EXCLUSIVE: Dr. Phil's Media Empire 'Hemorrhaging Cash' As 74-Year-Old 'Desperately Battles to Woo Investors – 'He Thought He Could Just Slap His Name on It and Things Would Work'
Dr. Phil’s media empire is said to be in massive financial trouble.
Feb. 20 2025, Published 6:30 a.m. ET
He wanted to be the king of his own media empire. And how's that workin' for him? It's not!
RadarOnline.com can reveal Dr. Phil McGraw's Merit Street Media – once promised to be the next big thing in entertainment – is "hemorrhaging cash" as the 74-year-old desperately tries to woo investors.
Insiders say McGraw thought his brand would be enough to guarantee success.
According to one source, he is so desperate staffers were forced to put on a fake show in a bid to impress some big-pocketed visitors.
Our insider said: "One Sunday, potential investors came to tour the newsroom. To make the place look thriving, they staged an entire show that had never actually aired.
"The second the money people left, the whole production shut down, and the furious staffers went home."
A spokesperson for Merit insists the taping was not faked, stating: "During a recent investor visit and tour, Merit's news division was taping a pilot for a possible weekend series, and it actually aired... as a test."
McGraw's network lost its deal with Professional Bull Riders after failing to pay broadcast fees.
Either way, the trouble for McGraw's firm started early.
In February 2024, the Texas native announced he was partnering with the Christian-based Trinity Broadcasting cable network to launch Merit Street Media, which would be built around McGraw’s primetime news show.
By August, the company had laid off a third of its employees.
"They fired us with zero warning," griped one at the time, adding: "No one got severance."
The spokesperson for the firm said the company "continues to evolve and streamline roles within the organization."
The network's staff are said to have staged a fake show for investors.
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Another huge blow came in November when the Professional Bull Riders dumped the network, which had been set to broadcast league events, for failure to pay broadcast fees. All the while, ratings sagged.
A TV executive familiar with the set-up said: "He thought he could just slap his name on a networ, and viewers would flack to it.
"But launching a network is a completely different beast. There was no real game plan, and now Phil is paying the price."
