President of 'American Idol' Owner CORE Media Laid Off - Report

A corporate merger between private equity firm Apollo Global Management, Shine Group, Endemol, and American Idol owner CORE Media Group has left CORE’s executive team, led by president Marc Graboff, out in the cold.

Reportedly, Graboff informed company staff not only of his departure, but of the upcoming company restructuring in a meeting early Monday morning. He is expected to remain with the company for at least another month, in order to help with the transition. However, Graboff may also consult for the company in the future.

"Marc Graboff and CORE Media Group have reached a mutual agreement for Marc to leave the company and pursue new opportunities. Marc will remain with the company for a brief period to ensure a smooth transition as CORE closes the recently announced deals and moves to its next phase of expansion," read a statement by CORE to Deadline. "CORE is proud of its growth and success during Marc’s tenure and appreciates his efforts to ensure a smooth transition. CORE thanks Marc for his leadership over the years, and Marc wishes the company all the best going forward."

Currently, CORE is facing major restructuring as legal, financial and human resources departments are either scaled back or eliminated altogether in the face of the major layoffs that are expected in the coming weeks. Endemol North America, a "creator, producer and distributor of multiplatform entertainment content," is expected to keep CORE Media as a label to be run by the company's current U.S. television boss Jennifer O’Connell. Endemol is responsible for some of the best-known reality shows worldwide, as the company both creates and runs such series as Big Brother, Wipeout, and Deal or No Deal worldwide. CORE, meanwhile, is perhaps best known as the media company that owns American Idol through their ownership of 19 Entertainment, which produces both Idol and So You Think You Can Dance.

However, CORE will not be the only notable subsidiary of Endemol, as the company now owns 51 Minds (the company widely recognized as the creators of the "celebreality" genre popularized by VH1), Original Media (the folks behind The Rachel Zoe Project and the Oscar-nominated film The Squid and the Whale), True Entertainment (The Real Housewives franchise) and Authentic Entertainment (producers of such shows as Toddlers & Tiaras and Ace of Cakes).

Notable producers such as Howie Mandel and Rob Lee are expected to continue to work with O’Connell as part of this new deal. However, a rep for CORE and Apollo Global Management insists that CORE and Endemol North America will remain separate entities. After 30 straight years in the industry, Graboff is reportedly expected to "take a breather" -- although not a long one, as he's expected "back in the fray" as soon as the restrictions on his agreement with Apollo are lifted, and he's legally able to begin looking for a new job.

We wish him the best of luck.

Via: Deadline

Credit: FOX