It’s changing hands and the new owners have committed to making it better.

Toronto and Chicago-based Second City has been sold to private equity group ZMC.

In a statement, the comedy company says it’s thrilled to work with ZMC as it continues to transform into an equitable and thriving environment while delivering world-class comedy to our audiences.

ZMC invests in media entities and operates the video game conglomerate behind “Grand Theft Auto.”

It is the first time Second City has changed ownership since the 1980s when Andrew Alexander, the head of the Toronto location took over as co-owner and chief executive.