'American Idol' production company just filed for bankruptcy
It was a great 15-year run, but all good and in-tune things must come to an end.
This one just happens to end in a bankruptcy claim.
"American Idol," one of the first shows to set the stage (no pun intended) for this decade's obsession with reality television competitions, is finally seeing a brutal curtain close nearly weeks after it aired its final episode ever, thanks to the financial standing of Core Media Group.
Core Media Group, the company that produces "Idol," as well as "So You Think You Can Dance," filed for bankruptcy on April 28.
A look through the last episode ever of "American Idol":
The company owes an estimated $400M in debt to creditors across the board.
These creditors include individual people, such as "Idol" creator Simon Fuller (who is owed around $3.4M), third-party networks like Sony Music Entertainment and other investment funds that fronted loans to Core in the early days of "Idol."
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In a statement alongside the Chapter 11 filing, Core President Peter Hurwitz pointed to the show's recent failures as a major reason for the filing:
"Despite its long-running success, however, the company has recently experienced deterioration in its financial performance, primarily attributable to the decline in ratings for American Idol and the corresponding decline in revenues from IDOLS- related broadcast fees, international tape sales for rebroadcasts, touring fees, sponsorships and IDOLS- related merchandise sales."
Translation: Gone are the golden Kelly Clarkson and Clay Aiken days.
"Idol" hit its peak in 2007, when it drew in nearly 37M viewers for its season 6 premiere.
The bankruptcy filing reports that earnings from "Idol" dropped a whopping $15M in 2014, and revenue from the show alongside other shows run by Core Media dropped $35.6M in the first half of 2015.
Core Media, however, is not giving up the good fight just yet.
In a statement to Fortune, a representative of the company said:
"[The bankruptcy filing] will help best position the company for the future, allowing for more flexibility and a platform for growth."
We're curious to see what ideas they have up their sleeves.
RIP "American Idol," we miss you already!
Now, take a look at the "American Idol" winners throughout the years:
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