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Former daytime television talk show host Phil McGraw's JV Merit Street Media has filed for bankruptcy protection and sued its business parther, Trinity Broadcasting, for breach of contract.

A source tells PEOPLE exclusively that Dr. Phil McGraw is still "deeply committed" to Merit Street Media's brand and employees after the company voluntarily filed for Chapter 11 bankruptcy earlier ...

Dr. Phil's TV network, Merit Street Media, filed for bankruptcy and sued its distribution partner, the Christian broadcasting company Trinity Broadcasting Network, alleging breach of contract.

Dr. Phil’s TV network files for bankruptcy and sues distribution partner TV personality Phil McGraw speaks at the 2015 Country Music Awards at AT&T Stadium in Arlington, Texas.

Dr. Phil's Merit Street Media filed for bankruptcy on Wednesday and simultaneously filed a breach of contract lawsuit against business partner Trinity Broadcasting Group.

Cinemax Holdings USA has filed for bankruptcy for the second time in five years, but is expected to continue to operate its 28 locations and pay its employees without interruption.

Dr. Phil McGraw's Merit Street Media filed for Chapter 11 bankruptcy protection and sued former partner Trinity Broadcasting Network.

Dr. Phil's Merit Street Media declared bankruptcy, and accuses its broadcast partner Trinity Broadcasting Network of sabotage and contractual breach in a lawsuit.