Dr. Phil’s Merit Street Media has filed for bankruptcy as well as a lawsuit against its distribution partner, Trinity Broadcasting.
Launched in early 2024, Merit Street Media said it filed for bankruptcy despite touting Dr. Phil as one of its flagship talents due to “severely strained liquidity position” and the “failure to secure additional outside capital as reasons for the declaration,” per The Hollywood Reporter (THR).
“It also mentions ongoing legal issues with Trinity Broadcasting and the Professional Bull Riders as contributing factors,” noted THR.
“In conjunction with the Chapter 11 bankruptcy filing in the U.S. Bankruptcy Court’s North Texas Division (Merit Street is based in Fort Worth), Merit Street has sued Trinity for breach of contract, claiming the broadcaster, best known for its Christian programming, failed to live up to the terms of their joint venture,” it added.
A Merit Street spokesperson clarified in a statement the company filed lawsuit against Trinity Broadcasting Network for failing to “provide clearly agreed-upon national distribution and other significant foundational commitments critical to the network’s continuing success and viability,” adding that “the suit is part of a restructuring proceeding also initiated by MSM.”
The lawsuit also says Trinity Broadcasting “began to abuse its power as a controlling shareholder” and also caused Merit Street to enter into expensive distribution deals.
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