May 9, 2016
American Idol Files For Bankruptcy Less Than A Month After Series’ Finale
The producer of American Idol has filed for bankruptcy less than a month after the show’s final episode aired.
Core Media Group filed for Chapter 11 bankruptcy protection last month, saying it has not yet found a way to replace revenue earned from American Idol, according to CNN.
The show was once a ratings juggernaut and huge profit driver for Fox. It averaged more than 20 million viewers every season from 2003, the show’s second year on the air, through 2011, according to ratings tracker Nielsen Media. 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. The final episode, which aired in early April, drew around 13.3 million viewers.
Singer and former American Idol contestant Jennifer Hudson voiced last year that she thought that American Idol, the show that launched her career, should end while it was still hot. “American Idol changed the face of television,†she said. “So, not everyone can say that. And, it’s always been a phenomenon. I’m proud to have come from American Idol, so I just say, go out on top.â€
Hudson, 34, Fantasia Barrino, 31, and Latoya London, 37, reunited on April 7 for the American Idol finale, and their performance of “Bridge Over Troubled Waters†was simply stunning. The “Three Divas†came together to perform for the first time since season three. See the amazing performance here.
Barrino was crowned the season 3 winner of American Idol but it was Hudson, the contestant who came in seventh place, whose recording and acting career would eclipse the other divas. Hudson would go on to win an Academy Award, Grammy, and Golden Globe. And while she didn’t get nominated for a Tony Award, Hudson is lighting up the Broadway stage.
In the years since American Idol‘s 2002 debut, the show has not only changed the lives of its contestants, but also of reporters, television critics, and bloggers dedicated to covering its every note, critique, and elimination on a weekly, if not daily, basis.
As for American Idol‘s producers, Core’s creditors include Sony Music Entertainment, Goldman Sachs, and CBS Broadcasting.
Core also produced the FOX hit series So You Think You Can Dance, and managed the careers of multiple American Idol winners and finalists, according to its website.