Dr. Phil McGraw’s media venture, Merit Street Media, has filed for Chapter 11 bankruptcy and launched a lawsuit against its primary distribution partner, Trinity Broadcasting Network. The Fort Worth-based media company, which began operations in early 2024, cited financial hardship and failed capital raises as key reasons behind its financial collapse.
According to documents filed in the U.S. Bankruptcy Court for the Northern District of Texas, Merit Street Media described its current situation as a “severely strained liquidity position.” Despite featuring Dr. Phil as a central on-air figure, the network struggled to attract sufficient outside investment to remain solvent. Additional legal disputes are also listed as contributing factors, including issues with both Trinity Broadcasting and the Professional Bull Riders organization.
As part of its bankruptcy filing, Merit Street Media filed a lawsuit against Trinity Broadcasting, accusing the Christian broadcaster of breaching contract terms related to their joint venture. Merit Street alleges Trinity failed to meet its commitment to provide national distribution and other foundational support necessary for the network’s success.
In a statement released by a Merit Street spokesperson, the company claimed Trinity “failed to provide clearly agreed-upon national distribution and other significant foundational commitments critical to the network’s continuing success and viability.” The lawsuit also alleges that Trinity began abusing its position as a controlling shareholder and pressured the company into costly distribution agreements that further strained its financial resources.
Merit Street Media’s filing represents a significant disruption for the network, which had hoped to gain a foothold in the crowded media space by leveraging Dr. Phil’s national appeal. The company’s restructuring and ongoing legal battle with Trinity will likely shape its next steps as it attempts to regain stability.
