Merit Street Media, the television venture founded by Dr. Phil McGraw and backed by Trinity Broadcasting Network, has been converted from Chapter 11 reorganization to Chapter 7 liquidation. An independent trustee now controls the estate as litigation between McGraw, TBN, and other creditors continues through the bankruptcy process.
Read MoreThe Trinity Broadcasting Network was sued by a media company started by TV personality Phil McGraw, whose eponymous talk show “Dr. Phil” captivated 10 million U.S. viewers weekly during 21 seasons on TV. The lawsuit claims TBN saddled McGraw’s enterprises with more than $100 million in financial obligations while not delivering on production and distribution services.
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