Merit Street Media, the company founded by Dr. Phil McGraw, has filed for Chapter 11 bankruptcy and is in the midst of suing its distributor, Trinity Broadcasting Network.
The company launched less than two years ago, with the Dr. Phil program serving as its major programming piece. In the bankruptcy filing, Merit Street says it has a “severely strained liquidity position” and an inability to generate additional funding.
Additionally, the company is suing Trinity Broadcasting Network for breach of contract, stating that it failed to live up to the terms of their agreement.
“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,” a statement from the company founded by Dr. Phil reads. “The suit is part of a restructuring proceeding also initiated by MSM.”
In recent weeks, Dr. Phil and Merit Street Media have made headlines after accompanying ICE agents on immigration raids in both Chicago and Los Angeles.
The announcement that Merit Street Media is filing for Chapter 11 Bankruptcy comes less than three months after the company named Ken Solomon as its new CEO. Solomon joined the organization after previously serving as the CEO of Tennis Channel.
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