Dr. Phil's Studio Files for Bankruptcy

TBN, based in Forth Worth, Texas, calls itself “the largest Christian Television Network in the world committed to sending the message of hope and grace of Jesus to the world via live streaming.”

Dr. Phil rose to fame as a guest on Oprah Winfrey’s talk show before launching his own daytime show with the backing of Winfrey’s Harpo Productions. He officially launched Merit Street Media in April 2024. At launch, Merit Street’s TV network reached more than 80 million homes, with a programming lineup anchored by the “Dr. Phil Primetime” talk show, according to the company. Merit Street describes itself as “a premier multi-platform destination media brand spearheaded by Dr. Phil McGraw, the esteemed best-selling author and award-winning television host.”

Also named in Merit Street’s lawsuit as a defendant is TCT Ministries, another Christian broadcaster. (TCT Ministries did not respond to a request for comment.) TCT TV says it is “your home for inspiring Bible teaching, music, news, specials, and more. The Gospel of Jesus Christ is shared over-the-air, via cable and satellite, and on demand on your favorite devices.” The company is based in Marion, Illinois.

According to Merit Street’s complaint, TBN caused CrossSeed, “a party with whom TBN is closely connected,” to make a $25 million loan to Merit Street. CrossSeed’s directors include TBN president and CEO Matthew Crouch and former TBN chief business officer Frank Amedia, according to the Merit Street suit. “CrossSeed then assigned that note to another associated party, TCT, on March 5, 2025,” Merit Street’s complaint says.

“TCT perfected the security interest granted pursuant to the note on May 27, 2025. However, the transfer of the security interest to TCT is an avoidable preference because perfection occurred more than 30 days after CrossSeed transferred the note to it and within 90 days of the date Merit Street filed its petition,” Merit Street said in the lawsuit. “Moreover, all of TBN and TCT’s obligations should be equitably subordinated to Merit Street’s other creditors due to TBN’s gross misconduct.”