Less than a year after Merit TV’s launch, Dr. Phil McGraw‘s floundering network is hemorrhaging cash, losing staff, and putting on fake shows to woo investors, Knewz.com can reveal.

The first of McGraw’s podcasts, “The Real Story with Dr. Phil,” debuts April 2 and has the host offering a daily no-holds-barred take on the biggest news stories of the day, all in 15 minutes.