Entertainment firm ComediHa! to take over some Just for Laughs assets

Entertainment firm ComediHa! says it has acquired select assets from the financially troubled Montreal comedy giant Just for Laughs.

In a news release issued by the Quebec City-based companyWednesday, itsays the agreement is subject to approval of the Quebec Superior Court, and the hearing is set for Monday.

Until then, both parties have agreed to refrain from public commentary on the matter, the news release says.

Groupe Juste pour rire inc., the parent company of the festival and several other comedy-related businesses, announced in March that it is cancelling its summer festival,is insolvent and seeking creditor protection.

Documents made public by an insolvency trustee,PwC, showed Just for Laughs and affiliated companies owe millions of dollars in unpaid debt beyond what was included in a court filing last week.

A week before it sought creditor protection, abailiff seized more than $800,000 in assets fromGroupe Juste pour rire inc. after it failed to make a court-ordered payment to a former employee.

ComediHa! was founded by Sylvain Parent-Bedard and has offices in Quebec City, Montreal, Paris and Los Angeles. It hosts festivals across the province, as well as in France and the United States.

After Just for Laughs said it would cancel its summer festival programming, ComediHa! announced its own Montreal festival would take place in July.

This is not the first time the company has set its sights on Just for Laughs assets.

Back in 2017, when Just for Laughsfounder Gilbert Rozon announced he would sell all his shares amid sexual harassment and assault allegations,ComediHa! stated publicly it was among those studying the possibility of purchasing the company.

At that time,ComediHa! said it was essential that the companyretain ownership based in Quebec.