‘American Idol’ Producer Files For Chapter 11 Bankruptcy Just Weeks After Show Goes Off The Air
Core Media Group, home of 19 Entertainment’s “American Idol” and “So You Think You Can Dance,” is filing for Chapter 11 bankruptcy protection in New York on Thursday.
In statement, the company said (via Variety): “Core Media Group remains firmly committed to our mission as a global content and management company producing award-winning programming. In June 2015, with the changing landscape and one of our flagship shows in transition, we proactively engaged in discussions with our lenders regarding balance sheet optimization alternatives and a strategic restructuring. The actions we are announcing today will help best position the company for the future, allowing for more flexibility and a platform for growth. Core’s operating companies B-17 Entertainment and Sharp Entertainment are not part of the bankruptcy filing, they remain strong and will continue creating a wide variety of popular television shows for more than 30 broadcast, cable and digital networks. We expect to move through Chapter 11 expeditiously and have secured the full support of our first and second lien lenders.”
Core was part of the joint venture that 21st Century Fox and Apollo Global Management created in 2014 with the merger of Apollo’s Endemol and Core with Fox’s Shine Group.
Core Media Group is the parent company of 19 Entertainment. Core predecessor CKX acquired 19 Entertainment in 2005 for about $210 million. Apollo acquired CKX in 2011 for $509 million.
Wow at how fortunes have turned.
Now we know why the show was canceled!