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Credit: Reuters/Phil McCarten LONDON | Wed Jan 25, 2012 12:16pm EST LONDON (Reuters) - TV personality and music producer Simon Cowell is launching a new talent competition to find the world's best DJs. 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. 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