There is a very simple sttrategy.
Cut your text into 2 pieces:
- in illustrator make text, expand, cut via pathfinder or line and divide below.
- in Photoshop duplicate text and mask the other half.
Shear and scale across the cut line.
Image 1: Quick and dirty test, could be done better.
Alternate ideas. This can be done with illustrators extrude tool in illustrator just slice your text and assign it as texture to sides of your extrude.
Also this can be done, quite close, with Envelope distort trick is to rotate the text before envelope. Unfortunately envelope distort will not be sharp at the border, but opens up possibilities for images.
Image 2: Similar more carefully done envelope distort.