A Thai-owned media and content conglomerate has acquired the Miss Universe Organization from IMG.

JKN Global Group, led by chief executive officer Anne Jakapong Jakrajutatip, is the new owner of the 71-year-old pageant.

"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," she said in a statement released Wednesday.

"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," she added.

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To develop the Miss Universe brand, JKN is set to launch MU Lifestyle, which will offer a new range of merchandise.

Plans to grow the business in "untapped markets" including Asia were also mentioned.

Miss Universe Organization CEO Amy Emmerich and president Paula Shugart, for their part, said they are excited "to continue the evolution" of the brand 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," they said.

The next Miss Universe pageant is set to be held on January 14, 2023 in New Orleans, Louisiana.

It is expected to welcome delegates from over 85 countries, including the Philippines' Celeste Cortesi.

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