Cineplex is moving to buy big-screen advertiser Onsite Media Network, looking to add the Alberta-based company to the ad muscle of its Cineplex Media division.
The $1.7-million deal, revealed Wednesday, would see the cinema chain buy up all issued and outstanding shares of Onsite, which runs ads on screens in office towers and sports centers across Canada. The deal is expected to close by the end of the month — subject to court, shareholder and regulatory approval.
‘Adding Onsite enables us to expand our advertising reach beyond our theaters and into some of Canada’s premier, high-traffic facilities,’ said Cineplex chief Ellis Jacob in a statement. ‘This acquisition extends our reach further to new audiences.’
Onsite locations include General Motors Place in Vancouver, the Calgary Saddledome and Toronto’s underground PATH system.