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A Thai media tycoon and transgender businesswoman bought the Miss Universe Organization this week, marking the first time the beauty pageant organizer will be owned by a woman, CNN reported Thursday.

Anne Jakkaphong Jakrajutatip, CEO of a Thailand-based media distribution company, JKN Global Group PCL, purchased the organization for $20 million and plans to host the international beauty pageant.

JKN Global Group PCL announced plans to grow the Miss Universe Organization by expanding in Asia and creating new product lines for cosmetics and dietary supplements.

Running since 1952, the Miss Universe beauty contest is one of the world’s most-watched pageants. But like other contests, it has come under increasing public pressure to create more inclusivity and diversity.

In 2012, the international pageant lifted its ban on transgender contestants following a complaint from a Canadian competitor, who threatened legal action when told she would be disqualified due to her gender change.

Jakkaphong is known for her roles in Thai reality shows including “Project Runway.” She has been outspoken about her experiences as a transgender individual and is an advocate of transgender rights in Thailand.

“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,” said Jakkaphong.

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