Dr. Phil McGraw’s TV network, Merit Street Media, filed for Chapter 11 bankruptcy on Wednesday, and accused its business partner Trinity Broadcasting Network (TBN) in a subsequent lawsuit for breach of contract.
The lawsuit, which was filed with the US Bankruptcy Court in the Northern District of Texas, comes one year after McGraw launched his network. McGraw retired as the host of the Dr. Phil television show in 2023, after 21-years on air.
Merit Street Media claimed TBN is forcing the company to file for bankruptcy after it was left to pay third-parties $100 million because the other network reneged on its obligations and instead “abused its position as the controlling shareholder.”
“These failures by TBN were neither unintended nor inadvertent,” Merit Street argued in the lawsuit, per CNN. “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.”
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Author: Faith Novak
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