ComediHa! reaches agreement to acquire 'select' Just for Laughs assets

A Quebec-based entertainment group says it has reached an agreement with Just for Laughs to acquire "select" assets from the financially troubled comedy company.

The agreement with ComediHa! comes after Just for Laughs cancelled its Montreal and Toronto festivals this year and sought creditor protection.

ComediHa! says the agreement is subject to the approval of the Quebec Superior Court, with a hearing set for Monday.

A court filing earlier this year from insolvency trustee PwC said changes to YouTube and Facebook video monetization rules were among factors that led to plummeting revenue for the Just for Laughs parent company last year.

The filing shows Groupe Juste pour rire booked a net loss of more than $7.9 million in the first 10 months of 2023.

The company has said it will undergo a restructuring process to improve its financial health and hopes for a return of the Montreal and Toronto festivals next year.

This report by The Canadian Press was first published May 29, 2024.