JKN sells 50% of Miss Universe shares to Legacy Holding Group USA
JKN Global Group Plc (JKN) has announced that it has sold 50% of its shares in Miss Universe to Legacy Holding Group USA for US$16 million, or slightly less than 572 billion baht.
The sale was approved by the JKN board of directors on Monday (January 23). The transaction is expected to be completed by the end of February 2024, Krungthep Thurakij Media reports.
JKN acquired the Miss Universe pageant in 2022 for US$20 million. The company had planned to use the pageant to expand its global media business.
However, JKN filed for bankruptcy in November last year after being unable to meet a repayment deadline of approximately US$12 million, due on September 1 of the preceding year.
The sale of the Miss Universe shares to Legacy Holding Group USA will help JKN to repay its debts and restructure its business.
Legacy Holding Group USA is a privately held company that owns a number of media and entertainment assets, including the Miss Universe pageant.
The sale of the Miss Universe shares to Legacy Holding Group USA marks the end of JKN's involvement with the pageant. It remains to be seen what Legacy Holding Group USA will do with the pageant in the future.
