Dr. Phil's Merit Street Media Files for Chapter 11 Bankruptcy

Merit Street Media, the multiplatform network established by Dr. Phil McGraw, has entered Chapter 11 bankruptcy less than two years post-launch.

The filing occurred on Wednesday in the U.S. Bankruptcy Court for the Northern District of Texas, following a series of layoffs that saw 40 employees let go just weeks prior. This marked the second round of job cuts for the company, which had already reduced its workforce by approximately one-third in August 2024.

Launched in 2023, Merit Street Media aimed to become "one of the most widely distributed startup networks in modern history." The network partnered with the Christian-based Trinity Broadcasting Network (TBN) to deliver a diverse array of programming featuring notable personalities such as Nancy Grace, Bear Grylls, and Steve Harvey, alongside McGraw himself.

In his announcement of the network, Dr. Phil stated, "Merit Street Media will be a resource of information and strategies to fight for America and its families, which are under a cultural 'woke' assault as never before. I love this country and I believe family is the backbone of our society. Together we are going to stand strong and fight for the very soul and sanity of America and get things that matter back on track."

According to court documents, the Fort Worth-based company reported assets and liabilities ranging from $100 million to $500 million.

Additionally, Merit Street Media has initiated a lawsuit against TBN. A spokesperson for the company stated, "Trinity Broadcasting Network is being sued by Merit Street Media for failing to provide clearly agreed upon national distribution and other significant foundational commitments critical to the network's continuing success and viability. The suit is part of a restructuring proceeding also initiated by MSM."

As of Wednesday, both live and streaming content remained accessible on the Merittv.com website, despite the ongoing legal and financial challenges.

Requests for comments from Merit Street Media went unanswered.