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Miss Universe Pageant Owner JKN Global Group Files for Bankruptcy Amid Financial Struggles, Ensures Event Will Proceed as Planned

JKN Global Group, the Thai media company that owns the Miss Universe pageant, files for bankruptcy just a year after purchasing the brand for $20 million, missing a $12 million bond repayment deadline, but assures the event will proceed as planned, featuring two trans women for the first time.

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Overview

  • JKN Global Group, the Thai media company that owns the Miss Universe pageant, has filed for bankruptcy just a year after purchasing the brand for $20 million. The company missed a $12 million bond repayment deadline.
  • Despite the financial struggles, JKN assures that the Miss Universe event will proceed as planned. This year's pageant will feature two trans women for the first time, marking a significant step towards inclusivity.
  • The company's CEO, Anne Jakapong Jakrajutatip, a transgender woman, aimed to expand JKN’s broadcasting rights business and ensure fairness in the contest judging. She also encouraged mothers and married women to participate for the first time.
  • JKN plans to resolve its liquidity problem by restructuring its debt. The company's share price has fallen by more than 80% in the last year.
  • The Miss Universe pageant, which is broadcast in 165 countries, has a history spanning seven decades. The pageant was previously co-owned by Donald Trump, who sold it in 2015 after facing criticism for his comments about illegal immigrants.