Miss Universe is an annual international beauty pageant that is run by the United States-based Miss Universe Organization. It airs in more than 190 countries worldwide and seen by more than half a billion people annually.

Donald Trump bought the pageant in 1996 from ITT Corp. Trump struck a broadcasting arrangement with CBS until 2002. In 1998, Miss Universe, Inc. changed its name to the Miss Universe Organization, and moved its headquarters from Los Angeles to New York City. In late 2002, Trump entered into a joint venture with NBC, which in 2003 outbid the other markets for the TV rights. From 2003 to 2014, the pageant was broadcast in the United States on NBC.

In June 2015, NBC canceled all business relationships with Trump and the Miss Universe Organization in response to controversial statements about illegal immigrants who crossed the border from Mexico. As part of the legal settlement, in September 2015, Trump bought out NBC's 50% stake in the company, making him the company's sole owner. Three days later he sold the whole company to WME/IMG. Following the change of ownership, in October 2015, Fox and Azteca became the official broadcasters of the Miss Universe and Miss USA pageants. The current president of the Miss Universe Organization is Paula Shugart, who has held this position since 1997.

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