Emap Communications has today announced that it has purchased the event that hosts the advertising world’s ‘Oscars’ – the Cannes Lions International Advertising Festival – for £52.5 million.
The festival, which has been acquired from WJB Chiltern Trust, is the largest yearly gathering in the marketing world and each June over 8,000 advertising and marketing professionals attend.
Dubbed as the ‘Oscars’, the event celebrates the best work in film, television, print, outdoor and internet advertising, as well as providing a forum to discuss industry issues.
Chief executive of Emap Communications, Derek Carter said: “We are delighted that the highly prestigious Cannes Lions is now part of our growing position in the media sector. Working with the international advertising community it is our intention to ensure that the festival continues to reflect the rich diversity of this tremendously exciting marketplace.”
According to this morning’s statement, revenues at Cannes Lion are expected to reach £12 million this year, while operating profits hit £7 million.
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