Popstars company loses its fizz
Sportsworld Media Group, the company responsible for the manufactured 'Popstars' brand, has gone bust, putting 300 jobs at risk.
Administrators from PricewaterhouseCoopers have been called in at the TV, media and marketing business, which ran out of money after it failed to sell its subsidiary companies.
As well as co-owning the rights for the Popstars brand, the company was jointly responsible for Supermodels, a format that has been sold into more than a dozen markets.
The company employed 300 staff, mostly in its subsidiaries based in the UK and Australia.
David Hargrave, PwC partner, said: ‘The board has worked hard to try and secure a restructuring of the Group over recent weeks, but the cash needs of the parent company were such that insufficient funds existed to conclude the sale process.’