Simon Cowell’s Syco Loses Money

London, Dec 29 (PTI) Music mogul Simon Cowell's company Syco has reportedly seen its profits slump this year by over 40 million pounds, largely due to the cancellation of "The X Factor" in the US.

The 56-year-old music mogul will receive a much smaller pay cheque this year after his venture made just 28.6 million pounds in the year up until March, a stark contrast to the 71 million pounds it made in the previous year, reported Female First.

Cowell, who has a 22-month-old son Eric with girlfriend Lauren Silverman, owns 40 percent of Syco and his dividend is expected to be 10 million pounds, less than half of the 24.3 million pounds he took home 12 months previously.

The company, also part owned by Sony, which has 50 percent of the shares, and Topshop boss Sir Philip Green, who has the remaining 10 per cent, saw revenues fall after the US version of "The X Factor" was axed.