
AI-generated summary
A joint venture has been established to take charge of the global K-pop festival ‘Paenomenon’ to be held in December next year. The four major entertainment companies, JYP, Hive, SM, and YG, are participating and jointly own the trademark rights with the Ministry of Culture, Sports and Tourism.
It was confirmed that a joint venture dedicated to the global K-pop festival 'Paenomenon' to be held in December next year was established on the 26th of last month.
According to the legal community on the 10th, Panomenon Co., Ltd., a joint venture involving the four major K-pop entertainment companies, including JYP Entertainment, Hive, and SM and YG Entertainment, completed registration of establishment with the Seoul Central District Court Registration Bureau on the 26th of last month.
Phenomenon Co., Ltd. will be in charge of the planning, production, and operation of Phenomenon in the future, and will be responsible for the acquisition and management of related intellectual property rights (IP), including the Phenomenon trademark.
In particular, regarding the Panomenon trademark, the company has secured a 50% stake in the trademark applied for domestically and internationally under the name of JYP. The remaining 50% was acquired by the Ministry of Culture, Sports and Tourism.
Previously, on the 22nd of last month, the Ministry of Culture, Sports and Tourism signed a 'joint ownership agreement for trademarks related to Panomenon' with JYP, transferring 50% of the Panomenon trademark rights to Panomenon Co., Ltd. and the Ministry of Culture, Sports and Tourism.
The management of the newly established company, Panomenon Co., Ltd., will be led by CEO Park Yoon-seo. CEO Park has experience working at Hive and JYP.
Kim Jeong-jip, Won Woo-hyun, Yoon Han-gil, and Shin Hyeon-guk were named as non-executive directors who will participate in management along with CEO Park. Mr. Moo-Hyeon Kim is in charge of the audit.
AI outlook — possibilities, not facts
Panomenon Co., Ltd. plans to hold the global K-pop festival ‘Paenomenon’ in December next year.
Very likely · Within months
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