Highlights 

  • Cineplex Digital Media was acquired by Creative Realities for approximately CAD 70M in cash. 
  • CDM operates Canada’s largest mall retail media network across 95 shopping centres. 
  • CDM recorded CAD 56M in 2024 sales, with 25% growth expected in 2025. 

Cineplex Digital Media (TSX:CGX), one of Canada’s leading digital media and retail advertising network operators, has been acquired by Creative Realities, Inc. (NASDAQ:CREX) for approximately CAD 70M in cash. The acquisition, first announced earlier in 2025, marks a major expansion of Creative Realities’ presence in digital signage and retail media space. 

Through the transaction, CDM’s expansive retail media network — the largest in Canada — becomes part of Creative Realities’ portfolio. The network includes more than 750 Digital Out-of-Home screens across 95 shopping destinations nationwide, supported by exclusive media representation and revenue-sharing agreements. 

CDM’s Market Position 

Cineplex Digital Media has been a major player in digital retail and advertising environments, offering end-to-end media network operations for retail spaces, entertainment venues, and public environments. The company generated approximately CAD 56M in revenue in 2024 and is projected to post a 25% year-over-year sales increase in 2025. 

Following the integration, CDM’s operations and assets will enhance Creative Realities’ existing AdTech and content management systems, including its Clarity™, ReflectView™, and iShowroom™ platforms. The acquisition is also expected to deliver operational efficiencies and margin improvements, with Creative Realities estimating annualized cost synergies of at least USD 10M by the end of 2026. Based on CDM’s 12-month performance ended September 30, 2025, the transaction represents approximately 3x–4x its Adjusted EBITDA. 

Leadership and Board Expansion 

As part of the acquisition, Creative Realities has expanded its Board of Directors from four to seven members. Newly appointed directors include: 

  • Dan McGrath, Chief Operating Officer, Cineplex Inc. (TSX:CGX) 
  • Tom Ellis and Mike Bosco from North Run Capital LP 

Rick Mills, Chairman and CEO of Creative Realities, stated: 

“This is truly a significant day for Creative Realities, as we more than double the size of the company, accelerate our growth trajectory, and set the stage for increased shareholder returns in the years ahead. We look forward to welcoming the staff of CDM into the CRI family and are thrilled to announce three new members to our Board of Directors.” 

Financing Details 

The CAD 70M transaction was financed through a mix of debt and preferred equity. Funding includes a three-year USD 36M senior term loan from First Merchants Bank and USD 30M in convertible preferred equity from North Run Capital LP affiliates, with a conversion price of USD 3.00 per share. 

About Cineplex Digital Media 

Cineplex Digital Media, a division of Cineplex Inc. (TSX:CGX), specializes in delivering digital signage and retail media network solutions. Its platform supports targeted, data-driven advertising across major shopping centres and public venues in Canada. Through this acquisition, CDM’s technology and network footprint are set to play a key role in Creative Realities’ growth strategy across North America.