Ascential buys ad awards owner Effie for undisclosed sum

Events organiser Ascential said it had signed a deal to buy the commercial assets of advertising awards owner Effie for an undisclosed sum.

Effie will join Ascential's LIONS Division, which runs the Cannes Lions event - known as the Oscars of the ad business.

The deal comes two weeks after sector giant Informa said it was buying rival Ascential for £1.16bn.

Reporting by Frank Prenesti for Sharecast.com