Advertising festival: Cannes Lions attracts celebrities like Paris Hilton (pictured)
A private equity-backed group is bidding to snap up part of the firm behind the Cannes Lions advertising festival.
Hyve, the British firm acquired by US buyout company Providence in June, and marketing advisory firm Medialink want to take over Ascential’s events arm.
Ascential, which used to be called Emap and is on the FTSE 250, organises Cannes Lions, the largest gathering of advertising executives in the world which attracts celebrities such as Paris Hilton.
It is also behind fintech event Money 20/20. Reports suggest Medialink would acquire Cannes Lions, while Hyve would be owner of Money 20/20.
Ascential revenues in the six months to June 30 rose 18 per cent to £307.4million. Its shares rose 7.3 per cent, or 14.8p, to 217.8p.
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