Last year, in an effort to capitalize on anti-woke backlash, Dr. Phil (real name Phil McGraw) launched his own TV channel, which he said would be used to fight the good fight against the far left’s radical crazies. Merit Street Media, according to McGraw, would be a vanguard in the battle for the soul of America.

The multiplatform network owned by the once popular talk show host is facing financial struggles for which it finds its partner, Trinity Broadcasting Network, at fault.

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 this week.