Simon Cowell and his buddy-turned-business partner, Sir Philip Green. Photo: Getty Images

Two of the most successful men in Britain have decided to join forces to create an entertainment company to rival the media and marketing giant that is Disney, reports Daily Mail.

Simon Cowell, known for his role on "American Idol" and a predilection for extra-tight shirts, and Sir Philip Green, who owns a number of the U.K.'s largest retailers (including Topshop), have been buddies for close to a decade but only now decided to become business partners. The plan, according to WWD, is to market shows across the U.S. and Europe, then do heavy merchandising to capitalize on the hit shows.

Green, who has never worked in showbusiness before, will keep his retail business separate from the joint venture (good thing -- the last thing we need in the dressing room is to think of Simon Cowell and his scathing remarks!). The billionaire will focus on finances, while Cowell, whose contracts are up at Sony and American Idol, will use his experience in the entertainment industry to oversee production.

Daily Mail quotes a source who knows the pair as saying, "They are talking about making profits running into billions as opposed to millions."

Hey, as long as Topshop doesn't start selling strictly tight black t-shirts, we wish them the best of luck.