The mega-phonus is obtained from the Balthazar Beauregard's Big Top Bonanza Distraction and Diversion. It is rewarded to players who earn more than 1,200 points in any of the circus performances. If players lose this item, they can talk to Balthazar Beauregard to obtain it.
If players score more than 1,200 points, they will always get the hat first, followed by the shirt, pants, boots, and mega-phonus. Players will receive nothing after they have collected all 5 items, even if they score more than 1,200 points.
Following an update on 17 March 2014, an override version became available along with the original item version. It overrides certain main hand melee weapons in the weapon slot.
This information has been compiled as part of the update history project. Some updates may not be included - see here for how to help out!