The syndicates take the strip and sell it to newspapers and...

The syndicates take the strip and sell it to newspapers and split the income with the cartoonists. Syndicates are essentially agents. Now, can you imagine a novelist giving his literary agent the ownership of his characters and all reprint, television, and movie rights before the agent takes the manuscript to a publisher? Obviously, an author would have to be a raving lunatic to agree to such a deal, but virtually every cartoonist does exactly that when a syndicate demands ownership before agreeing to sell the strip to newspapers.