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'American Idol' Filed for Bankruptcy? Production Company is Now in Trouble

The production company behind 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 on Thursday, saying they have not been able to find a way to replace revenue earned from the reality singing series. The show's ratings were once the best on television and averaged more than 20 million viewers every season from 2003 until 2011, according to reports, It reached a high point with an average of 31 million viewers in 2006, and was the highest rated show on TV for 8 consecutive seasons. But ratings crashed towards the end. The final episode, which aired in early April only had 13.3 million viewers. However, it's important to point out that Core Media group not only produced American Idol but also produced the hit TV series So You Think You Can Dance and managed the careers of several American Idol winners and finalists. American Idol Via CNN Money What do you think happened? Share with us your thoughts in the comments below.

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