Quebec judge approves sale of some Just for Laughs assets to ComediHa!
It’s a new stage for Quebec comedy and Quebec City-based entertainment firm ComediHa!
A Quebec Superior Court judge approved an agreement Monday that will see the company obtain some assets from Just For Laughs, which sought creditor protection in March.
Under the terms of the agreement, ComediHa! will not acquire the company in its entirety, but take possession of Juste pour rire, Just For Laughs, ZooFest, ComedyPro and the Gags brands, plus the audiovisual catalog.
In a news release Tuesday, ComediHa! said it intends to “consolidate its place as a major actor in comedy in Quebec, in Canada and internationally.”
The cost of the transaction was not announced by ComediHa!
“It’s a whole new era,” the company wrote.
ComediHa! said it intends to “pursue and accelerate the development of its broadcast platforms, including the positioning of its subscription service ComediHa.tv.”
It also intends to “redefine its development plans in order to support growth in all of its sectors of activity, including festivals, production of live shows, television promotion, tour promotion, distribution and monetization of content.”
Groupe Juste pour rire inc., the parent company of the Just for Laughs Montreal comedy festival and several other comedy-related businesses, cancelled this year’s edition of the summer festival in March.
The company cited lost revenues during two years of the global pandemic and challenges facing the media industry, particularly reduced budgets at networks and streaming platforms, as reasons for restructuring.
