Just For Laughs has been sold to an investor group led by Canadian-born comedian Howie Mandel and ICM Partners, an American talent agency.
Financial terms of the deal were not immediately available.
The new owners said the company, which was founded in 1983, will continue normal operations, with the same leadership in place.
“I have performed at JFL many times over the last 10 years, and I have nothing but love for this event,” Mandel said in a statement. “I consider it to be a cultural treasure not only for the Montreal and Quebec communities, but also for Canada; and I am very excited to be part of this group of investors that will ensure the Festival’s long term success, while growing their global comedy brand.”
Former Montreal Canadiens defenceman P.K. Subban hosts the P.K. Subban All-Star Comedy Gala at the Just for Laughs comedy festival in Montreal, Monday, August 1, 2016. The embattled Just for Laughs group has been sold to an investor group led by Canadian-born comedian Howie Mandel and ICM Partners (Graham Hughes/THE CANADIAN PRESS)
The acquisition covers the annual comedy festival held in July in Montreal and its offshoot events in Toronto, Vancouver and Sydney, Australia.
Just For Laughs also has production and distribution businesses in more than 135 countries and its programming is seen on more than 100 airlines.
“Just For Laughs has done a phenomenal job of producing the world’s most respected comedy festival for decades and have built that into a very successful global comedy business,” said in a statement Chris Silbermann, managing director of ICM Partners.
“We see a great opportunity to work with them to grow the global comedy brand, in both French- and English-speaking comedy, while allowing the team on the ground in Montreal to continue to produce the festival as they have so successfully for all these years.”
The company was rocked last fall after several women came forward with allegations of sexual assault and sexual harassment against its founder and majority stakeholder, Gilbert Rozon.
Rozon said he would sell his majority shares in the Just For Laughs in response to the allegations, which he has denied and have not been proven in court.
Festival chairman Pierre-Marc Johnson said the strategic alliance with Mandel and ICM ensures the future of Just for Laughs.
“This strategic alliance with Howie Mandel and ICM Partners is the best of all worlds for Just For Laughs, and ensures it has the resources to continue to thrive,” Johnson said in a statement.
With files from The Canadian Press
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