JokersUpdates.com: Talk Shows - Dr. Phil’s Media Company Files for Bankruptcy Amid Dispute

Dr. Phil’s Media Company Files for Bankruptcy Amid Dispute
Story by Hannah Miller and Dorothy Ma • 23h • 2 min read

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 proceeding also initiated by Merit Street.”

Under a joint venture agreement, Trinity Broadcasting was obligated to provide Merit Street —at no cost— with all of the distribution and production services to launch and operate the new television network. Trinity allegedly failed to provide such services, causing Merit Street to incur “considerable” obligations of about $96 million related to broadcasting agreements, the company said in court documents.

A spokesperson for Trinity Broadcasting didn’t immediately respond to a request for comment.

Peteski Productions has provided “significant debt infusions” — amounting $25 million — from February through May to the company while Merit Street sought out potential equity investors. To support the Chapter 11 process, Peteski has also committed to provide Merit Street with as much as $21.4 million of debtor-in-possession financing, court documents show. Of that amount, $13.4 million is new money, and the rest are rolled-up bridge loans….

https://www.msn.com/en-us/money/companies/dr-phil-s-media-company-files-for-bankruptcy-amid-dispute/ar-AA1HQV2U?ocid=BingNewsSerp&cvid=d7abb8dd71bf46378a7dafd01ae42e88&ei=2

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