Yes, Schlitz beer still exists and is actively produced. Once one of the largest and most dominant brewing empires in the United States during the 20th century, the brand experienced a severe decline following controversial brewing formula changes in the 1970s. Today, Schlitz is owned and brewed by the Pabst Brewing Company, which revived the historic 1960s formula (known as "Schlitz Classic 1960s Recipe") to cater to consumers seeking nostalgic, pre-industrial-light-beer heritage brews.