"They offered me two things I couldn't turn down," Cowell told Daily Variety. "I couldn't pass up the financial offer to do three more (editions of) 'American Idol' and the commitment to launch (a) TV production company. It wasn't a patronizing deal to shut me up. It was a really good deal."
The pact backs Cowell's new production effort, simcow ltd., and comes just days before CBS begins airing his "Cupid," another of the ubiquitous dating series.
Cowell, a longtime pop music producer and record label owner who hit it big in Britain first with "Pop Idol" before crossing the pond, said simcow will do both scripted and non-scripted fare.
Swim Week Miami Beach 2014 [PHOTOS]