Just For Laughs sold to Howie Mandel and American company

After weeks of rumours, Just for Laughs has officially been sold.

The iconic Montreal-based company announced Wednesday it has been acquired by Canadian comedianHowie Mandel and ICM Partners, a Los Angeles-based talent and literary agency.

The Just For Laughs offices and festival will remain in Montreal, ICM said in a statement.

"They gave their word that they intend to keepoperations in Montreal," said Pierre-Marc Johnson, the chairman of Just For Laugh's board of directors.

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Neitherpartyrevealed the price of sale.

Mandel, for his part,said that he has always been a big fan of the festival, where he hasperformed many times in the past 10 years.

"I consider it to be a cultural treasure not only for theMontreal andQuebeccommunities, but also forCanada," he said in a statement.

In total, seven groups had expressed interest in buying the Just For Laughs Group.

In December, aSwiss-based firm thought to be a front-running candidate to buyJust For Laughs decided not to pursue the purchase, saying it should remain in Quebec.

Former president faces allegations of sexual misconduct

The salecomes after Gilbert Rozon, the founder and former president of Just For Laughs, stepped down in October following accusations of sexual misconduct and assaultspanning three decades.

After hisresignation, Just For Laughs restructured.As part of that process, Rozonwasofficially removed from the business affairs of the company.

Rozon said he would sell his stake in the company.

He has denied the allegations and they have not been proven in court.

Quebecordid not meet bid of competitor

A Quebec court determined last month that media giant Quebecor has right of first refusal in the sale of Just For Laughs, based on a2012 partnership deal with the comedy festival.

A deal between the two firms gave the Montreal-based media conglomerate 12 days to make an offer equal to that of any potential competitor in the sale of Just For Laughs.

Videotron, Quebecor'scable subsidiary,announced Mondayit is partnering with theGrand Montral comdie fest, a new Montreal comedy festival that will take place this summer over the two weeks before Just for Laughs.

The36thannualJust For Laughs Festival will run from July 14 to July 28 in Montreal.