'American Idol' judge Simon Cowell to form entertainment company

"American Idol" judge Simon Cowell and British billionaire Sir Philip Green are collaborating to form an entertainment company that will develop content both in the United States and United Kingdom.

According to the Financial Times article, "The venture with Sir Philip will effectively act as a holding company for all of Mr Cowell's entertainment interests, which include 'Britain's Got Talent,' 'America's Got Talent,' and 'The X-Factor.' But it will also be a springboard for new programming devised or produced by Mr Cowell, with Sir Philip providing business advice."

This joining forces has come about because Sir Philip has been advising Cowell on his upcoming contract negotiations with Idol. According to a Financial Times source, he has been offered a contract that would "make him the best-paid star of TV, with a deal likely to surpass even Oprah Winfrey's estimated earnings."

That's amazing and also a little funny since Cowell's credit card was recently declined at London restaurant Cipriani.