Dr. Phil’s Media Company Files for Bankruptcy Amid Dispute
(Bloomberg) – According to the court file, Merit Street Media, founded by the famous psychologist Phil McGraw, applied for bankruptcy in Texas on Wednesday.
The company reported assets and obligations between $ 100 million to $ 500 million. According to a Merit Street spokesman, the company is also suing the broadcast partner Trinity Broadcasting Network.
“Trinity Broadcasting Network, Merit Street Media explicitly agreed by Merit Street Media, is being sued because it cannot provide other important basic commitments that are critical for the ongoing success and applicability of the network,” he said. “The case is part of a restructuring process initiated by Merit Street.”
Within the scope of a joint venture agreement, Trinity Broadcasting is obliged to provide Merit Street – free of charge with all distribution and production services to start and operate the new television network. In the court documents, it is claimed that Trinity could not be claimed to have not been able to provide such services, and Merit Street caused approximately 96 million dollars of “important” obligations about broadcasting agreements.
Trinity Broadcasting spokesman did not immediately respond to the request for comments.
Stakesi Productions, from February to May to the Company “Important Debt Infusion” – 25 million dollars – the company made Merit Street’s potential essential investors looking for investors. According to the court documents, PeteSki committed to Merit Street to provide $ 21.4 million debtor financing to support the Chapter 11 process. 13.4 million dollars of this amount is new money and the rest is bridge loans to the soil.
McGraw, who is in Oprah Winfrey’s Talk Show, has long been ongoing unionization program. After the end of the day show, Phil founded Merit Street in 2023.
Merit Street runs a Talk Show and A Morning News program organized by McGraw. The company dismissed approximately 40 employees last month. There were approximately 66 full -time salaried employees while applying for bankruptcy, including the hosts. McGraw’s programming in recent months included migration to immigration raids and settling in customs enforcement officers.
Chapter 11 stops the creditors’ action against the company and allows the management to reorganize and rearrange the debt or try to sell operations to pay the creditors.
The case, Merit Street Media, 25-80156 in Texas’s US bankruptcy court, Inc.
-With the help of BOB Van Voris and Steven Church.
(Updates in detail the bankruptcy declaration.)
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