Merit Street Media, the TV network founded by Dr. Phil McGraw, has filed for Chapter 11 bankruptcy less than two years after launching in 2023. The filing comes after two rounds of layoffs, the latest cutting 40 employees. The network, created in partnership with Trinity Broadcasting Network (TBN), featured programming from names like Nancy Grace, Bear Grylls, Steve Harvey, and McGraw himself, aiming to push back against what McGraw called a cultural “woke assault.” In court filings, the Texas-based company reported assets and liabilities between $100 million and $500 million. Merit Street also filed a lawsuit against TBN, accusing it of failing to uphold key distribution promises.