ENews
[Source: ENews]
Dr. Phil’s Merit Street Media alleges that Trinity Broadcasting Network reneged financial responsibilities in excess of $100 million.
Dr. Phil McGraw’s company is facing financial troubles.
Merit Street Media, the cable network founded by the TV personality, filed for Chapter 11 bankruptcy in a Texas court on Wednesday.
Merit Street also filed a lawsuit against its distribution partner, the Christian broadcasting corporation Trinity Broadcasting Network (TBN), alleging that TBN breached the companies’ contract and subsequently cost Merit Street over $100 million.
Representatives for Merit Street and Trinity Broadcasting Network did not immediately respond to Entertainment Weekly’s request for comment.
The complaint, which has been reviewed by EW, outlines how McGraw formed Merit Street as a joint venture between his other company, Peteski Productions, and TBN.
The complaint claims that in 2023, McGraw left his daytime series, Dr. Phil, after 21 years of producing the show in Los Angeles in order to collaborate with TBN in Texas and bring the show to primetime — only to discover that his new partners would not honor the terms of their agreement.
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