No Miss Universe deal, says JKN Global in response to speculation
Prominent media group JKN Global rejected rumours that it was selling the Miss Universe brand to Mexican businessman Raul Rocha Cantu, saying nothing has been finalised.
In an official statement to the Stock Exchange of Thailand on Monday, JKN president Jakkaphong Jakrajutatip said that while the group had intentions to seek external investment for the beauty pageant, it had not reached any definitive agreements yet. The statement also denied any imminent sale announcement on Tuesday, countering online speculation.
Following its IPO in 2017, JKN suffered financial challenges. Its investments importing various media brands created negative cash flow for the past three years. In 2022, JKN launched four tranches to acquire the Miss Universe brand along with Miss USA and Miss Teen USA. The group initiated debt rescue proceedings in November last year.
Meanwhile, a post on the Facebook page “Inside Beauty PR” sparked rumours suggesting that JKN intended to sell the Miss Universe brand to Cantu, who had previously collaborated to produce skincare products under the Miss Universe brand.
in the statement, JKN said that they have talked to several investors, listened to proposal and should be reaching a conclusion soon.
JKN stocks closed 31 points higher on Monday compared to Friday’s closing.
