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Quebecor Media has chosen to not exercise its right of first refusal in the sale of Just For Laughs, the comedy company said Thursday.

A deal between the two firms gave the Montreal-based media conglomerate 12 days to make an offer equal to that of any potential competitor in the sale of Just For Laughs.

The comedy company is expected to now fall into the hands of ICM Partners, a Los Angeles-based talent and literary agency that reportedly signed an agreement in principle to buy the controlling shares of Just For Laughs founder Gilbert Rozon.

Rozon announced he would sell his majority stake in the company amid allegations last fall he sexually harassed and assaulted several women.

He has denied the allegations and they have not been proven in court.

Neither Quebecor nor ICM reacted to Thursday's news.

"In order to preserve the integrity of the process, Just For Laughs will not make any further comments for the time being," the company said in a statement.

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