SEOUL, April 17 -- Four of South Korea's biggest K-pop agencies are teaming up to establish a joint venture aimed at launching a large-scale music festival designed to rival global events such as Coachella.

According to The Korea Herald, HYBE, JYP Entertainment, SM Entertainment and YG Entertainment recently submitted a business combination report to the Fair Trade Commission as part of plans to form a joint venture focused on concert planning and large-scale festival production.

The filing is required as HYBE is classified as a large conglomerate with assets exceeding 5 trillion won (RM13.35 billion), while SM Entertainment is affiliated with the Kakao Group, placing both under stricter regulatory oversight.

The Presidential Committee...