Dr Phil’s anti-woke TV network and streaming service has filed for bankruptcy just over a year after launching.
The TV doctor, real name Phil McGraw, launched Merit Street Media in April 2024 with the ambition for it to become “one of the most widely distributed startup networks in modern history.”
The Fort Worth, Texas-based network and streaming service was designed to take on the “cultural ‘woke’ assault” that McGraw thinks American families are suffering. However, just weeks after laying off 40 employees in a second round of job culls after a round of redundancies in August last year, the company filed for Chapter 11 protection on Wednesday. A hearing is scheduled for 9:30 a.m. Thursday.
The company filed the motion in the U.S. Bankruptcy Court in the Northern District of Texas. Court records show that the company reported assets and liabilities of between $100 million and $500 million.
Live broadcast and streaming service Merit TV continues to operate as of Thursday morning.
When the company was launched, McGraw said it was going to “fight for the sanity” of the U.S.
“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,” he said.
“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.”
The network was created in partnership with Christian company Trinity Broadcasting Network (TBN), which Merit Street Media is now suing “for failing to provide clearly agreed upon national distribution and other significant foundational commitments critical to the network’s continuing success and viability,” according to a statement given to CBS News by a Merit Street Media spokesperson.
“The suit is part of a restructuring proceeding also initiated by MSM,” they added.
Trinity Broadcasting Network has been contacted for comment.
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