die Verleihung
award ceremony
A ceremonial act in which someone is officially given a prize, title, or award.
Die Verleihung der Filmpreise wurde live im Fernsehen übertragen.
The award ceremony for the film prizes was broadcast live on television.

award ceremony / lending
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award ceremony
A ceremonial act in which someone is officially given a prize, title, or award.
Die Verleihung der Filmpreise wurde live im Fernsehen übertragen.
The award ceremony for the film prizes was broadcast live on television.

'Die Verleihung' (award ceremony/lending) is the noun related to the verb 'verleihen' (to award/lend). The verb has two main meanings: to give someone a prize or to let someone use something for a period of time.
Man verlieh ihm den Preis für sein Lebenswerk.
He was awarded the prize for his life's work.
In the meaning of 'feierlicher Akt' (ceremonial act), 'Verleihung' is almost always combined with awards. Typical phrases are: 'die Verleihung eines Preises' (the awarding of a prize), 'eines Ordens' (of an order/medal), 'eines Titels' (of a title), or 'einer Urkunde' (of a certificate).
Er war zur Verleihung des Bundesverdienstkreuzes eingeladen.
He was invited to the ceremony for the awarding of the Federal Cross of Merit.
To say what is being awarded, you usually use the genitive. For example: 'die Verleihung des Nobelpreises' (the awarding of the Nobel Prize).
Die ganze Welt schaute bei der Verleihung des Oscars zu.
The whole world watched the Oscar ceremony.
In the meaning of 'etwas zur Nutzung überlassen' (to make something available for use), the word 'Verleihung' is very formal and rather rare. In everyday language and for businesses, the masculine noun 'der Verleih' is much more common, e.g. 'der Fahrradverleih' (bike rental).
Der Verleih von E-Bikes ist im Sommer sehr beliebt.
E-bike rental is very popular in summer.
award / labeling
'die Auszeichnung' and 'die Verleihung' are both connected to prizes and official honors. The most important difference is: the 'Auszeichnung' is the award or honor itself, for example a medal or a title. The 'Verleihung' is the ceremonial moment when this award is presented. Learners may confuse the words because they often appear in the same situation. When you are talking about what someone receives, 'Auszeichnung' fits. When you are talking about the ceremony or presentation, 'Verleihung' fits.

Die Verleihung der Preise findet am Samstag im Rathaus statt.
The award ceremony will take place on Saturday at the town hall.
Für ihren Film bekam die junge Regisseurin eine wichtige Auszeichnung.
The young director received an important award for her film.