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 plc (LSE:ASCL), which owns multiple events brands, a marketing data division and a forecasting business, confirmed the split in an update to investors, sending shares up 26%. 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 £177 million and profits of £65 million in 2022.