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Just For Laughs reportedly sold to American company

Just for Laughs founder and CEO Gilbert Rozon poses for a photograph with JFL mascot Victor. THE CANADIAN PRESS IMAGES/Graham Hughes

A deal has just been closed on the sale of the Just For Laughs Comedy Festival.

According to Cogeco Nouvelles, the Juste Pour Rire Group has been sold to American company ICM Partners for a price in the tens of millions of dollars.

Until now, the Juste Pour Rire Group belonged to Gilbert Rozon, who put the company up for sale after sexual assault allegations surfaced against him.

In total, seven companies were interested in buying the group. But in the past few weeks, only two remained in the running: ICM Partners and Katz group, helmed by Albertan billionaire Daryl Katz.

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Media giant Quebecor recently was awarded by a Supreme Court Judge the right of first offer and right of first refusal.

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That means Quebecor has 12 days to buy the Juste Pour Rire Group if it matches ICM Partners’s offer.

Quebecor filed a request for an injunction in Quebec Superior Court on Wednesday demanding its 2012 partnership deal with the comedy festival be respected.

The Quebec media company claims to have injected more than $45 million into various partnerships and sponsorships in Just For Laughs since it signed the agreement.

-With files from La Presse Canadienne

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