Merit Street Media, the cable TV network founded by television personality Dr. Phil McGraw, is reportedly facing an imminent shutdown following a Chapter 11 bankruptcy filing, according to a recent report by The Hollywood Reporter. Launched in April 2024, Merit TV aimed to provide family-oriented programming and unbiased news coverage but has struggled to gain traction, leading to severe financial difficulties for its parent company, Merit Street Media.
Merit TV, available for free on streaming platforms such as Prime Video and Sling Freestream, as well as over-the-air with an antenna in select markets, was also distributed through major cable and satellite providers like DIRECTV and DISH. The network’s flagship program, Dr. Phil Primetime, anchored its lineup, alongside shows hosted by notable figures like Nancy Grace and Chris Harrison, and included acquired content such as Professional Bull Riders (PBR) events and reruns of Steve Harvey. Despite its ambitious launch and a reach of over 80 million households, Merit TV has faced significant challenges, culminating in its current financial crisis.
According to The Hollywood Reporter, Merit Street Media filed for bankruptcy on July 2, 2025, listing assets and liabilities between $100 million and $500 million. The filing follows two rounds of layoffs in 2024, with approximately 40 employees let go in June alone, after an earlier cut of one-third of its staff in August. The network has ceased production of new content, including Dr. Phil Primetime, and is currently airing reruns of McGraw’s programs and infomercials, rendering it a “zombie channel.” The Hollywood Reporter notes, “Merit Street is still running reruns, but not new content. Given the proceedings, it will likely be dropped by its distribution partners,” signaling a grim outlook for the network’s future on platforms like DIRECTV, DISH, and streaming services.
The bankruptcy filing coincides with a lawsuit against Merit Street’s distribution partner, Trinity Broadcasting Network (TBN), a Christian-based broadcaster and majority stakeholder in the venture. Merit Street alleges that TBN breached its contract by failing to provide promised national distribution, forcing costly third-party deals, and delivering subpar production services, including malfunctioning teleprompters and inadequate studio facilities. The lawsuit claims TBN’s actions “sabotaged” the network, contributing to its financial collapse. Additionally, disputes with the Professional Bull Riders organization, which terminated its contract with Merit TV in November 2024 over unpaid rights fees, have further strained the company’s resources.
Merit Street Media’s struggles highlight the challenges of launching a linear TV network in an era dominated by streaming services. Despite early claims of reaching millions of viewers, the network averaged just 27,000 primetime viewers in 2024, ranking 130th among broadcast and cable outlets, with a peak of 65th place in January 2025. The company’s YouTube channel, with fewer than 90,000 subscribers, also failed to gain significant traction.
A spokesperson for Merit Street Media expressed Dr. Phil’s commitment to the brand, stating to PEOPLE that McGraw remains “deeply committed to the future of the brand and his employees.” However, with ongoing legal battles and no new programming, the network’s viability remains in question. As distribution partners reassess their agreements, Merit TV’s presence on cable, satellite, and streaming platforms may soon come to an end, marking a significant setback for McGraw’s media venture.
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