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Merit Street Media Files Chapter 11, Sues Trinity Broadcasting Network for Breach of Contract

Its filing reveals $100 million to $500 million in both assets and liabilities; Merit Street says TBN failed to fulfill national carriage commitments, withholding promised production support.

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Overview

  • Merit Street Media filed for Chapter 11 protection on July 2 in the U.S. Bankruptcy Court for the Northern District of Texas, citing a severely strained liquidity position.
  • Court records list the network’s assets and liabilities each between $100 million and $500 million, with no pre-negotiated financing or restructuring support agreement in place.
  • The lawsuit alleges Trinity Broadcasting Network abused its controlling-shareholder status by reneging on must-carry rights and providing dysfunctional production services.
  • Since its April 2024 launch as a joint venture of Peteski Productions and TBN, Merit Street has conducted two rounds of layoffs amid missed rights payments and failed equity fundraising.
  • Merit Street lists fewer than 50 creditors—including DirecTV and Dish Network—and continues to air limited library programming while it restructures.