Particle.news
Download on the App Store
7 ARTICLES
·
6h ago

Dr. Phil’s Merit Street Media Files for Chapter 11, Sues Trinity Broadcasting Network

The Fort Worth venture attributes its restructuring to a liquidity crunch caused by Trinity Broadcasting Network’s failure to deliver agreed national distribution.

UNIVERSAL CITY, CA - SEPTEMBER 09: Dr Phil visits "Extra" at Universal Studios Hollywood on September 9, 2015 in Universal City, California. (Photo by Noel Vasquez/Getty Images)
Consumers have more streaming choices than most can consume.
Image

Overview

  • Merit Street Media initiated Chapter 11 proceedings in the Northern District of Texas and simultaneously filed suit against Trinity Broadcasting Network for breach of contract over promised national carriage.
  • The bankruptcy filing values the company’s assets and liabilities each between $100 million and $500 million and lists 200–999 creditors including DirecTV, Nexstar and Nielsen.
  • The lawsuit accuses TBN of abusing its controlling-shareholder status by reneging on must-carry rights, engaging in self-dealing and undermining network operations.
  • Merit Street cited a severely strained liquidity position, the failure to secure outside capital and an ongoing arbitration with Professional Bull Riders over unpaid rights fees as drivers of its restructuring.
  • Launched in early 2024 by Dr. Phil McGraw’s Peteski Productions and TBN to provide conservative-leaning and family-oriented programming, the joint venture faltered amid funding shortfalls and programming disputes.