Simon Cowell decides to quit X Factor

London (ANI): Simon Cowell has decided to quit X Factor to launch a billion-pound global TV and entertainment empire with Topshop tycoon Sir Philip Green, say reports. According to sources, the 49-year-old music mogul has told his friends that the next series will be his last.

He plans to join hands with Green to create and sell TV formats across the world. One of their first targets could be ITV. “Nothing is off limits," the Mirror quoted an insider as saying. However, the ITV bosses desperately want Cowell to stay. But insiders say Cowell is reviewing his future.

“He has found X Factor increasingly draining and it leaves him little time for serious business," said a close friend. “Now he"s decided this will be his last series and he"s moving on. In future, he will have a more overseeing role," the friend added.

It is said that Cowell is extremely excited about his collaboration with Greene. They will also create shows, manage stars and exploit the rights to existing TV hits.