CNN MONEY
Core Media Group filed for Chapter 11 bankruptcy protection on Thursday,
saying it has not yet found a way to replace revenue earned from "American
Idol."The show was once a ratings juggernaut and huge profit driver for
Fox. It averaged more than 20 million viewers every season from 2003, it's
second year on the air, through 2011, according to ratings tracker Nielsen.
It reached a high point with an
average of nearly 31 million viewers in 2006, and was the top rated show on
television for eight consecutive seasons.
But its ratings fell hard
afterward. By the end, it was no longer even Fox's top rated program, losing
that distinction to the new drama Empire.
WSJ: Core Entertainment Wins Approval to Tap Lenders’ CashCompany behind ‘American Idol’ has yet to secure a bankruptcy loan, but is still negotiating with its lenders |
| “We do expect to sign a restructuring support agreement with those lenders within the next week,” said Core lawyer Matthew Allen Feldman. “We’re actively drafting a plan.” |
Core Entertainment Inc., the company behind the “American Idol” TV series, won approval from a bankruptcy judge on Friday to tap its lenders’ cash and move forward with its chapter 11 proceedings.
 |
| Judge Stuart Bernstein of the U.S. Bankruptcy Court in New York approved Core’s so-called first-day requests, including paying its employees and its taxes. Judge Bernstein speaking to CORE Attorney Andrew Mordkoff |
Core, as well as Los Angeles-based 19 Entertainment Ltd., and related companies that own and produce content for the global “American Idol” franchise, and “So You Think You Can Dance,” and “Prison Wives,” sought chapter 11 protection Wednesday night and Thursday morning in New York.
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