Quebec entertainment group ComediHa! confirms acquisition of Just For Laughs assets
Quebec-based entertainment group ComediHa! said Tuesday it's "entering a new era" as it confirmed it will acquire a number of assets from the financially troubled Just for Laughs comedy company.
The company said that a judge has approved its bid to acquire the brands Juste pour rire, Just For Laughs, Zoofest, ComedyPro, the Gags, as well as the audiovisual catalogue.
"This asset acquisition will enable us to offer even more diverse entertainment experiences to our Quebec, Canadian and global audiences while supporting the growth and development of our artists and content around the world," CEO Sylvain Parent-Bédard said in a news release.
"We are also becoming a strategic player for international artists who want to perform in Quebec and Canada."
The announcement comes after Just for Laughs cancelled its Montreal and Toronto festivals this year and sought creditor protection, blaming the COVID-19 pandemic, inflation and the changing entertainment industry for its financial woes.
A court filing earlier this year from insolvency trustee PwC said Groupe Juste pour rire booked a net loss of more than $7.9 million in the first 10 months of 2023. Court documents filed in March showed the company behind the comedy festival owed nearly $22.5 million to creditors. Other documents released during the insolvency process revealed an additional $5 million in unpaid debts owed by the festival and other affiliated businesses.
ComediHa! announced last week that it had reached an agreement to acquire the assets but that the deal had to be approved by Quebec Superior Court. That approval came Monday.
ComediHa! says it plans to expand its presence in a number of sectors including festivals, live production, television production, tour promotion, distribution, and content monetization. The amount of the transaction was not disclosed.
The company will hold the 25th edition of its ComediHa! Fest in Quebec City from Aug. 1-24, headlined by comedians Laurent Paquin, Martin Petit, Fabien Cloutier and Korine Côté.
Last month, it announced it would also hold a Montreal event, called "ComediHa! salue Montréal" between July 18-28. The lineup for the $10-million Montreal event will be announced Wednesday.
This report by The Canadian Press was first published June 4, 2024.
CTVNews.ca Top Stories
Biden and Harris call the Israeli strike killing Hezbollah’s Nasrallah a 'measure of justice'
The Israeli strike that killed Hezbollah's Hassan Nasrallah was a 'measure of justice' for victims of a four-decade 'reign of terror,' U.S. President Joe Biden said Saturday.
SpaceX launches rescue mission for 2 NASA astronauts who are stuck in space until next year
SpaceX launched a rescue mission for the two stuck astronauts at the International Space Station on Saturday, sending up a downsized crew to bring them home but not until next year.
Why Will Ferrell wanted a doc about his friendship with a trans woman to release before the U.S. election
Will Ferrell said in an interview with Variety that it was important for him to release his documentary, 'Will and Harper,' before the U.S. election so people could have conversations about trans people.
At least 52 dead and millions without power after Helene's deadly march across southeastern U.S.
Hurricane Helene caused at least 52 deaths and billions of dollars of destruction across a wide swath of the southeastern U.S. as it raced through, and more than three million customers went into the weekend without any power and for some a continued threat of floods.
LGBTQ2S+ minister Pascale St-Onge to make history with parental leave
Canadian Heritage Minister Pascale St-Onge is set to make history by becoming the first openly lesbian cabinet minister to take parental leave when her wife gives birth in the coming weeks.
They hit it off on vacation but then he went silent. So she decided to pick up the phone
When a few weeks passed and Nana Prempeh still hadn’t heard from the guy she met on vacation, she turned to her friends for advice.
What is open and closed this National Day for Truth and Reconciliation
This Monday, Sept. 30 is the National Day for Truth and Reconciliation (NDTR), a federal statutory holiday and day of remembrance for the Indigenous children who never came home from Canadian residential schools, as well as those who survived them.
Sima Sistani, who embraced Ozempic, is out as CEO of WeightWatchers
WeightWatchers CEO Sima Sistani, who pushed the company into embracing weight-loss drugs, is leaving the position after a two-and-a-half year stint.
Scientists discover hidden ancient forest on treeless island
Trees haven't grown on the Falkland Islands for thousands of years. But tree trunks and branches preserved in peat suggest the islands were once home to a forest.