JKN Global bought Miss Universe for $20M, then collapsed under THB 7.4B in debt

JKN Global Group was a Thai media company founded by Jakkaphong 'Anne' Jakrajutatip, a celebrity media tycoon and prominent transgender rights advocate. The company specialised in content distribution and operated a portfolio of television channels and media properties.

In October 2022, JKN purchased the Miss Universe Organization for $20 million. The acquisition was a landmark deal that put the iconic pageant under Thai ownership for the first time. Jakkaphong promised to make the competition more inclusive, opening it to married women and transgender contestants. The deal was funded largely through debt.

Within a year, the debt became unmanageable. In August 2023, JKN announced it would miss a THB 609 million bond payment. The company's share price plunged 28.6% in a single day and dropped by more than 50% within a week. Founder Jakkaphong was forced to sell nearly 100 million shares through margin calls. As of June 30, 2023, JKN had total liabilities of THB 7.4 billion — almost half of it owed to bond investors across seven series of debentures.

On November 9, 2023, JKN filed for business rehabilitation with Thailand's Central Bankruptcy Court. Shares hit a floor of 0.77 baht. The company proposed a rehabilitation plan involving debt restructuring, interest rate adjustments, and asset sales. The court's approval was required, and creditors retained the right to reject the plan.