Peak television has passed.
There was a period when every major company in the television space seemingly tried to enter the streaming service market. That meant spending money on new shows so consumers would pay attention.
Related: Popular Dairy Queen rival franchisee files Chapter 11 bankruptcy
Everyone from Walt Disney to Comcast to Paramount, and lots of lesser brands, decided they had to be in the streaming television space.
Even companies such as Verizon and the ill-fated startup Quibi were throwing money at any person with a mildly recognizable name.
In addition, a number of premium cable channels also got into the prestige television business.
When you added in existing streamers led by Netflix, it was an embarrassment of riches. Television fans had more shows than they could possibly watch.
That led to many shows not being watched all that much. Factor in the declining number of people subscribing to cable, which meant those channels had less money to spend on programs, and you can see why something had to give.
Even major players cut back on shows — an example is Walt Disney, even following a very successful launch of its Disney+ streaming service .
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It was making so many Star Wars and Marvel programs that even devoted fans had trouble keeping up. And other streamers like Paramount+ and the newly renamed HBO Max learned that the model simply did not support their spending.
It has seemed inevitable that a major player would drop in this space and now, a large producer of television has filed for Chapter 11 bankruptcy.
Consumers have more streaming choices than most can consume.
Image source: Shutterstock
Dr. Phil owns a TV network
Like his mentor Oprah, Dr. Phil McGraw owns a television network. And while it’s not as mainstream as OWN, it does have wide distribution.
The company shared its mission on its website:
“Merit Street provides clarity and solutions on the issues and topics that matter most to Americans. From traditional family content to news, sports, music, true crime, and more, you’ll find it here. Merit Street Media is a premier multi-platform destination media brand spearheaded by Dr.Phil McGraw, the esteemed best-selling author and award-winning television host,” it posted.
The company also offers program hosted by Nancy Grace, the former CNN personality, Mike Rowe, Bear Grylls, and Steve Harvey. Merit also has a morning news show and owns rights to something called the World Boxing League.
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“This fully distributed, cable, satellite, and free over-the-air broadcast media brand, along with free video-on-demand and live streaming, extends its reach to over 90 million television homes,” the company added.
The company filed for Chapter 11 bankruptcy protection on July 2.
Dr. Phil’s Merit TV has filed for bankruptcy
Merit Street Media, Inc., a television and media content production and distribution company based in Fort Worth, Texas, has filed for Chapter 11 bankruptcy protection in the Northern District of Texas, according to RK Consulting.
The company, which operates in the motion picture and video industry, reported assets and liabilities both in the range of $100 million to $500 million. Merit Street Media focuses on creating, producing, and distributing television content, maintaining business relationships with major cable providers including DirecTV and DISH Network, as well as numerous television stations and production companies.
The filing does not indicate any pre-negotiated restructuring support agreement or debtor-in-possession financing arrangements.
Related: Popular movie theater chain files Chapter 11 bankruptcy
Dr. Phil may be the public face of the network, but he’s not the majority owner.
“The company is majority owned by Peteski Productions, Inc. (66.5%) and Trinity Broadcasting Network of Texas, Inc. (28.5%), with SHG Partnership, LLC holding a 5% minority stake. The bankruptcy filing lists between 1-49 creditors, with DirecTV ($1.68 million), Mountain Broadcasting Corporation ($1.35 million), and OLY Media LLC ($1.29 million) among the largest unsecured claims,” RK Consulting reported.