NYP: Miss Universe contest decided to sell for $20 million due to unprofitability
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Ari Emanuel, the founder of the Endeavor agency, which organizes UFC fights and the Miss Universe beauty pageant, is looking for a buyer for the pageant, reported The New York Post, citing a source. It is specified that Emanuel put the lot up for sale more than six months ago, but since then he has not found a buyer for it. A possible reason could be that the price is too high – Emanuel wants to sell it for $20 million.
According to the newspaper, Emanuel acquired the rights to Miss Universe in 2015 from billionaire Donald Trump before the start of his presidential campaign. The official amount of the transaction was not named, NYP, having read financial reports from Trump’s political campaign, claims that the business could cost from $5 to $25 million.
A source familiar with the finances of the organization, which also runs the Miss USA and Miss Teen USA pageants, said that Endeavor is losing $2 million annually. It was profitable until 2020, when The coronavirus pandemic had to cancel competitions. According to the publication, Emanuel tried to attract foreign investors from Asia and South America, but to no avail. He was also repeatedly advised to lower the price in order to get rid of an unprofitable asset as soon as possible.
The first Miss Universe pageant was held in 1952, it went down in history as the most prestigious beauty pageant. At the end of 1995, the competition was on the verge of bankruptcy, but the situation changed when the following year – 1996 – the rights to the business were bought out by Donald Trump. According to the rules of the competition, girls between the ages of 18 and 28 who have never been married and have no children can take part in it.
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