The chairman of Rightmove, Scott Forbes, has been appointed chairman of a company planning a £1bn stock market flotation.

According to Sky News, the appointment is due to be announced this Thursday, when the owner of the annual Cannes Lions advertising festival will also reveal plans for a £1bn stock market flotation.

However, according to Forbes’ Linked In profile, he has already become chairman as of this month, meaning he now holds five chairmanships.

Ascential is currently owned by Guardian Media Group and Apax Partners.

Ascential publishes Drapers Record and used to publish Auto Trader.

The media company, Ascential, wants Forbes to spearhead the listing.

Forbes is a former senior executive at the aviation business NetJets, owned by Warren Buffett.

He has chaired Rightmove since July 2005. Before then, he was with global property group Cendant Corporation, establishing its international headquarters in London.