On September 11, 2023, Jakkaphong Jakrajutatip, the owner of the Miss Universe Organization and serving as the Chief Executive Officer and Managing Director of JKN Global Group Public Company Limited, addressed the Stock Exchange of Thailand in a letter. In this communication, she aimed to dispel rumors that had been circulating regarding her entertainment company’s purported sale to Top News Digital Media Company Limited.
In her letter, Jakkaphong emphatically denied the speculation of a sale and clarified that JKN Global Group Public Company Limited (JKNBL) had instead entered into a collaborative agreement with Top News. This agreement would focus on the production of news and information programs intended for broadcast on the JKN18 channel, commencing on September 18.
As of the time of the statement, the program schedule was undergoing finalization to determine broadcast timing. Importantly, both parties had reached a mutual understanding on compensation terms that were deemed fair and beneficial for both entities, maximizing the advantages accruing to JKNBL.
It was emphasized in the letter that JKNBL retained its rights, as previously granted by the National Television and Telecommunications Commission, to operate a broadcasting or television business. Contrary to certain news reports, no rights for the operation of such a business had been divested.
Jakkaphong Jakrajutatip expressed optimism regarding the collaborative production of these programs, anticipating that it would significantly boost the business of the JKN18 channel. This partnership, which harnessed the expertise of both organizations, was expected to enhance viewership and broaden the JKN18 channel’s audience base. Furthermore, it was envisioned that this collaboration would contribute to the overall growth of JKNBL’s business, reinforcing its position and ensuring a steady and sustainable trajectory for the future.
The impact of this statement was felt immediately, as JKN Global Group Public Company Limited’s shares surged by over 15% on the following Monday. This marked a noteworthy turn of events for the company, which had recently faced a crisis stemming from its inability to repay a 609 million baht stock loan that had come due on September 1. The default on the stock loan had led to a significant drop in JKN’s share price and prompted Jakkaphong and her sister to divest nearly 100 million shares, valued at over 128.6 million baht, in the previous week.
Jakkaphong Jakrajutatip’s declaration, clarifying the collaborative agreement with Top News and refuting rumors of a sale, served as a positive catalyst for JKN Global Group Public Company Limited, offering a much-needed respite from recent challenges. The renewed investor confidence and positive market response were indicative of the potential benefits that the partnership with Top News could bring, not only to the JKN18 channel but also to the broader business prospects of the company.