Music mogul Fuller signs new 'American Idol' deal

TV and music tycoon Simon Fuller is to receive 10% of the profits from hit show 'American Idol' for as long as the series continues, details of his new deal showed today.

Fuller announced last week he is setting up a new entertainment firm, tipped to be a huge global player.

However he will also stay on as a consultant to media and rights firm CKX which owns the rights to 'American Idol' and 'So You Think You Can Dance', which Fuller created.

He will continue as executive producer of the shows and under the terms of his agreement with CKX, it has emerged he will be paid 10% of the net profit for the shows as long as they continue. For this year he will be paid a £3m (€3.43m) advance on those profits.

Fuller - who launched The Spice Girls and 'Pop Idol' - set up his firm 19 in the mid-1980s, expanding from artist management to becoming a major media player. He sold the company to CKX in 2005.

Fuller has now revealed the new firm will be called XIX, Roman numerals for 19.

XIX has now been valued at £100m (€114.4m) and is completely owned by Fuller.

Investors are still to be announced and CKX has an option to acquire at least 10% of the firm.

Through 19, Fuller has guided the careers of the likes of Will Young and Kelly Clarkson. His company also manages David and Victoria Beckham, as well as tennis ace Andy Murray.

He will continue to be involved in their careers through his consultancy role.

The 48-year-old businessman, estimated to be worth £300m (€343.1m) in The Sunday Times Rich List last year - has guaranteed to stay on as "general consultant" for CKX for at least six months, for which he will be paid £1.5m (€1.71m).

He will also continue to oversee a global online series 'If I Can Dream', which was announced late last year.

Fuller's first major project through XIX will be as executive producer to the new film starring 'Twilight' heartthrob Robert Pattinson, which will be called 'Bel Ami'. Another major project is expected to be announced later this week.

'American Idol' continues to be a huge moneyspinner in the US and a massive ratings hit. Simon Cowell recently announced he was quitting as a judge on the show to launch a US version of 'X Factor'.

Programme-makers are now looking for a new panellist for Idol, who they are hoping will be a major music figure with the status of someone like Elton John.