Core Media Group, the production company behind American Idol and So You Think You Can Dance, filed for Chapter 11 Bankruptcy Thursday morning according to USA Today. This coincides with American Idols’ series finale which aired on April 7, 2016.
Debt to American Idol Creator
Core Media is owned as a joint venture formed in 2014 between 21st Century and private equity firm Apollo Global Management. Fortune reports that Core Media owes Simon Fuller approximately $3.4 million. In the bankruptcy filing, the company identified factors such as payment demands by Fuller and other creditors played a role in its decision to file for Chapter 11 protection.
Ending of Idol
Core Media owns 19 Entertainment. As stated on their site, 19 Entertainment is “responsible for the development and production of both American Idol and So You Think You Can Dance. It might be safe to say that the ending of American Idol caused the company to realize that the revenue stream was gone and that they would not be able to pay back their creditors. Simon Fuller probably made demands for payment because he realized the same. The last episode of American Idol was the ending of an era. It also seems to mark the ending of the company that produced the era.