Publishers Clearing House

Company Profile

Publishers Clearing House is a heritage brand that pioneered personalized direct-to-consumer marketing through free-to-play, chance-to-win propositions. The Company utilizes its popular sweepstakes to attract user engagement with its web and mobile platforms. In exchange for demographic and personal interest information, users receive chances to win monetary prizes. This process enables PCH to gather authenticated consumer data and provide high-quality advertising and data solutions to marketers, brands, and agencies.

Situation

PCH was founded over 70 years ago as a direct mailer and marketer of magazine subscriptions and quickly became a household name upon the introduction of its world-famous sweepstakes. The Company grew to include a commerce division, online advertising services, and online gaming entertainment. However, after several decades of operational and financial success, PCH’s commerce and direct mail divisions faced heightened competition, rising shipping and import costs, and the decline of catalog and magazine publishing. PCH consolidated around the data collection platform, but was still burdened by the liabilities associated with its legacy commerce business and elected to file for protection under Chapter 11 of the U.S. Bankruptcy Code.

Solution

SSG was retained in February 2025 to explore the Company’s strategic alternatives, including a sale of the business. SSG launched a comprehensive marketing process that attracted interest from domestic and international strategic and financial buyers. The process generated significant interest and resulted in several qualified bids. Leveraging its deep expertise in virtual auction execution, SSG created a dynamic and competitive auction environment that led to multiple rounds of bidding. The final bid submitted by ARB Interactive was not only the highest and best offer, but it also represented a substantial increase over the opening bid. SSG’s extensive Chapter 11 transaction experience and ability to create a competitive auction environment enabled the Company to repay its secured creditor in full and preserve the business as a going concern for the benefit of stakeholders.