JKN Global Group, the Thai media company that owns the Miss Universe pageant, has filed for bankruptcy due to a “liquidity problem.” This announcement was made in a statement to the Thai Stock Exchange, indicating financial challenges faced by the company.
Ownership by Jakkaphong Jakrajutatip
Owned by Thai transgender media mogul Jakkaphong Jakrajutatip, also known as Anne JKN, JKN Global Group acquired the Miss Universe organization last year from IMG-Endeavor for $20 million. Jakrajutatip, who Forbes listed as the third richest transgender person in the world in 2020, has a reported net worth of $210 million.
Funding Challenges and Share Price Drop
The funding for the Miss Universe deal was reportedly raised through bonds. Bloomberg had previously reported that JKN Global Group delayed bond payments, attributing this to global and domestic economic challenges. The company’s share price has seen a significant decline over the past year.
Company’s Rehabilitation Plan
In its recent statement, JKN Global Group mentioned that its board of directors had agreed to submit a rehabilitation plan to Thailand’s bankruptcy court. The plan aims to solve the company’s liquidity issues under legal protection and ensure fair treatment of all stakeholders.
2023 Miss Universe Pageant to Proceed
Despite the financial difficulties, the 2023 Miss Universe pageant is set to continue as scheduled on November 18 in El Salvador. The event will feature two transgender contestants, Rikkie Valerie Kollé and Marina Machete, marking a continuation of the pageant’s inclusive approach.
Historical Ownership and Inclusivity
Jakrajutatip is the first woman to own the Miss Universe organization, previously held by former President Donald Trump. Her inspiration to purchase the organization partly stemmed from witnessing the participation of transgender contestant Ángela Ponce in the 2018 pageant. Jakrajutatip’s vision for the pageant is to elevate individuals to be the best version of themselves.
The bankruptcy filing of JKN Global Group highlights the financial challenges faced by the media company and its commitment to continuing the legacy of the Miss Universe pageant. Despite these setbacks, the organization remains dedicated to promoting inclusivity and empowering women, including transgender contestants, on the global stage.