Simon Cowell refrained from taking salary after drop in profits at Syco

Simon Cowell did not take a penny from his entertainment company Syco after loss in profits, as per recent reports.

The music mogul saw profits of Syco Holdings Ltd drop from £31.88 million in 2021 to £2.27 million, according to a report published by The Mirror.

This comes after Cowell fired “almost all his staff” at his multimillion-pound entertainment empire and significantly downsized Syco in January 2022 almost 20 years after its foundation.

“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 spilt to Daily Mail at the time.

“Everyone who has worked with him is just incredibly grateful for those opportunities and experiences and they understand the direction he wants to take things. Those that are leaving will be snapped up fast.”