Pepsi hopes tapping a big gun will restore market share

Pepsi paid out more than $60 million to sponsor Simon Cowell's 'X Factor' debuting this fall on the Fox network. Once the word was out that the X Factor was seeking sponsors, Pepsi executives rushed out to London to personally pitch to Cowell. According to Cowell, "We just hit it off. I've always said that 'X Factor' would be the next generation talent show. Pepsi was an automatic fit."

Of course, Pepsi's big gamble could backfire if 'X Factor' fails to attract the audiences that it has in Britain.

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