren welcomed their seven-year-old son Eric in 2014, and insiders say that spending more time with his son has become a priority.
His bicycle accident in August 2019, which almost paralyzed him and left him with a broken spine, put life into perspective.
The source said: “Simon puts his relationship with Eric above all else.
“After his birth, Simon’s life changed forever and work became secondary to Eric and being with him.
“As Eric has aged, this has become even more important to Simon.
“He quit judging on his own TV show Walk The Line last year because he didn’t want to spend less time with Eric and Lauren.
“The bike accident he had less than two years ago was also a big wake up call. He needs to be there for Eric and Lauren more.
“By focusing on his on-screen roles, Simon can spend even more time with them.”
Through Syco, Simon has amassed a fortune worth £492.9million, according to Forbes.
He founded the brand in 2004 as a record label, S Records, before entering into a new partnership with Sony Music, renaming the company six years later Syco Entertainment with three branches in music, television and film.
In July 2020, Simon bought out Sony Music’s stake in the company and left Syco Music – which had previously signed stars like Little Mix and One Direction.
Simon’s television division is his greatest asset, with his record-breaking Got Talent franchise airing in 69 countries around the world.
The next season of the hit British version of the show begins filming on Sunday, with the show airing on ITV in the spring.