West Hollywood media company files for bankruptcy

Posted on Tuesday, May 10th, 2016 at 4:56 pm    

Core Media Group, the company behind television hits “American Idol” and “So You Think You Can Dance,” recently sought bankruptcy protection due to overwhelming liabilities and decreased revenue. Court documents revealed the company’s profits declined after the TV show “American Idol” approached its final season due to plummeting ratings.

When “American Idol” began, it would regularly draw 30 million viewers per episode, but it only drew 13.3 million viewers during its final show. Core, based in West Hollywood, reportedly listed $512 million in liabilities and only $73 million in assets. The company claimed their revenue started to significantly decrease around 2015.

Filing for bankruptcy is a viable option for businesses that are faced with financial issues due to a decline in the economy, and working with a qualified lawyer could help you recover from serious financial troubles. If you are considering filing for bankruptcy, call (910) 668-0006 to speak with a lawyer at the Bradford Law Offices, PLLC to learn more about your options.