Quebec-based leisure group ComediHa! stated Tuesday it’s “getting into a brand new period” because it confirmed it’s going to purchase various belongings from the financially troubled Only for Laughs comedy firm.
The corporate stated {that a} decide has permitted its bid to accumulate the manufacturers Juste pour rire, Simply For Laughs, Zoofest, ComedyPro, the Gags, in addition to the audiovisual catalogue.
“This asset acquisition will allow us to supply much more various leisure experiences to our Quebec, Canadian and world audiences whereas supporting the expansion and improvement of our artists and content material world wide,” CEO Sylvain Dad or mum-Bédard stated in a information launch.
“We’re additionally turning into a strategic participant for worldwide artists who wish to carry out in Quebec and Canada.”
The announcement comes after Only for Laughs cancelled its Montreal and Toronto festivals this yr and sought creditor safety, blaming the COVID-19 pandemic, inflation and the altering leisure trade for its monetary woes.
A court docket submitting earlier this yr from insolvency trustee PwC stated Groupe Juste pour rire booked a internet lack of greater than $7.9 million within the first 10 months of 2023.
Court docket paperwork filed in March confirmed the corporate behind the comedy competition owed practically $22.5 million to collectors. Different paperwork launched throughout the insolvency course of revealed a further $5 million in unpaid money owed owed by the competition and different affiliated companies.
ComediHa! introduced final week that it had reached an settlement to accumulate the belongings however that the deal needed to be permitted by Quebec Superior Court docket. That approval got here Monday.
ComediHa! says it plans to develop its presence in various sectors together with festivals, stay manufacturing, tv manufacturing, tour promotion, distribution, and content material monetization. The quantity of the transaction was not disclosed.
The corporate will maintain the twenty fifth version of its ComediHa! Fest in Quebec Metropolis from Aug. 1-24, headlined by comedians Laurent Paquin, Martin Petit, Fabien Cloutier and Korine Côté.
Final month, it introduced it could additionally maintain a Montreal occasion, known as “ComediHa! salue Montréal” between July 18-28. The lineup for the $10-million Montreal occasion will likely be introduced Wednesday.
© 2024 The Canadian Press
