The suit alleged that Fox schemed with private equity giant Apollo Global Management to strip the assets of 'Idol' producer Core Media to the detriment of lenders.
The suit alleged that Fox schemed with private equity giant Apollo Global Management to strip the assets of 'Idol' producer Core Media to the detriment of lenders.and other reality shows appears to be coming to an end. was still being broadcast on Fox and was still tops in the ratings, private equity giant Apollo Global Management acquiredproducer Core Media in 2011. The acquisition was financed by lenders putting up about $360 million.
By 2016, Core Media was in bankruptcy, allegedly robbed of cash and assets and saddled with substantial debt. The lenders including TCP and Crestview took over Core and began looking to the 2014 deal as the cause of the company's woes. Specifically, they asserted that the Apollo-Fox transaction was designed to evade debt obligations and amounted to a scheme to strip Core of its opportunities in the television marketplace.
According to the litigation trustee for Core, the maneuvering by Apollo, Fox, and Endemol effectively changed control of Core and triggered the repayment of loans.
On Friday, the parties were scheduled to have an oral hearing on the motion to dismiss, but instead, they informed the court of an agreement reached in principle that would settle all claims. The parties anticipate executing the settlement before the end of the month. No terms were publicly released, and an attorney for the litigation trustee hasn't yet responded to a request for further information.
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