Merit Street Media, the multiplatform network owned by former daytime talk show host Dr. Phil McGraw, has filed for bankruptcy less than two years after its launch.

The television and entertainment company filed the motion for Chapter 11 protection on Wednesday in the U.S. Bankruptcy Court in the Northern District of Texas. The filing comes just weeks after the struggling company laid off 40 employees in a second wave of job cuts following the dismissal of roughly a third of its staff in August of 2024. 

Merit Street Media launched in 2023 with ambitions of becoming “one of the most widely distributed startup networks in modern history,” according to an announcement at the time. The company’s broadcast network, formed in partnership with Christian-based Trinity Broadcasting Network (TBN), offered a broad lineup of programming featuring popular TV personalities including Nancy Grace, Bear Grylls and Steve Harvey, in addition to McGraw, the face of the network.  

“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,” said McGraw at the time of the announcement. “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.”

In its bankruptcy filing, the Fort Wort, Texas-based company reported assets and liabilities of between $100 million and $500 million, court records show. 

The company on Wednesday also filed a lawsuit against TBN, according to 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 told CBS News in a statement. “The suit is part of a restructuring proceeding also initiated by MSM.”

Merit Street Media did not immediately reply to a request for comment from CBS MoneyWatch. Both live and streaming content were still available on the Merittv.com website as of Wednesday.