A Quebec-based entertainment group has confirmed it will withdraw from a financially troubled Just for a laugh Comedy company.
ComediHa! said on Tuesday that a judge had approved its bid to acquire the Juste pour rire, Just For Laughs, ZooFest, ComedyPro, the Gags and other brands as well as the audiovisual catalogue.
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Previously, Just for Laughs canceled this year's Montreal and Toronto film festivals and sought protection from creditors.
ComediHa! announced last week that it had reached an agreement to acquire the assets, but the deal must be approved by the Quebec Superior Court.
A court document filed earlier this year by bankruptcy trustee PwC said Groupe Juste pour rire had a net loss of more than $7.9 million in the first 10 months of 2023.
ComediHa! said it plans to expand its business in multiple areas, including festivals, live productions, television production, tour promotion, distribution and content monetization. The transaction amount was not disclosed.
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