He won’t be right back… it’s only been just over a year since Dr. Phil launched his “anti-woke” network Merit TV, and already it’s proven a huge flop, with the firm filing for bankruptcy on July 2, 2025.
There’s been a noticeable rise in so-called “anti-woke” entertainment, a loosely defined space that often positions itself as a corrective to mainstream media and is backed by culture war rhetoric.
One of the most prominent players in this category is The Daily Wire, which has expanded from political commentary into film and television, including the Am I Racist? documentary and its own Snow White movie (a reaction to Disney’s live-action remake, although this project was shelved).
Dr. Phil, real name Phil McGraw, decided he wanted a slice of the pie, launching Merit Street Media in April 2024 in a bid to take on the “cultural ‘woke’ assault” he believes US residents are experiencing. Now, it’s filing for bankruptcy.
Does Dr. Phil still have a show?
No… sort of. Dr. Phil isn’t currently hosting a TV series, having concluded his long-running syndicated talk show in 2023 after 21 seasons. Although he launched Dr. Phil Primetime in 2024, reports state that this is paused due to the network’s bankruptcy.
According to Chron, “Dr. Phil Primetime, the flagship nightly show tied to the brand, was placed on indefinite hiatus shortly before the bankruptcy filing.”
However, he does continue to share discussions on YouTube, with his next episode on “freedom, family, and the true meaning of independence” set to air on July 4. Reruns of the original daytime show also continue to circulate on TV and online.
As for Merit TV, it’s not looking good. It debuted in April 2024 as a digital multicast network and streaming service from Merit Street Media, a Texas-based company resulting from a joint venture between Trinity Broadcasting Network and Dr. Phil’s Peteski Productions.
At the time, the chat show host said, “Merit Street Media will be a resource of information and strategies to fight for America and its families, which are under a cultural ‘woke’ assault as never before.
“I love this country and I believe family is the backbone of our society. Together we are going to stand strong and fight for the very soul and sanity of America and get things that matter back on track.”
Its programming includes news discussions, talk shows, and true crime, including Morning on Merit Street, The News on Merit Street, Crime Stories with Nancy Grace, and Dr. Phil Primetime – a continuation of his flagship chat show.
However, on Wednesday, July 2, the company filed for Chapter 11 bankruptcy, listing assets and liabilities between $100 million and $500 million. In other words, documents suggest Merit Street Media may owe as much as it owns.
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The filing comes just weeks after the firm laid off 40 employees, the second round of job culls after a slew of redundancies in August 2024.
Dr. Phil’s network is suing Christian partner
Alongside the bankruptcy filing, Merit Street Media has filed a lawsuit against the Christian-based Trinity Broadcasting Network, accusing it of breaking a key deal to air the channel nationwide (in short, it’s being blamed for the ratings failure).
A Merit Street spokesperson told Deadline, “Trinity Broadcasting Network (TBN) is being sued by Merit Street Media (MSM) for failing to provide clearly agreed-upon national distribution and other significant foundational commitments critical to the network’s continuing success and viability.
“The suit is part of a restructuring proceeding also initiated by MSM.” Since these cases are ongoing, we’ll have to wait and see whether the lawsuit is successful. For now, netizens are enjoying a dose of schadenfreude.
Dr. Phil’s collapse sparks loud applause
The news was shared on Reddit, where it’s received dozens of comments, with one writing, “I’m glad that it went bankrupt before I even knew it existed. This was the best way to find out about it.”
“He should have remembered that the anti-woke racket is in podcasting and vlogging,” said another, while a third replied, “No no no. The true money making comes from running for a cabinet position.”
A fourth chimed in, “People don’t want unbiased news anymore when they can have a channel that tells them they are always right and all their problems are because of someone else.”
“I hope he personally lost a life ruining amount of money,” added another, with one person replying, “He hasn’t.” According to recent estimates, Dr. Phil has a net worth of approximately $450 million in 2025 – however, this could take a hit with Merit Street Media folding.
One Redditor said they knew a person who got fired from the company… twice. “I know of someone who literally moved half way across the country for this and got sacked by them twice now,” they wrote.
“They were not an outlier on this. Unsurprising it attracted some of the dumbest people… second time was as a contractor but again, they moved from NY to Texas for this with no other income. I doubt they even had a choice.”
If you’re looking for regular TV shows to watch, check out the new series coming to streaming this month and find out what’s coming up with our 2025 TV release calendar.