The award is being given in recognition of his development of News Corporation's global media operations, comprising the print and television media.
Murdoch, 33, News Corporation's deputy chief operating officer, manages the business units that generate more than two-thirds of the corporation's revenue.
He oversees the publisher HarperCollins, the Australian operation's parent company, News Limited, and the freestanding inserts business News America Marketing.
As the publisher of The New York Post, Murdoch is also credited with transforming the once-struggling title. Under his stewardship, The New York Post increased its daily circulation by more than 40 per cent.
Terry Savage, the Cannes festival chief executive, described Murdoch as being "at the forefront of a new generation of media entrepreneurs who have the vision, drive and commitment to lead and shape the future of media".
Murdoch has been a News Corporation board member since 1996 and is the son of the company's chairman, Rupert. His brother James is the chief executive of BSkyB.
A Princeton graduate, he gained his experience via a series of management positions within News Corporation in Australia.
He was the general manager of Queensland Newspapers and had a spell as the publisher of The Australian newspaper.
He said: "It is extremely gratifying that our efforts are appreciated by those in the worldwide advertising community whose support is so central to our success."