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The festival was expected to attract about 40,000 attendees, including delegates to the film market that operates alongside the screening schedule.
Filmmaker-activist Spike Lee, who was selected as the first black president of the festival's jury, welcomed the organisers' decision.
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"The stuff that we love has to take a back seat: movies, TV, sports, the NBA is a global sport, baseball. So many things have been postponed, and I agree with this move," Lee told Variety.
The director added that if the festival happens on another date in future he would be available to take on his role as jury president.
"Let's not forget this is the world's biggest film festival, the world's biggest stage for cinema and I'll be the first black president of the jury."
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Speculations that the 73rd edition of the premiere movie gala would be cancelled or postponed were doing the rounds since March 8, when France
brought in restrictions on mass gatherings, limiting them to 1,000 people, to prevent the spread of the COVID-19.
However, festival president Pierre Lescure had said last week that he was reasonably optimistic the 2020 event would go ahead. Total 372 people have died in France because of the deadly virus which originated in China's Wuhan city in December.
In past one month various events, festivals, shooting schedules and movie releases have been called off due to the COVID-19 virus, that has claimed over 9800 lives and infected more than 2,32,650 in 150 countries and territories.
Due to the health crisis and the development of the French and international situation, the Festival de Cannes will no longer be able to take place on the dates planned, from May 12 to 23. More info #Cannes2020 https://t.co/peLmfw0gQW pic.twitter.com/SVWPasvU23
— Festival de Cannes (@Festival_Cannes) March 19, 2020