Professional Bull Riders call out Dr. Phil for 'orchestrating' bankruptcy of Merit Street Media to avoid repaying creditors

American author and television personality Dr. Phil McGraw, commonly known as Dr. Phil, has found himself in a bit of a pickle with the Professional Bull Riders (PBR Inc.), an international professional bull riding organization based in Texas.

Professional Bull Riders are curious to find out whether Dr. Phil deliberately guided Merit Street Media, a multi-platform media company owned by McGraw himself, to claim bankruptcy in an intentional act of dishonesty while trying to shift assets into Envoy Media Co. (a company that was newly founded) to steer clear of repaying PBR and other creditors the money they owed.

To be sure and find out whether Merit Street Media claimed the bankruptcy "in bad faith," Professional Bull Riders have filed an emergency motion with the United States Bankruptcy Court in Texas requesting to share documents from Peteski Productions and Merit Street. In the emergency motion that was filed on August 6, 2025, PBR stated:

"All evidence presently suggests that Phillip C. McGraw (‘Dr. Phil’) orchestrated this Chapter 11 Case to avoid menacing litigation against PBR and jumpstart Envoy Media Co. (‘Envoy’), a brand-new media venture he founded the day before Debtor filed this case, with the Debtor’s remaining assets free and clear of any legacy encumbrances and obligations he made on the Debtor’s behalf."

Dr. Phil's multi-platform media brand, Merit Street, on July 2, 2025, filed for Chapter 11 bankruptcy protection and began a lawsuit against Trinity Broadcasting Network (TBN), a former distribution partner of Merit Street. Dr. Phil's Merit Street lawsuit accused TBN of reneging on its promise and instead taking advantage of its position as the controlling shareholder.

McGraw, besides his involvement in owning Merit Street and other media production companies, has a doctorate in clinical psychology. The former clinical psychologist gained significant fame after hosting his extremely popular syndicated CBS talk show, Dr. Phil, which he also produces. Before that, he frequently appeared on the classic chat show The Oprah Winfrey Show.

However, Merit Street's biggest creditor, which happens to be Professional Bull Riders, has a $181 million debt claim against McGraw's multi-platform media brand. PBR claimed that turning Merit Street's case into Chapter 7 bankruptcy would be "in the creditors' best interests and has formally requested that relief from this Court." McGraw's media production company, Peteski Productions, under the Chapter 11 reorganization petition, is entitled a debtor-in-possession lender. The Professional Bull Riders in the emergency motion filing stated:

"Peteski and Dr. Phil cannot untangle themselves from this case and the discovery PBR seeks. They are inextricably intertwined, participated in key conduct that led to the Debtor’s insolvency, and ultimately decided to file for bankruptcy."

Dr. Phil's Merit Street filed an opposition to the Professional Bull Riders' motion

Lawyers for McGraw's Merit Street, on August 7, 2025, filed an opposition to PBR's proposal to accelerate the hearing on the emergency motion filed by them to present Merit Street documents. Merit Street's filing stated that PBR's legal request:

"Is premature because PBR filed it without meeting and conferring with Merit Street. Indeed, PBR’s motion to compel seeks numerous documents that Merit Street had already produced before PBR filed its motion — something Merit Street could have explained if PBR had properly met and conferred with Merit Street."

As per Dr. Phil's Merit Street, the parties:

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"continue to meet and confer regarding PBR’s document requests” and "no hearing should occur until that process has an opportunity to run its course.”

According to Variety, a hearing has been scheduled by the Bankruptcy Court on August 19, 2025, regarding the whole matter.

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