London—Emap Media's Emap Communications on Monday announced it has acquired the Cannes Lions International Advertising Festival from London-based WJB Chiltern Trust Co. Ltd.

The event, held every year on the French Riviera, is considered the pre-eminent international annual meeting for advertising industry creative executives.

"Cannes Lions is rightly known as the Oscars of advertising, occupying a unique place in the international advertising industry," said Mike Jones, a director of Emap Media.

Emap Communications is a b-to-b business media company that publishes magazines and produces events. Terry Savage will remain CEO of the festival and will report to Emap Communications CEO Derek Carter. According to reports, the company paid about $100 million for the festival.

—Carol Krol