Mexican firm acquires 50% stake in Miss Universe as Thai company sells ownership share for $16 Million

by Editorial Desk Jan 27, 2024, 09.26 PM IST

Mexican firm acquires 50% stake in Miss Universe as Thai company sells ownership share for $16 Million

JKN Global Group, the Thai media company that acquired Miss Universe in 2022, has sold 50% of its stake in the renowned beauty pageant to Mexico's Legacy Holding for $16 million (P901 million). This sale comes on the heels of JKN Global Group's recent bankruptcy filing.

Under the ownership of JKN Global Group, led by media mogul and transgender rights advocate Anne Jakapong Jakrajutatip, Miss Universe faced financial challenges. The company's bankruptcy filing in November 2023 addressed a liquidity problem arising from the failure to meet a bond repayment deadline of approximately $12 million (P676 million).

In a statement released by the Miss Universe Organization, the sale of a portion of its stake to Legacy Holding is expected to enhance the brand's global presence and create new opportunities for product development and marketing.

The Miss Universe pageant recently made headlines with the victory of Sheynnis Palacios from Nicaragua. Palacios became the first woman from Central America to win the title.

https://www.femina.in/beauty-pageants/miss-universe/mexican-firm-acquires-50-stake-in-miss-universe-as-thai-company-sells-ownership-share-for-16-million/articleshow/107191031.cms