Dr. Phil McGraw’s Merit Street Media has filed for Chapter 11 bankruptcy in Texas after a financial clash with its broadcasting partner, Trinity Broadcasting Network (TBN). The filing, which also targets TCT Ministries, accuses TBN of mismanagement and causing over $100 million in liabilities.
According to a source speaking to PEOPLE, this move isn’t about shutting down. Dr. Phil is deeply committed to the future of the brand and his employees,” the insider shared. “Despite the situation, he remains focused, energized, and true to form, as supportive and engaged with his team as ever.” They added that McGraw is “one of the kindest, most dedicated people,” and someone who “always leads with integrity.”
Merit Street’s lawsuit claims TBN “abused its position as the controlling shareholder” and blocked national distribution by withholding payments, leading to the network having “nowhere to send its broadcast signal.”
Launched in April 2024, Merit Street Media is home to “Dr. Phil Primetime” and features true crime shows like Nancy Grace’s “Crime Stories.” It also includes Chris Harrison’s podcast with wife Lauren Zima and classic Dr. Phil reruns.
McGraw first revealed the network in a November 2023 video on Twitter, saying, “This is actually not my network, this is our network,” and promised content focused on viewers’ concerns.
TBN and TCT Ministries have not responded to requests for comment.
