MONTREAL -- Swiss-based GF Productions says it's out of the running in the ongoing bidding for Just For Laughs.
The company behind the Montreux Comedy Festival says it has signed a confidentiality agreement with the financial institution mandated to deal with the sale of Montreal entertainment company and will let it know they are bowing out.
Just For Laughs has mandated RBC Capital Markets to look into the options surrounding the sale of founder Gilbert Rozon's shares in the comedy festival.
Rozon, 63, announced he would sell all his shares following allegations from at least 10 women he either sexually harassed or sexually assaulted them earlier this year.
In a statement today, GF Productions says it prefers to focus its energy and financial resources on its own festivals and international projects.
Gregoire Furrer, founder and owner of the Swiss group, says he is now convinced that Just For Laughs must remain a Quebec entity and a minority stake was not advantageous to his company.
When GF Productions had made its interest known in October, Furrer said he wants to create a global comedy group with the potential purchase of Just For Laughs.