Emap Buys Cannes Ad Festival for $97 Mil.

NEW YORK Emap Communica-
tions said it has acquired the Cannes Lions International Advertising Festival.

The London-based media company bought the advertising awards event from WJB Chiltern Trust Co. for about $97 million.

Emap, which publishes magazine titles such as FHM and Media & Marketing Europe, will integrate the awards show into its business-to-business and events division.

“We are delighted that the highly prestigious Cannes Lions is now part of our growing position in the media sector,” said Derek Carter, chief executive of Emap Communications, in a statement. “Working with the international advertising community it is our intention to ensure that the festival continues to reflect the rich diversity of this tremendous marketplace.”

“I look forward to working with Emap to continue to ensure that [the] Cannes Lions remains the most attended and relevant event for creatives, agencies and clients,” said Terry Savage, who will remain as the festival’s CEO.

The global awards festival, which celebrates the best work in film, TV, print, outdoor, Internet advertising and direct marketing with a yearly event in Cannes, France, was established in 1954.