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'The X Factor (US)' Helps Simon Cowell's TV Business Profits Soar

January 4, 2013 (4:22 am) GMT
The pre-tax profits of Cowell's television company Simco rocketed to $52.4 last year, thanks to the launch of the U.S. version of 'X Factor'.

"" has become a big moneymaker for . The FOX singing competition has helped boost the profits of his television company Simco last year.

Cowell's TV company made pre-tax profits of $52.4 million (32.6M pounds) in the 12 months to 31 March 2012. It's more than twice of the company's pre-tax profits in the year before ($22 million or 13.7M pounds) or increasing 138%, mainly due to the launch of the American version of "".

The company also reported that total turnover almost doubled to $87.89 million (54.6M pounds) in the year to 31 March 2012. Turnover in the U.S. grew from $5.1 million (3.2M pounds) to $36.8 million (22.9M pounds), making almost 42% of the total turnover.

"The X Factor (US)" wrapped up its second season last December with an average of 10.6 million total viewers and a 3.9 rating among adults 18-49. The show crowned Tate Stevens as the winner in the season finale.

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