We were surprised when we heard that the media giant behind "American Idol" and "So You Think You Can Dance" has filed for bankruptcy. It is said that part of the problem is that 'Idol' was hemorrhaging money in its final seasons.
The company filed Chapter 11 bankruptcy Thursday morning. They said that they have several hundred million dollars in the hole, and needs to reorganize its debts. The company further explained that itself and its subsidiaries say have $73 million in assets, but more than $512 million in debt.
They said that they owe Simon Fuller more than $3.3 million and that they also owe several law firms and music labels, as well as the FOX Network are also owed dough.
They said that they started suffering these issues when American Idol rating started dropping.In 2014, Idol earnings dropped $15 million from the previous 2013.
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