Advantage Avenue Media, the multiplatform community owned by former daytime speak present host Dr. Phil McGraw, has filed for chapter lower than two years after its launch.
The tv and leisure firm filed the movement for Chapter 11 safety on Wednesday within the U.S. Chapter Courtroom within the Northern District of Texas. The submitting comes simply weeks after the struggling firm laid off 40 staff in a second wave of job cuts following the dismissal of roughly a 3rd of its workers in August of 2024.
Advantage Avenue Media launched in 2023 with ambitions of changing into “one of the crucial extensively distributed startup networks in trendy historical past,” in accordance with an announcement on the time. The corporate’s broadcast community, shaped in partnership with Christian-based Trinity Broadcasting Community (TBN), supplied a broad lineup of programming that includes widespread TV personalities together with Nancy Grace, Bear Grylls and Steve Harvey, along with McGraw, the face of the community.
“Advantage Avenue Media can be a useful resource of knowledge and techniques to combat for America and its households, that are underneath a cultural ‘woke’ assault as by no means earlier than,” mentioned McGraw on the time of the announcement. “I like this nation and I consider household is the spine of our society. Collectively we’re going to stand robust and combat for the very soul and sanity of America and get issues that matter again on monitor.”
In its chapter submitting, the Fort Wort, Texas-based firm reported property and liabilities of between $100 million and $500 million, courtroom information present.
The corporate on Wednesday additionally filed a lawsuit towards TBN, in accordance with a Advantage Avenue spokesperson.
“Trinity Broadcasting Community is being sued by Advantage Avenue Media for failing to offer clearly agreed upon nationwide distribution and different vital foundational commitments important to the community’s persevering with success and viability,” the spokesperson advised CBS Information in an announcement. “The go well with is a part of a restructuring continuing additionally initiated by MSM.”
Advantage Avenue Media didn’t instantly reply to a request for remark from CBS MoneyWatch. Each dwell and streaming content material have been nonetheless out there on the Merittv.com web site as of Wednesday.
