JKN Global sells 50 percent stake in Miss Universe
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Showbiz News
Mexico-based Legacy Holding now owns 50 percent of Miss Universe alongside JKN Global.
There is yet another shake-up in the pageant world as JKN Global Group, the Thai company that bought the rights for the Miss Universe pageant, has announced at the Bangkok stock market that it has sold 50 percent of its stake in the decades-old pageant.
Nikkei Asia reports that the 50 percent stake was sold to the Mexico-based Legacy Holding Group for $16 million (PhP899,480,000 based on current exchange rates), with the transaction expected to be completed in September.
On her Instagram account, JKN Global Group owner Anne Jakapong Jakrajutatip said that she and Raul Rocha had been working on this partnership since the 71st Miss Universe pageant in New Orleans back in 2023.
In the caption to her post, Anne said that the partnership is “a strategic investment for growth that will enhance our international offerings and allow us to create new products and opportunities”.
The sale is also expected to provide the cash-strapped JKN Global with some relief, as the company had filed for bankruptcy last year to resolve a “liquidity problem” that stemmed from failure to repay bonds worth around $12 million or PhP674,550,000 based on current exchange rates.
JKN Global Group bought the rights to the Miss Universe pageant back in 2022 for $20 million or PhP1,124,250,000 based on current exchange rates.
While the larger Miss Universe organization undergoes this change, the Miss Universe Philippines organization is getting ready to welcome back Miss Universe 2022 R'Bonney Gabriel. The organization announced last week that the Fil-Am beauty queen will be returning to the country this February.
