Ascential PLC (LON:ASCL) said it has acquired global digital subscription business WARC as it prepared for the start of its Cannes Lions creativity festival.
The FTSE 250-media agency said it acquired WARC for an initial cash consideration of £19.5mln, plus deferred consideration of £4.5mln to be paid in 2019 while the acquisition was due to complete on 2 July 2018.
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Ascential added that WARC, a global leader in providing information in multi-channel advertising effectiveness, would help strengthen its digital product offering in marketing with an intention to combine WARC with Cannes Lions’ The Work to form a digital subscription product.
The group added that the acquisition was expected to enhance its earnings per share in the current financial year.
In a separate announcement, the company said entries for its Cannes Lions International Festival of Creativity stood at 32,372, a decrease from the previous festival due to a restructuring and pause in 2017 which saw the group consolidate various sub-categories and eliminate its Cyber, Integrated and Promo & Activation Lions. However, Ascential added that the number of brands entering was up 84% year-on-year.
Ascential also said that it had created two new Lions, Creative eCommerce and The Sustainable Development Goals, alongside three “reimagined” Lions of Social & Influencer, Industry Craft, and Brand Experience & Activation.
The festival is due to take place between 18-22 June 2018.
In lunchtime trading Friday, Ascential shares were up 1% at 441.8p.
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