Original of revised “FANOMENON” contract inspected; plans underway to establish dedicated corporation by end of month [2026 Parliamentary Audit]

[Financial News] The original of the revised trademark contract for FANOMENON, a global K-pop festival, was submitted to the National Assembly and made available for lawmakers to inspect. Bae Hyun-jin of the People Power Party said that criticisms raised in an earlier parliamentary audit had been reflected and gave the renegotiated contract a positive assessment.
Culture, Sports and Tourism Minister Choi Hwi-young said at a comprehensive audit by the National Assembly’s Culture, Sports and Tourism Committee on the 23rd that the joint venture responsible for operating the event would be established by the end of this month. After Bae called for the corporation to be set up before the National Assembly’s budget deliberations, Choi noted that it had undergone a review by Merger Review last month and replied, “The joint venture will be established by the end of October.”
JYP Entertainment, HYBE, SM Entertainment and YG—the four major K-pop agencies—will participate in the joint venture. The revised contract provides for the government and private sector to each hold half of the domestic and overseas trademark rights, with the rights held by the private sector to be transferred to the corporation after it is established. Bae said the points she had raised at the Ministry of Culture, Sports and Tourism’s parliamentary audit on the 7th had been faithfully reflected in the renegotiated contract, which she described as “appropriate.”
In response to calls for safeguards allowing the Ministry of Culture, Sports and Tourism to have a say in the corporation’s operations, Minister Choi explained, “The four companies are not allowed to use the FANOMENON trademark as they please.” He added, “We will also look into whether the ministry can step in directly and become more involved.”
That morning, a dispute broke out over the use of a tablet to show the revised contract, with opposition lawmakers demanding to inspect the original. A clash over the failure to prepare minutes for a subcommittee meeting of the Popular Culture Exchange Committee (Daejungwi) also led People Power Party lawmakers to walk out briefly.
FANOMENON is a festival scheduled to take place next December, combining K-pop performances, a fandom awards ceremony, exhibitions and other events. Allegations of preferential treatment arose after it emerged that JYP, the agency representing Park Jin-young, co-chair of the Popular Culture Exchange Committee, had filed an overseas trademark application on its own.
[email protected] Jang In-seo Reporter