‘American Idol’ Parent Company Files for Bankruptcy

The show became a money pit.

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. Continue reading at TMZ…