The Just for Laughs Group officially places itself under the protection of the federal law on bankruptcy and insolvency. The festival planned for this summer is canceled, as are several shows.
The Montreal company made the announcement Tuesday morning in a press release. “Having considered all possibilities, the JPR Board of Directors came to the conclusion that the financial situation of the organization left no option but to initiate restructuring procedures,” it reads.
To explain its difficulties, Just for Laughs cites the pandemic and the strong inflationary surge that followed. “At the same time, the media industry environment has changed dramatically in recent years. The consolidation and reduction of budgets of networks and streaming platforms have made television production more difficult,” it is also mentioned.
Bell and the CH Group share 51% of the shares in this company founded in 1983 by Gilbert Rozon. The American agency CAA owns 49% of the shares.
Through a press release, Just for Laughs let it be known that it is not impossible that the company could be sold in whole or in part. ” This process [de restructuration] will enable JPR to restructure its activities and seek strategic investors or buyers for all or part of its activities, with the aim of maximizing value for stakeholders and, where possible, preserving business continuity. activities,” it was said.
More details will follow…
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