American Idol owner Core Media Group has filed for bankruptcy.
The company, which was part of the joint venture created to house Endemol and Shine when they merged but was run a separate entity, confirmed the bankruptcy filing.
In a statement it said it ‘remains firmly committed to our mission as a global content and management company producing award-winning programming’.
It said that the B-17 Entertainment and Sharp Entertainment production units were not part of the filing. “They remain strong and will continue creating a wide variety of popular television shows for more than 30 broadcast, cable and digital networks,” Core said.
It added: “We expect to move through Chapter 11 expeditiously and have secured the support of our first and second lien lenders.”
The end of American Idol on Fox has left Core with a programming and financial stalwart that it has struggled to replace. It ran for fifteen seasons on Fox. Amid falling ratings, however, the US broadcast announced last year that it was cancelling the show.
Various reports said that American Idol creator Simon Fuller and former Core boss Marc Graboff are among the creditors and are owed US$3.37 million and US$1.32 million respectively.