Fanomenon Co., the joint venture formed by JYP Entertainment, HYBE, SM Entertainment and YG Entertainment, completed its incorporation filing at the Seoul Central District Court registry on Oct. 26, with a registered office in Yeongdeungpo-gu, Seoul.

The Herald Business reports the company will take full charge of planning, producing and operating the festival, and will handle the acquisition and management of related intellectual property, including the trademark.

Park Yoon-seo, who previously worked at both HYBE and JYP Entertainment, will serve as CEO. Each of the four agencies appointed one non-executive director — Kim Jeong-jip from YG, Won Woo-hyeon from SM, Yoon Han-gil from HYBE and Shin Hyeon-guk from JYP — while Kim Mu-hyeon was named auditor.

The move formalizes the private-sector-led structure Park Jin-young defended at an Oct. 7 parliamentary audit, where he said the committee concluded the awards ceremony and festival should be led by the private sector.

The incorporation is a direct follow-up to a preferential-treatment controversy.

Seoul Economic Daily reports the dispute arose after it emerged that trademark rights tied to the Fanomenon name had been filed solely under JYP Entertainment's name — the company of committee co-chair Park Jin-young — rather than under the Popular Culture Exchange Committee.

The Herald Business adds detail: the domestic trademark was converted to joint ownership in April when a half-stake transferred to the ministry, but overseas filings made in the United States in November last year and in Japan in March this year remained under JYP's name alone, and critics argued it was preferential treatment when this surfaced in late September.

At the national audit, Park acknowledged the problem, saying it was 'not a normal way to go about it,' while maintaining that no trademark profit would remain with his company.

On Oct. 22, the Ministry of Culture, Sports and Tourism signed a joint trademark ownership agreement with JYP Entertainment under which the Fanomenon trademark rights filed at home and abroad are split evenly, with the ministry and Fanomenon Co. each holding a 50 percent stake, as Seoul Economic Daily and The Herald Business both report.

The Herald Business notes the agreement also includes provisions allowing trademark use to be restricted and legal liability imposed in the event of a breach.

Culture Minister Choi Hwi-young told an Oct. 23 National Assembly audit, per The Herald Business, that the four companies cannot use the FANOMENON trademark freely and that the ministry will look into whether it can step in more directly.

Park Jin-young also told lawmakers the four agencies contribute equal amounts and hold equal voting rights in the venture.

The Herald Business reports the first Fanomenon will run for 11 days, from Dec. 2 to Dec. 12, 2027, at Seoul Arena in Changdong and KINTEX Hall 2 in Goyang — headline performances and a fandom awards ceremony at Seoul Arena, and festival-style concerts plus exhibition and experience events from gaming, webtoon, film, food and beauty companies at KINTEX.

The awards are designed to honor fandoms rather than artists, with artists accepting on behalf of their fans.

Operating rules are strict: the four agencies' artists are capped at 30 percent of the concert lineup, dividends to shareholders are barred with all earnings reinvested, and the main event is funded privately through tickets, sponsorships, broadcast rights and booth sales.

The Herald Business says the 2027 budget includes about 15 billion won (roughly $11.1 million) for tourism promotion and SME exhibition support, and when plans were announced in July, the committee projected more than 520,000 visitors and around 1 trillion won in economic impact.

The joint venture's launch moves Fanomenon from concept to corporate reality, but open questions remain.

The Herald Business reports the extent of the government's involvement in running the venture is still under discussion, and the joint ownership agreement means neither the ministry nor the companies can treat the trademark as theirs alone.

Maeil Business notes the project is being pitched as a 'Korean version of Coachella,' created as a model for collaboration to expand K-pop and K-culture in global markets.

Park Jin-young asked the public for support, saying he imagines the country bustling with K-pop fans and urging people to take interest.