Bankruptcy of Thai Transgender CEO Who Acquired 'Miss Universe'... Will the Pageant Disappear?

Bond Issuance at Acquisition... Unable to Repay Debt
Financial Sector "Tournament Suspension or Sale to Another Company Expected"

The global beauty pageant 'Miss Universe' is facing the risk of disappearing due to the bankruptcy filing of its acquiring company. The bankruptcy of the Thai transgender tycoon who acquired the pageant has been identified as the main cause, drawing worldwide attention to the future of the competition.

On the 10th, Nihon Keizai Shimbun (Nikkei) reported that JKN Global Group of Thailand, which acquired the Miss Universe organization last year, filed for rehabilitation proceedings through the Central Bankruptcy Court the day before. JKN is a major Thai media group owning 15 companies including terrestrial TV channels, beverages, health products, and cosmetics.

Jakkraphong Chakrathutip, CEO of JKN, explaining about the acquisition of Miss Universe. (Photo by JKN)

The CEO who decided on the bankruptcy is Chakraphong Chakrachutapit, a Thai transgender female entrepreneur. Ranked 149th among Thailand's wealthy in 2020 and the richest transgender person in Asia, she gained public recognition through appearances on TV reality shows and has actively promoted transgender rights through a nonprofit foundation.

Conscious of criticism that Miss Universe commodifies women, she has worked on institutional reforms such as expanding eligibility from unmarried women to all women, including married women.

JKN acquired the Miss Universe organization last year for $20 million (26.3 billion KRW). Since Miss Universe is broadcast across 165 countries, the acquisition aimed to expand overseas broadcasting rights business. JKN issued bonds to raise funds during this process. However, by the 1st of last month, it failed to repay debts amounting to $12.4 million (16.3 billion KRW), leading to bankruptcy.

At the time of acquisition, Chakraphong stated, "Acquiring the globally famous Miss Universe is a strategy for JKN's growth," and "We will become a global content company."

Nikkei reported, "Financial sector insiders believe there is a high possibility that the Miss Universe pageant will be suspended during court management or that the organization’s shares will be resold to another company."

However, JKN currently posted on its website, "We have already announced our response strategy, and the pageant to be held in El Salvador on the 18th will proceed without issues."

Miss Universe, which began in 1952, was once operated by former U.S. President Donald Trump. In 1996, Trump co-managed the organization with the U.S. broadcaster NBC and later acquired all NBC-owned shares.

Later, during his presidential campaign, Trump sparked controversy by disparaging Mexican immigrants as criminals, leading NBC to sever ties, stating they could no longer do business together. Subsequently, the global sports and entertainment management company IMG acquired the organization in 2015.

This content was produced with the assistance of AI translation services.