Professional Bull Riders, the largest bull-riding league in the world, has filed an objection to the bankruptcy proceedings of Dr. Phil McGraw’s media network, claiming it is owed $181 million.
McGraw launched a conservative-leaning cable network in April 2024 called Merit Street Media. Barely a year later the network filed for bankruptcy and filed a lawsuit against its distribution partner Trinity Broadcasting for breach of contract earlier this month.
In its lawsuit, the media network claimed Trinity “reneged on its obligations and abused its position as the controlling shareholder of Merit Street,” leaving it over $100 million in debt.
The Professional Bull Riders, which pulled its programming from Merit Street Media last November, has been trying to hold McGraw personally responsible for the millions it says it’s owed by Merit Street.
McGraw’s lawyers, through legal filings, have rejected the premise that their client should be personally responsible for money Merit Street is accused of owing, according to The Dallas Morning News.
It asked the court late last week to strike a provision in the network’s bankruptcy case called an interested parties release, the publication reported.
This provision could release non-debtor parties, such as McGraw and his Peteski Productions company, from claims from creditors, such as the bull riding league, against the debtor, which would be Merit Street Media.
The bull riding league cut ties with Merit Street Media just months after signing a four-year contract with the network. At the time, the league said it was because of failure to make payments for rights fees.
“PBR honored its contract with Dr. Phil’s Merit Street Media, delivered on every performance metric, and brought more than one million viewers to the new network. Dr. Phil and his company completely reneged on the deal just five months in,” the league said in a statement last Friday, per The Dallas Morning News.
Chip Babcock, an attorney for Peteski Productions, called the league’s objection “more appropriate fodder for the press than the Court,” the publication reported.
“To the extent they are relevant to any issue in the case we are confident the judge will deal with it appropriately,” Babcock added.
The Independent has reached out to Merit Street Media for comment.
