Publishers Clearing House news hits hard

A recent news story revealed that Publishers Clearing House has been purchased by another buyer through a sale in bankruptcy court.

Today, we are somewhat jaded by seemingly routine Mega Millions, Powerball and state lottery jackpots that get way into the millions and even over a billion dollars occasionally.

However, for those of us of a “certain age” we still distinctly recall when a knock at the door from the Publishers Clearing House Prize Patrol was one of the only promises of a life changing infusion of cash.

Founded in 1953, Publishers Clearing House began by selling unsold magazines from publishers looking to liquidate excess print publications.

By 1967, Publishers Clearing House began the ubiquitous direct mail campaign that I am sure virtually everyone remembers.

You could buy magazine subscriptions and a myriad of other products from those direct mail campaigns. 

You also could enter Publishers Clearing House Sweepstakes with or without a purchase.

From the 1970s to the early 2000s, Publishers Clearing House literally became part of the culture, mentioned in comedy skits on “Saturday Night Live”  and sitcoms such as “Cheers” and “Seinfeld.”

The promise of a “knock at the door” with a Prize Patrol presenting a balloon bouquet and an oversized check became part of our lives.

Most payouts were annuities, meaning a “$5,000 a week for life” prize was actually paid with an annuity check, supposedly “guaranteed for life.”

The harsh reality is, with this recent bankruptcy filing and court ordered sale, the purchasing company has clearly stated that anyone owed a prize dated prior to July 15, 2025, will no longer be paid.

With liabilities of between $50 million and $100 million and assets of only $1 million to $10 million, there’s just no money there to pay out the past winners, and the new purchaser is not liable for past commitments.

I suppose if you were still waiting on that knock on the door, from the Prize Patrol and a balloon bouquet with a huge check, good luck with that. If they do, don’t count on that big oversized check not “bouncing” if you let it slip from your grasp.