Just For Laughs has been sold to an investor group led by Howie Mandel and ICM Partners, an American talent agency.
Financial terms of the deal were not immediately available.
In a statement issued Wednesday morning, the new owners say the festival will continue to be run as it has always been — and that the festival and the headquarters will remain in Montreal.
"The Montreal Just For Laughs Festival is part of Montreal's DNA, and we are looking forward to perpetuating this great cultural legacy," the statement read. "The Festival will continue to be held in Montreal each summer, and jobs and offices will remain in Montreal. We will be counting on the local team's expertise as well as on partners and governments who have supported the Festival for decades and made it the Canadian flagship that it is. We are excited to put together a phenomenal 2018 edition, and we will continue to work closely with local talent for years to come. JFL's history of success will be continued: its outdoor component, its French and English components, and the amazing talent, both from Quebec and from around the world, that makes this Festival so unique."
In addition to the comedy festival in Montreal, Just For Laughs produces international comedy tours, television specials and annual festivals around the world including in Toronto, Vancouver and Sydney.
The company was rocked after several women came forward last fall with allegations of sexual assault and sexual harassment against its founder and majority stakeholder, Gilbert Rozon.
Rozon said he would sell his majority shares in the Just For Laughs company he founded in response to the allegations, which he has denied and have not been proven in court.