Cowell teams with retail entrepreneur

Duo to launch global entertainment combo

“American Idol’s” Simon Cowell is reportedly setting up a global entertainment company with U.K. retail entrepreneur Philip Green.

Unnamed sources in the local press say the two tycoons aim to take on “Hollywood moguls and U.S. entertainment corporations in their own backyard.”

The joint venture, to be based in Los Angeles and London, would encompass TV production, talent management and merchandizing.

While Cowell’s TV and music credentials are impressive, Green’s expertise resides in retail, and their venture would be the retailer’s first in showbiz.

Green, one of the U.K.’s wealthiest men, built his estimated £4 billion ($6.6 billion) fortune on a string of fashion stores.

Reports suggest Cowell’s talent show “X Factor” may bow in the U.S. as one of the enterprise’s first ventures.

Cowell runs entertainment company Syco, a subsidiary of Sony Music Entertainment, which co-produces shows including “Britain’s Got Talent,” whose final recently achieved huge ratings in Blighty, thanks to the perf of contestant Susan Boyle.

The new venture would co-exist alongside Syco, with Cowell taking care of creative matters while Green handles the business side.

A Syco spokeswoman confirmed that “there are discussions taking place between Philip and Simon and all the various companies and organizations that Simon currently works with.”

(Ali Jaafar in London contributed to this report.)