A Thai media mogul and transgender rights activist has bought the company that runs the Miss Universe pageant for $20 million, according to a company release.

Anne Jakapong Jakrajutatip, who also hosts the local edition of Project Runway, will become the first woman to fully own the beauty pageant organization, according to an announcement on Wednesday by JKN Global Group, of which she is chief executive.

For much of its 70-year history, the pageant — previously owned by former US President Donald Trump — has been criticized for perpetuating outdated notions of femininity.

Jakapong said in a statement that the acquisition was an opportunity to “further develop the brand,” while telling reporters she hoped it would boost Thailand’s image abroad.

“I hope this will serve as a soft power for Thailand and bring more tourists to our country,” she said in Bangkok.

She called Endeavor’s acquisition of IMG a “strong, strategic addition” to her company’s portfolio.

In a Facebook post, Jakapong thanked the pageant’s fans for their love and support.

“Not only do we want to continue his legacy of providing a platform for passionate people from diverse backgrounds, cultures and traditions, but also to evolve the brand for the next generation,” she said in a statement.

Amy Emmerich, executive director of the Miss Universe Organization, and Paula Shugart, president, remain in their roles.

The next Miss Universe election will take place in January in the US city of New Orleans.

The competition will be broadcast in 165 countries.

JKN Global Group has distribution rights to foreign documentaries, TV dramas and reality TV shows in Thailand.

Shares in JKN Global Group rose nearly 15 percent following the announcement.