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New York Post
a day ago
- Business
- New York Post
Dr. Phil's Merit Street Media files for bankruptcy, sues Trinity Broadcasting
Dr. Phil McGraw's Texas-based media company filed for bankruptcy on Wednesday and simultaneously filed a breach of contract lawsuit against business partner Trinity Broadcasting Group, which specializes in Christian programming. Merit Street Media, which was formed in 2023 and launched Merit TV in 2024, is a joint venture of McGraw's Peteski Productions and Trinity Broadcasting. McGraw agreed to provide Merit Street with new episodes of his 'Dr. Phil Show,' primetime specials and other content, while Trinity Broadcasting contributed distribution and production services, according to the lawsuit that essentially blames the Christian broadcaster for the bankruptcy. Merit Street accused Trinity Broadcasting of reneging on its obligations and abusing 'its position as the controlling shareholder of Merit Street to improperly and unilaterally burden Merit Street with unsustainable debt, doing so either without notice or in direct violation of promises not to do so.' 'This lawsuit arises out of a sad but oft told story: one side lived up to its commitments but the other, the Defendant [Trinity], did not. Moreover, these failures by [Trinity] were neither unintended nor inadvertent. 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,' the complaint, filed in conjunction with the Chapter 11 bankruptcy filing in U.S. Bankruptcy Court for the Northern District of Texas, stated. 4 Dr. Phil addresses his crowd during an season 7 episode of his show in 2008. Dr. Phil / YouTube 'This fresh voice on the national stage is inexorably going dark, going off the air because TBN has refused to honor its commitment to transfer its must carry rights and thereby provide national distribution for the network—Merit Street,' the complaint continued. 'And this conduct stretches beyond mere breach of contract and extends to breach of fiduciary duty and breach of the duty of good faith and fair dealing—the full extent to which may require a forensic accounting audit.' Trinity 'formed Merit Street as a joint venture and contractually committed to provide valuable services to the joint venture,' according to the complaint. 'But [Trinity] then reneged on its obligations and abused its position as the controlling shareholder of Merit Street to improperly and unilaterally burden Merit Street with unsustainable debt, doing so either without notice or in direct violation of promises not to do so,' the complaint stated, noting that it owes over $100 million to third parties and that Trinity, referred to as 'TBN' in court documents, should be responsible. 4 Merit Street accused Trinity Broadcasting of reneging on its obligations. 4 McGraw agreed to provide Merit Street with new episodes of his 'Dr. Phil Show,' primetime specials and other content. Dr. Phil/YouTube 'The most egregious impact is TBN's conscious and knowing choice to cause Merit Street to lose its national distribution by withholding distribution payments despite repeatedly acknowledging those distribution payments were 100% TBN's sole responsibility. Simply put, as a result of TBN's conduct, Merit Street has nowhere to send its broadcast signal and nowhere to air its programming no matter how great it may be,' the complaint stated. Merit Street bills itself as an organization that 'provides clarity and solutions on the issues and topics that matter most to Americans,' including 'traditional family content,' news, sports, music, true crime and more. 4 President Donald Trump shakes hands with Dr. Phil McGraw during an event in the White House Rose Garden on May 1, 2025. Getty Images The bankruptcy filing lists both estimated assets and liabilities in the $100-$500 million range. Merit Street is seeking damages, legal costs, and 'further relief as the Court may deem just and proper.' Trinity Broadcasting did not immediately respond to a request for comment by Fox News Digital.
