Owner of Miss Universe Pageant, JKN Global Group, Files for Bankruptcy a Year After $20m Purchase
November 10: The Thai owner of the Miss Universe pageant, JKN Global Group, has filed for bankruptcy a year after acquiring the prestigious competition for $20 million. The move follows a challenging period for the organization, which is grappling with a significant “liquidity problem,” according to statements from the company.
JKN Global Group’s CEO, Anne Jakapong Jakrajutatip a transgender woman, acquired the Miss Universe pageant in an effort to promote inclusivity. Under her ownership, the pageant underwent changes to allow the participation of mothers and married women, as well as the inclusion of at least two trans women for the first time.
However, the firm faced financial difficulties due to substantial debt, primarily raised through bonds. JKN Global Group failed to meet a repayment deadline of approximately $12 million on September 1, leading to its decision to seek bankruptcy protection.
“The company can continue its operation while being under the rehabilitation plan,” stated JKN Global Group. The firm aims to restructure its debt through the bankruptcy process.
Over the past year, JKN’s share price has experienced a drastic decline of more than 80%, raising concerns about the financial viability of the company. The Thai Bankruptcy Court has scheduled a hearing on January 29, 2024, to consider the petition for business rehabilitation.
The Miss Universe pageant, with a history spanning seven decades, is broadcast in over 165 countries. Notably, it was once part of former US President Donald Trump’s business empire from 1996 to 2015. Trump sold the Miss Universe Organization in 2015 after facing controversies that led to a loss of television partners. The pageant has since undergone various changes, with the recent bankruptcy filing adding a new chapter to its storied history.
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