The company behind American Idol has filed for bankruptcy

American Idol producer files for bankruptcy

Core Media Group, the producer of American Idol and So You Think You Can Dance, has filed for Chapter 11 bankruptcy protection.

In its filing the company says it has not yet found a way to replace revenue earned from “American Idol.”

When American Idol debuted it quickly became the top rated show on Fox, at one point drawing in more than 30 million nightly viewers during the 2006 season.
The show averaged more than 20 million viewers every season from 2003 through 2011. However, ratings for the show started to fall off after 2011. By its final 15th season this year the show lost its ratings crown to the hit show Empire.
The final episode drew in a less than impressive 13.3 million viewers.
Among Core’s creditors are Sony Music Entertainment, Goldman Sachs, and CBS Broadcasting.
At least part of the company’s profits have come from managing the music careers of past American Idol winners.