Global television network files for bankruptcy facing lawsuit

America's large tv networks NBC, CBS, ABC, and Fox person ne'er filed for bankruptcy extortion successful their existence, though a fewer smaller cablegram networks person filed petitions.

The astir important caller web bankruptcy filing was TV property Dr. Phil McGraw's Merit Street Media Inc., which filed for Chapter 11 extortion to reorganize connected July 2, 2025, RK Consultants reported.

Television buying web QVC Group Inc. has discussed the anticipation of a Chapter 11 bankruptcy filing but has not filed a petition yet, Bloomberg reported.

And now, Mexico's second-largest tv network, TV Azteca, filed for bankruptcy extortion successful the First Bankruptcy Court successful Mexico City, lawsuit No. 22/2026, connected March 10, known arsenic a consurso mercantil filing, seeking to reorganize its business, facing a $1.7 cardinal Mexican taxation colony successful installments and a suit regarding its $400 cardinal default connected unsecured notes.

Mexico's starring tv web is Televisa, which has not filed for bankruptcy.

TV Azteca, whose petition was formally admitted to the Mexican tribunal connected March 20, whitethorn soon question Chapter 15 extortion successful a U.S. Bankruptcy Court if a Mexican bankruptcy tribunal approves the debtor's restructuring plan, according to a study from U.S. instrumentality steadfast Snell & Wilmer.

"As a result, the TV Azteca concurso mercantil proceeding could go an important trial of however acold overseas insolvency proceedings whitethorn impact creditors’ rights, guaranty enforcement, and pending litigation successful the U.S.," Snell & Wilmer attorneys Gonzalo Bugeda Salido and Steven D. Jerome, wrote successful the report.

"For creditors, investors, and restructuring professionals, the lawsuit warrants adjacent attraction arsenic a perchance consequential improvement successful cross-border insolvency signifier betwixt Mexico and the U.S.," the attorneys wrote.

Under a colony with Mexican taxation authorities, TV Azteca agreed to wage $1.7 cardinal successful 18 installments, with the archetypal installment connected Jan. 29, 2026, exceeding $500 million.

TV Azteca besides secured $400 cardinal of unsecured notes successful 2017 with indenture trustee Bank of New York Mellon, which was guaranteed by 34 of the debtor's subsidiaries. The notes would person been owed successful 2024, but TV Azteca stopped making payments successful February 2021 during the Covid-19 pandemic.

Holders of implicit 25% of the main magnitude of the notes successful May 2022 filed a announcement of acceleration against TV Azteca based connected a default, but the web successful July 2022 sought declaratory alleviation to invalidate the announcement of acceleration, the study said.