Yahoo
2 days ago
- Business
- Yahoo
Dr. Phil's Merit Street Media files for bankruptcy, sues Trinity Broadcasting
Dr. Phil McGraw's Texas-based media company filed for bankruptcy on Wednesday and simultaneously filed a breach of contract lawsuit against business partner Trinity Broadcasting Group, which specializes in Christian programming. Merit Street Media, which was formed in 2023 and launched Merit TV in 2024, is a joint venture of McGraw's Peteski Productions and Trinity Broadcasting. McGraw agreed to provide Merit Street with new episodes of his "Dr. Phil Show," primetime specials and other content, while Trinity Broadcasting contributed distribution and production services, according to the lawsuit that essentially blames the Christian broadcaster for the bankruptcy. Merit Street accused Trinity Broadcasting of reneging on its obligations and abusing "its position as the controlling shareholder of Merit Street to improperly and unilaterally burden Merit Street with unsustainable debt, doing so either without notice or in direct violation of promises not to do so." Dr. Phil Says Legacy Media Is 'Creating Criminals' By Distorting La Riot Coverage "This lawsuit arises out of a sad but oft told story: one side lived up to its commitments but the other, the Defendant [Trinity], did not. Moreover, these failures by [Trinity] were neither unintended nor inadvertent. 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," the complaint, filed in conjunction with the Chapter 11 bankruptcy filing in U.S. Bankruptcy Court for the Northern District of Texas, stated. "This fresh voice on the national stage is inexorably going dark, going off the air because TBN has refused to honor its commitment to transfer its must carry rights and thereby provide national distribution for the network—Merit Street," the complaint continued. "And this conduct stretches beyond mere breach of contract and extends to breach of fiduciary duty and breach of the duty of good faith and fair dealing—the full extent to which may require a forensic accounting audit." Read On The Fox News App Trinity "formed Merit Street as a joint venture and contractually committed to provide valuable services to the joint venture," according to the complaint. Dr. Phil Excoriates Ilhan Omar, Calls Her Bashing Of America 'Absolutely Disgusting' "But [Trinity] then reneged on its obligations and abused its position as the controlling shareholder of Merit Street to improperly and unilaterally burden Merit Street with unsustainable debt, doing so either without notice or in direct violation of promises not to do so," the complaint stated, noting that it owes over $100 million to third parties and that Trinity, referred to as "TBN" in court documents, should be responsible. "The most egregious impact is TBN's conscious and knowing choice to cause Merit Street to lose its national distribution by withholding distribution payments despite repeatedly acknowledging those distribution payments were 100% TBN's sole responsibility. Simply put, as a result of TBN's conduct, Merit Street has nowhere to send its broadcast signal and nowhere to air its programming no matter how great it may be," the complaint stated. Click Here For More Coverage Of Media And Culture Merit Street bills itself as an organization that "provides clarity and solutions on the issues and topics that matter most to Americans," including "traditional family content," news, sports, music, true crime and more. The bankruptcy filing lists both estimated assets and liabilities in the $100-$500 million range. Merit Street is seeking damages, legal costs, and "further relief as the Court may deem just and proper." Trinity Broadcasting did not immediately respond to a request for comment by Fox News article source: Dr. Phil's Merit Street Media files for bankruptcy, sues Trinity Broadcasting
Fox News
2 days ago
- Business
- Fox News
Dr. Phil's Merit Street Media files for bankruptcy, sues Trinity Broadcasting
Dr. Phil McGraw's Texas-based media company filed for bankruptcy on Wednesday and simultaneously filed a breach of contract lawsuit against business partner Trinity Broadcasting Group, which specializes in Christian programming. Merit Street Media, which was formed in 2023 and launched Merit TV in 2024, is a joint venture of McGraw's Peteski Productions and Trinity Broadcasting. McGraw agreed to provide Merit Street with new episodes of his "Dr. Phil Show," primetime specials and other content, while Trinity Broadcasting contributed distribution and production services, according to the lawsuit that essentially blames the Christian broadcaster for the bankruptcy. Merit Street accused Trinity Broadcasting of reneging on its obligations and abusing "its position as the controlling shareholder of Merit Street to improperly and unilaterally burden Merit Street with unsustainable debt, doing so either without notice or in direct violation of promises not to do so." "This lawsuit arises out of a sad but oft told story: one side lived up to its commitments but the other, the Defendant [Trinity], did not. Moreover, these failures by [Trinity] were neither unintended nor inadvertent. 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," the complaint, filed in conjunction with the Chapter 11 bankruptcy filing in U.S. Bankruptcy Court for the Northern District of Texas, stated. "This fresh voice on the national stage is inexorably going dark, going off the air because TBN has refused to honor its commitment to transfer its must carry rights and thereby provide national distribution for the network—Merit Street," the complaint continued. "And this conduct stretches beyond mere breach of contract and extends to breach of fiduciary duty and breach of the duty of good faith and fair dealing—the full extent to which may require a forensic accounting audit." Trinity "formed Merit Street as a joint venture and contractually committed to provide valuable services to the joint venture," according to the complaint. "But [Trinity] then reneged on its obligations and abused its position as the controlling shareholder of Merit Street to improperly and unilaterally burden Merit Street with unsustainable debt, doing so either without notice or in direct violation of promises not to do so," the complaint stated, noting that it owes over $100 million to third parties and that Trinity, referred to as "TBN" in court documents, should be responsible. "The most egregious impact is TBN's conscious and knowing choice to cause Merit Street to lose its national distribution by withholding distribution payments despite repeatedly acknowledging those distribution payments were 100% TBN's sole responsibility. Simply put, as a result of TBN's conduct, Merit Street has nowhere to send its broadcast signal and nowhere to air its programming no matter how great it may be," the complaint stated. Merit Street bills itself as an organization that "provides clarity and solutions on the issues and topics that matter most to Americans," including "traditional family content," news, sports, music, true crime and more. The bankruptcy filing lists both estimated assets and liabilities in the $100-$500 million range. Merit Street is seeking damages, legal costs, and "further relief as the Court may deem just and proper." Trinity Broadcasting did not immediately respond to a request for comment by Fox News Digital.
