Quebec entertainment group ComediHa! confirms acquisition of Just For Laughs assets

MONTREAL — Quebec entertainment group ComediHa! said Tuesday it was “entering a new era” as it confirmed it would acquire a number of assets from struggling comedy company Just for Laughs.

The company said a judge approved its bid to acquire the Juste pour rire, Just For Laughs, Zoofest, ComedyPro, The Gags brands, as well as the audiovisual catalog.

“This asset acquisition will allow us to offer even more entertainment experiences to our audiences in Quebec, Canada and globally, while supporting the growth and development of our artists and content around the world,” said CEO Sylvain Parent-Bédard in a press 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 canceled 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 filing earlier this year by insolvency administrator PwC said Groupe Juste pour rire posted a net loss of more than $7.9 million in the first 10 months of 2023. Court documents filed in March showed the company in the comedy festival back owed nearly $22.5 million to creditors. . Other documents released during the insolvency process revealed an additional $5 million in debt owed by the festival and other related companies.

ComedyHa! announced last week that it had reached an agreement to purchase the assets, but that the deal must be approved by the Quebec Superior Court. The approval came on Monday.

ComedyHa! 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 organize the 25th edition of ComediHa! Fest in Quebec City from August 1 to 24, headlined by comedians Laurent Paquin, Martin Petit, Fabien Cloutier and Korine Côté.

Last month, he announced that he will also be holding an event in Montreal called “ComediHa! hello Montréal” from July 18-28. The schedule for the $10 million event in Montreal will be announced on Wednesday.

This report by The Canadian Press was first published on June 4, 2024.

Morgan Lowrie, Canadian Press