Simon Cowell has reportedly taken the decision to "wind down" his Syco operation after almost two decades.
The firm started out as a record label but branched out in to TV and film as Cowell launched the Got Talent franchise and The X Factor.
According to The Sun, however, the 62-year-old has resolved to downsize the company in 2022, a move that will result in necessary job losses on both sides of the Atlantic.
"Simon has reached a time in his life when he doesn't want the stress of running a global empire and so has made the difficult decision to wind down Syco," a source told the newspaper.
"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, and particularly his family.
"Simon's decision will give him more time to concentrate on what he enjoys.
"As well as spending time with his family, he loves BGT and its US counterpart America's Got Talent and he'd like to continue appearing on those and being in front of the camera for years to come."
Earlier this month it emerged that Cowell - currently in the UK to film the new series of BGT - has got engaged to his partner of nine years Lauren Silverman.
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