Dr. Phil’s Merit Street Media company files for bankruptcy less than 2 years after launch
Merit Street Media Files for Bankruptcy
Merit Street Media, the multiplatform network owned by former daytime talk show host Dr. Phil McGraw, has recently filed for bankruptcy, less than two years after its launch. The television and entertainment company submitted a motion for Chapter 11 protection on Wednesday in the U.S. Bankruptcy Court in the Northern District of Texas. This move comes on the heels of significant layoffs within the struggling company, with 40 employees being let go in a second round of job cuts following a prior layoff of about a third of its staff back in August of 2024.
Back in 2023, Merit Street Media had ambitious plans to become “one of the most widely distributed startup networks in modern history.” The company’s broadcast network, created in partnership with Christian-based Trinity Broadcasting Network (TBN), featured a diverse lineup of programming that included popular TV personalities like Nancy Grace, Bear Grylls, and Steve Harvey, alongside Dr. Phil McGraw himself, who was the face of the network.
“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,” Dr. Phil stated during the network’s launch. “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.”
In its bankruptcy filing, the Fort Worth, Texas-based company revealed assets and liabilities ranging from $100 million to $500 million. Additionally, Merit Street Media has filed a lawsuit against TBN, alleging that the network failed to deliver on agreed-upon national distribution and other crucial commitments necessary for the network’s ongoing success.
A spokesperson for Merit Street Media stated, “The suit is part of a restructuring proceeding also initiated by MSM.” As of Wednesday, both live and streaming content were still accessible on the Merittv.com website.
