MONTREAL (CelebrityAccess) The embattled Montreal-based Just For Laughs Group says it has found a buyer.
It says it has reached an agreement in principle with an unnamed group of investors.
Just For Laughs has reached an agreement-in-principle with ICM Partners, according to Radio-Canada but Quebec media giant Quebecor could exercise its right of first refusal over the next 12 days.
The move comes after Gilbert Rozon, the founder and former president of Just For Laughs, stepped down in October following accusations of sexual misconduct and assault.
As the majority shareholder, Rozon said he would sell his shares in the company.
However, a Quebec court determined last month that Quebecor has right of first refusal, based on a 2012 partnership deal with the comedy festival.
While a tentative deal may have occurred it puts the ball in the court of Quebecor, which can exercise its right to first refusal and equal the group’s offer in the next 12 days.