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ComediHa! confirmed Tuesday that it had acquired certain assets of the Just For Laughs group, saying the festival was now entering a “new era.”
Quebec Superior Court approved an agreement Monday that will see ComediHa! obtain certain assets of Just For Laughs, which was placed under bankruptcy protection in March.
Under the terms of the agreement, ComediHa! will not acquire all of the Just For Laughs assets, but will obtain the Juste pour rire, Just For Laughs, ZooFest and ComedyPro Les Gags brands as well as its audiovisual catalogue.
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The cost of the transaction was not announced by ComediHa! in a statement issued early Tuesday, although it did state its willingness to “consolidate its place as a major actor in comedy in Quebec, in Canada and internationally.”
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.”
“We are at Day 1 of a new era and a new operating plan,” ComediHa! CEO Sylvain Parent-Bédard said. “This acquisition of assets will allow us to offer even more diversified entertainment experiences to our Québécois, Canadian and world audiences while supporting the growth and development of our artists and content around the world.”
The company that operates the Just for Laughs Montreal comedy festival has cancelled this year’s edition as it seeks to avoid bankruptcy.
Groupe Juste pour rire Inc. announced in March that it was cancelling this year’s edition of the Just for Laughs comedy festival and seeking protection from its creditors.
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