Dr. Phil’s Media Company Files for Bankruptcy Amid Dispute (1)

Merit Street Media, the startup founded by celebrity psychologist Phil McGraw, filed for bankruptcy Wednesday in Texas, according to a court filing.

The company reported assets and liabilities in the range of $100 million to $500 million. The company is also suing its broadcast partner Trinity Broadcasting Network, according to a statement from a Merit Street spokesperson.

“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,” the spokesperson said. “The suit is part of a restructuring ...