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Cannes ad festival under the hammer.(Cannes International Advertising Festival)(Brief Article)
The Cannes International Advertising Festival is to be sold by its millionaire owner and chairman, Roger Hatchuel, for an estimated pounds 50 million.
The 71-year-old Hatchuel, who runs the festival as a privately owned company, is locked in talks with three interested parties, one of which is understood to be the media company Emap Group.
A deal is expected as early as the end of July or the beginning of August.
The successful purchaser can expect to make an income of 20 million euros from the sale of delegates' passes and entries for the event, which is held every year in June.
It had been thought that Hatchuel would pass the festival's leadership over to his 31-year-old son Romain. But this was thrown into question after a split between father and son more than two years ago.
Romain subsequently quit ...
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