According to the U.S. Bankruptcy Court docket, CORE Media Group and nearly 50 affiliated Debtors filed for Chapter 11 protection in Manhattan. The Company, which is an independent content company that creates quality programming including shows like American Idol and So You Think You Can Dance, is represented by of Willkie Farr & Gallagher.
According to documents filed with the Court, “Despite its long-running success, however, the Company has recently experienced deterioration in its financial performance, primarily attributable to the decline in ratings for American Idol and the corresponding decline in revenues from IDOLS-related broadcast fees, international tape sales for rebroadcasts, touring fees, sponsorships and IDOLS-related merchandise sales….[T]he Company’s unsustainable capital structure, inability thus far to replace the American Idol revenue streams and inability to consummate an out-of-court restructuring with its primary creditor constituencies ultimately gave rise to the Debtors’ decision to commence these chapter 11 cases.”
CORE Media Group’s Chapter 11 petition indicates total assets of $100 to $500 million. Read more bankruptcy news.
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