Dr. Phil McGraw’s Merit Street Media network has filed for bankruptcy less than two years after its launch as it sues Christian television’s Trinity Broadcasting Network and TCT Ministries.
Merit Street Media filed Wednesday in the U.S. Bankruptcy Court in the Northern District of Texas, just weeks after laying off 40 more employees amid a second round of cuts that followed massive layoffs in August 2024.
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The company, which launched in 2023, also filed a lawsuit against its broadcast partner TBN, claiming the network had backed out of its obligations and “abused its position as the controlling shareholder,” forcing Merit Street to “pay or incur obligations to third parties in excess of $100 million,” according to CNN.
“These failures by TBN were neither unintended nor inadvertent,” Merit Street claims in the lawsuit. “They were a conscious, intentional pattern of choices made with full awareness that the consequence of which was to sabotage and seal the fate of a new but already nationally acclaimed network.”
A spokesperson for Merit Street Media told CBS News in a statement, “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,” adding, “The suit is part of a restructuring proceeding also initiated by MSM.”
When Merit Street Media launched two years ago, it had ambitions of becoming “one of the most widely distributed startup networks in modern history,” as per a 2023 announcement. Included in the programming lineup were recognizable TV personalities including Nancy Grace, Bear Grylls, Steve Harvey, and former talk show host McGraw, who was meant to be 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,” said McGraw at the time. “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.”
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