Yahoo
2 days ago
- Business
- Yahoo
Phil McGraw's Merit Street Media Files for Bankruptcy, Sues Distribution Partner Trinity Broadcasting
Dr. Phil McGraw's Merit Street Media is filing for bankruptcy, and is also suing its distribution partner, Trinity Broadcasting, for breach of contract. Merit Street is less than two years old, having launched in early 2024 with a McGraw-led talk show as its flagship program. In its filing, the company cites a 'severely strained liquidity position' and the failure to secure additional outside capital as reasons for the declaration. It also mentions ongoing legal issues with Trinity Broadcasting and the Professional Bull Riders as contributing factors. More from The Hollywood Reporter Dr. Phil's Media Company Merit TV Hires New CEO (Exclusive) Dr. Phil Says Donald Trump "Understands Importance of Allies" in Israel Support Hulk Hogan, Dr. Phil, Elon Musk Speak at Donald Trump's Insult-Filled Rally at Madison Square Garden In conjunction with the Chapter 11 bankruptcy filing in the U.S. Bankruptcy Court's North Texas Division (Merit Street is based in Fort Worth), Merit Street has sued Trinity for breach of contract, claiming the broadcaster, best known for its Christian programming, failed to live up to the terms of their joint venture. '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 Merit Street spokesperson said in a statement. 'The suit is part of a restructuring proceeding also initiated by MSM.' The Professional Bull Riders organization isn't named in the suit but is mentioned in the bankruptcy filing. Merit Street bought rights to air PBR events on its Merit TV channel, but the group pulled its programming in November 2024, saying Merit Street had yet to make any rights payments. The two parties are currently in arbitration. MeritTV has also made headlines for its 'behind the scenes' view of Immigration and Customs Enforcement raids in Chicago and Los Angeles this year as Dr. Phil as taken up a role as an unofficial spokesperson for President Trump in advocating for the raids. McGraw's Peteski Productions company provided 'substantial capital infusions' to Merit Street to help cover expenses, the bankruptcy filing says, but Merit Street couldn't close a round of equity financing, leading to the Chapter 11 filing. The lawsuit against Trinity Broadcasting alleges that shortly after Merit TV's launch, TBN 'began to abuse its power as a controlling shareholder' and, among other things, caused Merit Street to enter into expensive distribution deals with third parties rather than through its own network of local TV stations; engaged in self-dealing by leasing TBN studio space to produce McGraw's shows; and provided 'shoddy production services.' Best of The Hollywood Reporter How the Warner Brothers Got Their Film Business Started Meet the World Builders: Hollywood's Top Physical Production Executives of 2023 Men in Blazers, Hollywood's Favorite Soccer Podcast, Aims for a Global Empire
The Independent
2 days ago
- Business
- The Independent
Dr. Phil's anti-woke TV network files for bankruptcy, accuses Christian broadcasting partner of ‘sabotage'
Dr. Phil McGraw's conservative-leaning cable network Merit Street Media is filing for bankruptcy barely a year after it launched and is also suing its distribution partner Trinity Broadcasting for breach of contract. In its lawsuit against the Christian broadcaster, Merit Street alleged that Trinity 'reneged on its obligations and abused its position as the controlling shareholder of Merit Street' and left the upstart channel with over $100 million of debt. 'These failures by TBN were neither unintended nor inadvertent,' the lawsuit read. '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.'
