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.
The new owner says the company will continue normal operations, with the same leadership in place.
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.