Miss Universe Owner Files for Bankruptcy Days Before Pageant
Despite the recent bankruptcy filing by JKN Global Group, the owner of the Miss Universe Organization, this year’s Miss Universe pageant is set to proceed as planned.
The Thai media distribution company, which acquired the pageant in 2022 for $20 million, recently submitted a petition for “business rehabilitation,” accepted by Thailand’s bankruptcy court.
In an official statement, JKN assured fans that delivering a “top-notch experience” for Miss Universe enthusiasts remains a top priority, expressing confidence that the new financial arrangements will support all business operations, including the prestigious pageant.
Led by Anne Jakkaphong Jakrajutatip, a transgender rights advocate and reality show star, JKN had previously outlined plans to expand the Miss Universe Organization in Asia and venture into branded merchandise. The bankruptcy filing, often used by companies to restructure debts and overcome financial challenges, follows JKN’s missed loan repayment deadline of approximately $12 million.
Jakkaphong cited challenging market conditions, including high inflation, as contributing to the company’s liquidity problems. The Miss Universe Organization, under Jakkaphong’s leadership, has embraced diversity and inclusivity, welcoming two trans women contestants, Marina Machete and Rikkie Kollé, for the first time in this year’s pageant.
Addressing the inclusion of trans women, the organization stated, “Trans women are women, full stop,” emphasizing its commitment to celebrating women. Miss Universe has been a global beauty pageant since 1952, assessing contestants through personal statements, interviews, and competitions in evening gown and swimwear categories.
As nearly 90 women from around the world compete for the crown in El Salvador, the Miss Universe Organization aims to maintain its status as one of the most-watched beauty pageants, navigating the financial challenges posed by JKN’s bankruptcy.
