Just For Laughs sold to Howie Mandel and American company

CTV Montreal: Mandel buys JFL Howie Mandel is leading a team of investors that has bought the Just For Laughs comedy festival.

Howie Mandel is leading a team of investors that has bought the Just For Laughs comedy festival and its related tours, TV specials, and more.

Mandel and ICM partners announced the purchase on Wednesday morning, saying they have no plans to change the obviously successful company.

"I have always been a big fan of Montreal and the Just For Laughs festival. I have performed at JFL many times over the last 10 years, and I have nothing but love for this event. I consider it to be a cultural treasure," said Mandel in a statement.

Chief Operating Officer Bruce Hills said he believes the group and its statement that Just For Laughs and its French counterpart, Festival Juste pour rire, won't be affected.

He's also a big fan of Mandel and is looking forward to working for him.

"He's been our biggest cheerleader forever. He's the biggest cheerleader of Canadian comedy. He's a big cheerleader of the city of Montreal and the province of Quebec and that's really important to him. Our operations are going to stay here, the Montreal festival will stay here, the current management team will stay in place," said Hills.

Just For Laughs was founded in Montreal in 1983 and has since expanded to have festivals in Vancouver, Toronto, and Sydney, along with TV shows based on the gala presentations at the Montreal festival, along with a comedy TV show seen in more than 130 countries around the world.

Financial terms of the deal announced Wednesday were not divulged.

Mandel said he's always felt frustrated that the event isn't even bigger or get the "props it deserves."

"What Woodstock was to rock and roll, this is bigger to comedy and television in every language."

Mandel said he hopes he can be a strong voice promoting it to comedians around the world.

"I just want to be loud and entertaining and get the message out that if you want to be anything of any value in comedy you have to come to Montreal," he added.

The company had been owned by founder Gilbert Rozon, but he decided to sell after he was accused of sexual harassment and assault by multiple women last year.

Rozon's planned sale was challenged in court by Quebecor, which had the right to first refusal, but declined to match the price offered by Mandel's consortium.

Mandel et al are reassuring Quebecers that Just For Laughs will not leave Montreal.

"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," said Chris Silbermann, the managing director of ICM partners.

Festival chairman Pierre-Marc Johnson said the strategic alliance with Mandel and ICM ensures it has the resources to thrive.

The new owners also said they are in talks with prominent unnamed local Quebec players to join the investment group.

Mandel said he hopes French-language comedians who have distanced themselves from the festival will return since it's vital that it has a French component.

Montreal's Just For Laughs festival runs from July 14 to 28, 2018.

- With files from Ross Marowits and Julien Arsenault of The Canadian Press