Already known to television audiences in Britain and the United States as the acerbic judge on hit talent shows like "American Idol", "The X Factor" and "Britain's Got Talent", the 52-year-old is looking to expand his empire.

"DJ's are the new rock stars, it feels like the right time to make this show," he said in a statement.

The new format will be co-produced by SYCO, Cowell's joint venture with Sony Music, and Overbrook Entertainment, a U.S. entertainment company founded by Hollywood star Will Smith.

Sony Pictures Television will also be a partner in the venture, which has been in development for more than a year. Smith's wife Jada Pinkett Smith has been involved for Overbrook.

The three parties said they would announce their broadcast partners in Britain and the United States soon.

(Reporting by Mike Collett-White; editing by Patricia Reaney)

• A Permanent Economic Emergency