Mix appeared with the Sells-Floto circus in 1929, 1930 and 1931 at a reported weekly salary of $20,000. He and Forde were divorced in 1931. Meanwhile the
Great Depression (along with the actor's free spending ways and many wives) had reportedly wiped out most of his savings. In 1932 he married his fifth wife, Mabel Hubbard Ward.
Universal Pictures approached him that year with an offer to do
talkies which included script and cast approval. He did 9 pictures for Universal, but because of injuries he received while filming he was reluctant to continue with any more. Mix then appeared with the Sam B. Dill circus, which he reportedly bought two years later (1935). In 1933
Ralston-Purina obtained his permission to produce a Tom Mix radio series,
Tom Mix Ralston Straight Shooters, which, except for one year during World War II, was popular throughout most of the 1930s and into the early 1950s. (Mix never appeared on these broadcasts and was instead played by voice actors.) His last screen appearance was a 15 episode serial for
Mascot Pictures called
The Miracle Rider (1935), for which he was paid $40,000 for four weeks of filming. Also that year, Texas governor
Homer Allred named Mix an honorary
Texas Ranger. Mix went back to circus performing, this time with his eldest daughter Ruth who had appeared in some of his films. In 1938 Mix went to Europe on a promotional trip, while his daughter Ruth stayed behind to manage his circus, which soon failed. He later excluded her from his will. He had reportedly made over $6,000,000 (approaching $400 million in early 21st century,
inflation adjusted values) during his 26 year career in the movies.