Anne Jakapong Jakrajutatip, a Thai transgender businesswoman, has bought the Miss Universe pageant company formerly owned by Donald Trump for $20 million, the company said in a statement.
Thai TV celebrity and LGBTQ+ rights advocate “Anne JKN” has become the first woman to direct the famous beauty pageant.
She runs media group JKN Global and is known in her country for hosting the Thai version of Project Runway, a fashion reality show.
According to Forbes, his net worth is estimated at $170 million.
This takeover of the Miss Universe Organization (MUO) will boost Thailand’s image abroad, she hopes.
“I hope it will serve Thailand’s influence and attract more tourists to our country,” she told reporters in Bangkok.
It’s a “strong and strategic addition” to her company’s portfolio, she added.
It took a year to finalize negotiations with former owner IMG, a subsidiary of US entertainment giant Endeavor.
In a Facebook post, she thanked the contest fans for their love and support.
“Not only do we want to continue the legacy of the competition by providing a platform for passionate people from different backgrounds, cultures and traditions, but also to further develop the brand for the next generation,” the businesswoman said in a statement.
Amy Emmerich and Paula Shugart, CEO and President of MUO respectively, remain in place.
The competition has been in existence for 71 years and the next edition will be held in New Orleans, USA next January.
The competition will be broadcast in 165 countries.
JKN Global Group owns the distribution rights for foreign documentaries, TV dramas and reality TV shows in Thailand.
IMG has owned the competition organization since 2015 after purchasing it from businessman and former US President Donald Trump, who has owned it since 1996.