QUEBEC CITY, June 4, 2024 /CNW/ - ComediHa! aims to consolidate its position as an important player in humour in Quebec, Canada and internationally by acquiring assets of Just For Laughs. A new era in Quebec and internationally opens for the company from Quebec who's renowned ComediHa! Fest celebrates its 25th anniversary this year.
Following the application process conducted as part of the restructuring procedures of Just For Laughs Group, the proposal of ComediHa! was accepted, which led to an agreement between the two organizations. The transaction has reached a crucial stage with the decision of the Superior Court of Quebec to endorse the deal concluded on May 29th.
"This asset acquisition will enable us to offer even more diverse entertainment experiences to our Quebec, Canadian and global audiences while supporting the growth and development of our artists and content around the world. We are also becoming a strategic player for international artists who want to perform in Quebec and Canada," said Sylvain Parent-Bédard, CEO of ComediHa!
Specifically, the transaction includes acquiring certain assets including the brands Juste pour rire, Just For Laughs, ZooFest, ComedyPro, the Gags, and the audio-visual catalogue.
Acceleration of the strategic plan and network of broadcasting platforms
The acquisition of the assets will help accelerate the strategic plan of ComediHa! to redefine its operational plans to support its growth in all its business sectors including festivals, live production, television production, tour promotion, distribution, and content monetization. ComediHa! will continue to encourage the emergence of new talent and will strengthen its presence in Quebec, Canada and internationally.
Furthermore, ComediHa! plans to continue and accelerate the development of its network of broadcasting platforms, including the positioning of its subscription service ComediaHA.tv will become the inevitable of humour, as well as its on-demand video services, its FAST Channels and monetization. With the exploitation of the Just For Laughs catalogue, Amuz Distribution (a subsidiary of ComediHa!) will strengthen its position as a leader in international distribution.
"We are on the first day of a new era and a new plan to implement. More than ever, we want to meet fans, festivals, viewers, creators, artists, artisans, producers, agents, managers, public partners, sponsors, showrooms, and broadcasters, from Quebec, Canada, the Francophonie, and the entire world, to add Mr. Parent-Bédard. The acquisition of Just For Laughs' assets, developed over 40 years, will undoubtedly enable us to continue our mission of making the world laugh worldwide and contributing proudly to our cultural, tourist and economic landscape."
Acknowledgments inside the transactional framework
ComediHa! wishes to thank all the individuals and organizations that made this acquisition possible with 100% Quebec interests: its shareholders and its board of directors, the National Bank, the SODEC Business Bank, its valuable legal and financial advisers Norton Rose Fulbright and Demers Beaulne, as well as Osler, Davies, PwC and the teams of Just For Laughs and ComediHa! who participated in the various processes.
The festival "ComediHa! salue Montreal" from July 18th to 28th
Remember that as part of its 25th anniversary, ComediHa! has announced the holding of the "ComediHa! salue Montreal", an event that will be held from July 18th to 28th this year. Looking forward to coming to meet the Montreal festival goers, the team will unveil, in the next few hours, flagship elements of the programming of this special edition.
ABOUT COMEDIHA!
ComediHa! is a leading entertainment company, founded in 1997. With more than 100 permanent employees and 4000 temporary employees spread across Quebec, Montreal, Paris, and Hollywood, ComediHa! is dedicated to "Make the world laugh everywhere in the World". Every year, the ComediHa! Fest-Québec attracts more than 750,000 visitors, making it the largest French-speaking humour festival in the world. ComediHa! also produces shows, TV shows and movies, bringing joy and laughter to a worldwide audience.
ABOUT JUST FOR LAUGHS
Founded in 1983, Just For Laughs is a world leader in comedy and hosts the world's largest humour festival in Montreal. The company has launched the careers of many renowned comedians and entertains millions of viewers each year through its festivals and content broadcast in more than 150 countries. Just to laugh also produces shows and musical comedies and is the organizer of the ComedyPRO conference.
SOURCE ComediHa!
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