Core Media Group, the company behind the television shows American Idol and So You Think You Can Dance in the US, filed for bankruptcy protection Thursday.
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Core, based in West Hollywood, California, estimated its liabilities at $US512 million ($671 million) and assets at $US73 million, according to court records.
American Idol concluded its 14-year run earlier this month, with its final show drawing 13.3 million viewers. At its height 10 years ago, it routinely attracted 30 million viewers per episode. However, as the show's ratings began to wane, so did its financial fortunes.
"The decline in overall economics and the announced cancellation of the 2017 season of American Idol on [television network] Fox negatively impacted the revenues and profits of the debtor's business," the court papers said.
"Additional negative ripple effects included, among other things: a decline in re-broadcast fees due to reduced broadcast hours; the loss of both Coca-Cola and AT&T as main sponsors of American Idol; and the closure of the American Idol Experience theme park attraction at Walt Disney World," the company reported.
The bankruptcy filing was reported by The Hollywood Reporter.
Though a titanic success overall, Idol's best-performing years were its earliest. In recent years it struggled to deliver successful artists, instead depending on altering its lineup of celebrity judges to generate noise.
The show's most recent judges were Keith Urban, Jennifer Lopez and Harry Connick jnr. Past judges included Paula Abdul, Simon Cowell, Randy Jackson, Ellen DeGeneres, Mariah Carey and Aerosmith frontman Steven Tyler.
In 2014, earnings from American Idol decreased $US15 million compared with the previous year, court papers said.
Core said total revenue declined $US35.6 million in the first half of 2015, compared with the first half of 2014.
Simon Fuller, the company's former chief executive, who had been retained as a consultant, was listed as being owed $US3.3 million, making him the largest unsecured creditor.
The Australian version of the Idol franchise ran for seven seasons, between 2003 and 2009, producing stars such as Guy Sebastian, Jessica Mauboy and Casey Donovan.
The New York Times with MCT
