The X Factor boss will be presented with the accolade in recognition of his outstanding contribution to music and entertainment as well as his charity work.

Chairman of Britain's MITS Award committee, David Munns, praised Cowell's work in a statement which reads:"Simon Cowell is a well deserving honouree. The creativity and excitement of The X Factor and Britain's Got Talent, for example, have left an indelible impression on our contemporary culture while his record label Syco has proven itself a world leader in the development and success of inspiring, talented artists."

Other recipients of the award include Sir Elton John, Gary Barlow, and Annie Lennox.

Cowell is set to be presented with the honour in November (15), at the organisation's annual gala, which benefits the charities Nordoff Robbins and the BRIT Trust.

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