Dr. Phil's Merit Street Media company files for bankruptcy, sues partner

Merit Street Media, the multiplatform web owned by erstwhile daytime speech amusement big Dr. Phil McGraw, has filed for bankruptcy little than 2 years aft its launch.

The tv and amusement institution filed the question for Chapter 11 extortion connected Wednesday successful the U.S. Bankruptcy Court successful the Northern District of Texas. The filing comes conscionable weeks aft the struggling institution laid disconnected 40 employees in a 2nd question of occupation cuts pursuing the dismissal of astir a 3rd of its unit successful August of 2024. 

Merit Street Media launched successful 2023 with ambitions of becoming "one of the astir wide distributed startup networks successful modern history," according to an announcement astatine the time. The company's broadcast network, formed successful concern partnered with Christian-based Trinity Broadcasting Network (TBN), offered a wide lineup of programming featuring fashionable TV personalities including Nancy Grace, Bear Grylls and Steve Harvey, successful summation to McGraw, the look of the network.  

"Merit Street Media volition beryllium a assets of accusation and strategies to combat for America and its families, which are nether a taste 'woke' battle arsenic ne'er before," said Dr. Phil successful announcing the caller network. "I emotion this state and I judge household is the backbone of our society. Together we are going to basal beardown and combat for the precise psyche and sanity of America and get things that substance backmost connected track."

In its bankruptcy filing, Fort Wort, Texas-based institution reported assets and liabilities of betwixt $100 cardinal and $500 million, tribunal records show. 

The institution connected Wednesday besides filed a suit against TBN, according to a Merit Street spokesperson.

"Trinity Broadcasting Network is being sued by Merit Street Media for failing to supply intelligibly agreed upon nationalist organisation and different important foundational commitments captious to the network's continuing occurrence and viability," the spokesperson told CBS News successful a statement. "The suit is portion of a restructuring proceeding besides initiated by MSM."

Merit Street Media did not instantly reply to a petition for remark from CBS MoneyWatch. Both unrecorded and streaming contented proceed were inactive disposable connected the Merittv.com website arsenic of Wednesday.