Merit Street Media, the Texas-based television network that launched just last year, has filed a motion in bankruptcy court seeking approval for procedures to sell substantially all of its assets, including its video library featuring "Dr. Phil Primetime" and litigation claims against major media entities.
The Fort Worth-based company, which filed for Chapter 11 protection on July 2, 2025, submitted the motion on July 5 in the U.S. Bankruptcy Court for the Northern District of Texas. The filing outlines a comprehensive process for marketing and auctioning the company's assets, with bidding scheduled to conclude in September.
According to court documents, Merit Street Media was formed in 2023 and launched MeritTV in April 2024 as "a Texas-based multicast television network and streaming service to provide a platform to embrace core American values of hard work, talent, and respect." Just over a year later, the company has turned to bankruptcy proceedings to maximize value for its stakeholders.
"The Debtor has an urgent need to monetize the Assets quickly and efficiently as the value of the Assets, in part, is based off the continued viability to generate content," the company stated in its filing.
The assets up for sale include litigation claims against Trinity Broadcast Network and Professional Bull Riders, contract rights, intellectual property, and personal property assets. Most notably, the sale encompasses "an extensive video library developed and maintained by the Debtor over its 1.5 year run," including programs like "Dr. Phil Primetime," news features, segments for linear and digital distribution, news specials, and town halls.
The proposed bidding procedures allow the company to designate a "stalking horse bidder" to establish a baseline value for the assets. The motion notes that this approach could "promote competitive bidding and maximize value of the Assets by establishing a baseline bid."
"The timeline contemplated herein is essential to maximize value for the Debtor's estate," the company stated in its motion. "The Debtor believes that the relief sought by this Motion appropriately balances the need to provide all parties in interest with notice and due process and affords the Debtor sufficient time to market the Assets."
The proposed timeline establishes September 4, 2025, as the deadline for submitting qualified bids, with an auction potentially following on September 8 if multiple qualified bids are received. A sale hearing is scheduled for September 22, with an anticipated closing date of September 30.
Interestingly, the motion includes provisions allowing the company to pivot from a Section 363 sale to a transfer of assets through a Chapter 11 plan if such an approach would better serve stakeholders' interests.
The bankruptcy case (No. 25-80156) is being overseen by Judge Scott W. Everett in the Dallas Division of the Northern District of Texas. Sidley Austin LLP is serving as proposed counsel to the debtor, with attorneys Thomas Califano, Jeri Leigh Miller, Parker Embry, and Chelsea McManus representing the company in Dallas, and Stephen Hessler, Patrick Venter, and Weiru Fang from the firm's New York office also participating in the case.
A hearing on the bidding procedures is scheduled for July 29, 2025, at 9:30 a.m. Central Time.
This article was prepared using Stretto Conductor, our new AI-powered assistant that's here to help. Stretto Conductor was able to create this summary of a 26 page court filing in less than a minute. Always review the underlying docket filings for accurate information. The information and responses generated by Stretto Conductor may contain errors or inaccuracies and should not be relied upon as a substitute for professional or legal advice.