Dr. Phil’s ‘Anti-Woke’ TV Network Files for Bankruptcy

Just over a year after launching his boldest media venture yet, Dr. Phil McGraw’s conservative TV network has hit a wall — hard.

Merit Street Media, the anti-woke streaming and cable network launched by the famous TV psychologist in April 2024, has filed for Chapter 11 bankruptcy protection in federal court. The move came just weeks after a second round of mass layoffs and months of financial turbulence. On top of that, Dr. Phil’s company is now suing its own broadcast partner — the influential Christian network Trinity Broadcasting Network (TBN).

A Big Promise, A Hard Fall

Dr. Phil, long known for his daytime talk show and folksy, tough-love advice, had grand plans when he stepped into the political media arena. His vision? To build “one of the most widely distributed startup networks in modern history” and take a sledgehammer to what he calls the “woke” agenda threatening American families.

“I love this country,” McGraw declared at the launch. “Family is the backbone of our society. Merit Street Media will fight for the very soul and sanity of America.”

But those promises unraveled quickly.

After launching with a splash and a sizable investment from McGraw himself — reportedly in the hundreds of millions — the Fort Worth-based operation soon began shedding staff. The first layoffs came just four months in. The second round, announced in June 2025, cut another 40 positions, leaving insiders whispering about deeper trouble behind the scenes.

Court filings on Wednesday confirmed what many suspected. The network is drowning in debt. Merit Street Media reported liabilities somewhere between $100 million and $500 million in a bankruptcy motion filed with the U.S. Bankruptcy Court for the Northern District of Texas.

Despite the financial chaos, the channel’s live and on-demand services remained operational Thursday morning.

Internal War: Lawsuit Against TBN

In a dramatic twist, Merit Street Media has now turned on its partner.

McGraw’s team filed a lawsuit against Trinity Broadcasting Network, claiming the Christian broadcaster failed to deliver on key promises — including national distribution that was supposed to be foundational to the channel’s success.

According to a statement provided to CBS News, a Merit Street spokesperson said the suit was a necessary part of their broader restructuring plan. “TBN failed to provide clearly agreed upon national distribution and other significant foundational commitments critical to the network’s continuing success and viability,” they said.

TBN has not yet issued a public response.

The Bigger Picture

Dr. Phil’s pivot to conservative media wasn’t just another celebrity side hustle — it was a calculated political move. He’s appeared alongside President Donald Trump at recent White House events, including this year’s National Day of Prayer in May, where he praised the president and echoed calls to restore “American values.”

The collapse of Merit Street Media highlights the challenges facing right-wing media startups that try to compete in an already crowded conservative media space dominated by Fox News, Newsmax, and The Daily Wire. Even with deep pockets and big names, distribution, infrastructure, and audience retention remain major obstacles.

What’s Next for Dr. Phil?

Sources close to the company say Dr. Phil remains committed to Merit Street’s mission, even as its future hangs in the balance.

“This is not the end,” said one executive familiar with the restructuring. “It’s a reset — and we’re going to keep fighting.”

A bankruptcy hearing is scheduled for Thursday morning in Texas. Stay tuned.