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COVID-19 crisis is Creating Major Setbacks in Miss Universe Org; No longer with IMG?


The COVID-19 crisis is creating major setbacks in financing Miss Universe Organization. Does WME/IMG still own the Miss Universe Pageant?

First of all, WME/ IMG is now Endeavor. WME-IMG reorganized in October 2017 with the parent company being renamed from WME-IMG to Endeavor. Ari Emanuel became Endeavor CEO and Patrick Whitesell became Endeavor executive chairman. The general talent agency retained the WME name as the sports agency retained the IMG name.

Now, according to Vicente Leonel Rodriguez Almeida, Mexican hairstylist at Farouk Systems, Miss Universe Organization is no longer owned by IMG and the rules or system of the pageant may have changed. Vicente commented in a facebook post that the MUO will be announcing the ownership transition soon.


Vicente Almeida with Miss Universe 2015 Pia Wurtzbach

Vicente with Catriona Gray in Bangkok, Thailand

It looks like the rumors might be true as Endeavor Group Holdings Inc. or formerly known as WME/IMG  escalated cutbacks as financial pressures from the coronavirus pandemic bear down on the talent agency and live entertainment conglomerate.

According to Wall Street Journal article posted in April,2020 : 

The new round of cuts, which began last week and are slated to continue over the coming weeks, include job cuts, furloughs and reduced pay affecting about one-third of its 7,500 employees, a company spokesman said. The new phase of cutbacks comes on top of previously announced layoffs and salary reductions. 

“Like other companies, we are taking a variety of actions to mitigate the impact of this pandemic,” the spokesman said. The cuts, which have been under way since late last month, should be fully implemented by late May"

The moves are a response to reduced cash flow at Endeavor, according to a person familiar with the matter, who added that the coronavirus has disrupted the company’s live-events business, a key revenue stream that includes sports, music and beauty pageants.

RUMOR has it that the new management would be taking over the pageant would be from Telemundo, Kardashians, or LCS Group of Companies head Luis Chavit Singson.

In 2015, then US Presidential candidate Donald Trump bought every share of the pageant after NBC reportedly severed ties with him due to his controversial remarks about Mexican immigrants. He was then forced to sell the pageant to the talent agency and entertainment company WME/IMG. 


Source: https://www.wsj.com/articles/endeavor-plans-coronavirus-driven-staffing-cuts-11587581112

UPDATE: Miss Universe Pageant is still owned by Endeavour (WME-IMG) as confirmed by Miss Universe Org President Paula Shugart. @realpaulashugart





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