Owner of Cannes Lions to split its assets after review

The owner of the Cannes Lions advertising festival is to be carved up and split into three after a strategic review of its assets.

Ascential, which owns multiple events brands, a marketing data division and a forecasting business, confirmed the split in an update to investors, sending shares up 26pc.

Its events division, which includes the Cannes Lions and Money 20/20 events, will be split out and listed in London. The company said this business had revenues of £177m and profits of £65m in 2022.

It came as Ascential posted results ahead of market expectations. Revenues increased by 49pc to £520m, while profits were up 33pc to £118m.