The popular Chicago-based comedy group, Second City, has been bought by Strauss Zelnick’s private equity firm, ZMC. : The popular Chicago-based comedy group, The Second City, often known as simply Second City, has been bought by Strauss Zelnick’s private equity firm, ZMC. With the advisement of Houlihan Lokey HLI , the sale of the iconic comedy brand has closed. ZMC announced the purchase but has not disclosed the terms of the transaction, however before the purchase of the comedy group, The Financial Times reported that  the deal could be for as much as $50 million.