Cowell finalising firm with Green!

Simon Cowell and Sir Philip Green have been friends for a long time

Reality television mogul Simon Cowell and retail billionaire Sir Philip Green are finalising details of a new company they plan to run together.

Mr Cowell has a production company called Syco, which makes shows such as Britain's Got Talent and X Factor.

Sir Philip would add his business acumen as the owner of BHS and Topshop.

"They've been good friends for a long time and there's a good chance they'll be working together," Mr Cowell's publicist Max Clifford told the BBC.

It is understood that the details are likely to be completed in the next month if all goes according to plan.

Simon Cowell has been involved with many of the most successful reality television programmes.

Singers featured on his programmes are signed to the Syco Music label, which is part of Sony Music.

It is unclear how the new entertainment company would fit in with his existing interests.

BBC NEWS REPORTL