'American Idol' Parent Company Goes Bankrupt Show Became a Money Pit

4/28/2016 11:06 AM PDT

'American Idol': Parent Company Goes Bankrupt

Breaking News

The media giant behind "American Idol" and "So You Think You Can Dance" has filed for bankruptcy, and part of the problem is ... 'Idol' was hemorrhaging money in its final seasons. 

Core Media Group filed Chapter 11 bankruptcy Thursday morning saying it's several hundred million dollars in the hole, and needs to reorganize its debts. Core and all its subsidiaries say they have $73 million in assets, but more than $512 million in debt. 

One of its biggest creditors is 'Idol' creator Simon Fuller, who is owed more than $3.3 million. Several law firms and music labels, as well as the FOX Network are also owed dough.

Core Media's filing includes many of its holdings, including 19 Entertainment which owns the recording rights of 'Idol' superstars like Carrie Underwood and Kelly Clarkson.

In the bankruptcy docs, Core says revenue started sliding after 2012 when 'Idol' ratings started declining. For instance in 2014, earnings dropped $15 million from the previous year.