Its new owner will not honor lifetime prizes won before July 15, 2025.
Transcript:
What was once the ultimate dream prize is turning into a nightmare.
For decades, Publisher’s Clearing House made dreams come true – showing up with balloons and giant checks promising winners a thousand or even five thousand dollars a week – for life.
But those dreams are suddenly in doubt.
Back in April, Publisher’s Clearing House filed for Chapter 11 bankruptcy. Court records show ten of its 20 largest unsecured creditors are actually prize winners – people who were supposed to be set for life.
Then in July, online casino operator ARB Interactive bought PCH out of bankruptcy for just $7.1 million. But the new owner says it will only honor winners announced after July 15th.
That leaves longtime “Win for Life” recipients facing an uncertain future – and wondering if their lifelong prize has just been cut short.
ARB Interactive says it’s taking “decisive steps” to ensure every future prize winner can participate with confidence – but for former winners, that offers little consolation.
That’ll do it for your daily briefing. From the New York Stock Exchange, I’m Caroline Woods with TheStreet.
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