ComediHa! will acquire a select number of Just for Laughs (JFL) Group assets in a deal between the two Quebec-based entertainment companies.

The deal is still subject to approval and goes before the Quebec Superior Court on June 3. Until then, both parties have agreed to refrain from public commentary on the matter, according to a news release issued Wednesday (May 29).

This announcement comes on the heels of the sale and solicitation process run by JFL in the context of its restructuring proceedings. On March 5, JFL initiated formal restructuring proceeding after steep revenue losses attributed to the COVID-19 pandemic, inflationary pressures and reduced spending from networks and streamers on the company’s productions.

The company’s flagship event, Just for Laughs/Juste pour rire festival, has been cancelled for 2024, with a goal to have the comedy festival return in 2025.

In 2023, JFL inked a deal with Netflix for three French-language stand-up comedy specials, the CTV comedy series Roast Battle Canada and The RP4 Hosted by Russell Peters, both produced with Counterfeit Pictures, and Prime Video’s Pour un soir seulement (For One Night Only).

JFL is led by interim CEO Richard B. Levy, who was part of the investor group that acquired JFL in 2018, which includes Bell Media, ICM Partners, Groupe CH and comedian Howie Mandel.

ComediHa! was founded in 1997 and has offices in Québec City, Montreal, Paris and Hollywood. It produces live shows, television programs and films.

In addition to producing the annual ComediHa! Fest-Québec comedy festival, the company is holding comedy festival ComediHa! salute Montréal! from July 18 to 28, which boasts a nearly $10 million budget, according to ComediHa!, and counts the Department of Canadian Heritage among its supporters.