JKN, a Thai-owned media and content conglomerate, on 27 October announced the acquisition of The Miss Universe Organization from its owner, Endeavor Group Holdings for $20 million according to The Guardian.

The Miss Universe Organization is an international, inclusive entity that celebrates women of all backgrounds, cultures, and traditions, and exists to advocate for a future forged by women and good for all.

At 71 years, Miss Universe is one of the longest-running and most-watched competitions in the world, broadcast in 165 countries worldwide and seen by more than half a billion people annually.

Led by CEO Amy Emmerich and president Paula Shugart, the Miss Universe Organization provides a global platform for more than 10,000 women annually to effect positive change through dedicated personal, professional, and philanthropic activities around the world.

The announcement, together with recent rule changes to create greater competitor eligibility, further propels the organization's commitment to inclusivity, with JKN Global Group's Chief Executive Officer Anne Jakapong Jakrajutatip becoming the first woman owner of The Miss Universe Organization.

The transition expands JKN's portfolio of global broadcast and media properties across entertainment and consumer products. JKN's acquisition will build on the Miss Universe Organization's strong brand and vision, developing an integrated and compelling proposition with new opportunities to grow the business in key and untapped markets, including Asia.

During the announcement, JKN revealed its plans for generating additional value based on the natural strength of the Miss Universe brand, including the upcoming debut of MU Lifestyle, a new licensing and merchandising arm of The Miss Universe Organization that will leverage the strength of the Miss Universe brand and JKN's lifestyle portfolio to create a new range of merchandise, as well as entertainment and various business opportunities that reflect the strength of the brand.

Anne Jakapong Jakrajutatip, chief executive officer of JKN Global Group, said: "We are incredibly honored to be acquiring The Miss Universe Organization and working with its visionary leadership team. The global reach of the Organization, its relationships with global partners and brands, and its wealth of content, licensing, and merchandising opportunities make this a strong, strategic addition to our portfolio. We seek not only to continue its legacy of providing a platform to passionate individuals from diverse backgrounds, cultures, and traditions, but also to evolve the brand for the next generation."

Emmerich and Shugart said-: "We are excited to continue the evolution of The Miss Universe Organization with JKN. Our relationships with global partners and brands have never been stronger, and our progressive approach continues to position us at the forefront of our industry. We would like to thank IMG for providing us a foundation to realize our aspirations for the brand."