National CineMedia Inc

The Federal Trade Commission granted early termination of the premerger waiting period for National CineMedia's planned acquisition of Captivate Holdings, clearing the Hart-Scott-Rodino requirement so the deal can close if other conditions are met. National CineMedia agreed to buy Captivate, North America's digital elevator- and lobby-video advertising operator, from Generation Partners for a $275M enterprise value, funded with new term debt. The acquisition would expand National CineMedia beyond cinemas to more than 48K screens across 185 U.S. media markets, enabling cross-selling and targeting of high-attention office and residential audiences. The deal is expected to close in the second half of the year. CEO Tom Lesinski called the acquisition an important milestone in NCM's evolution and a key next step in its strategy to build a market-defining premium video and digital out-of-home advertising platform.

National CineMedia announced a definitive agreement to acquire Captivate, the leading operator of digital video elevator and lobby advertising in North America, for an enterprise value of $275 million. Captivate operates over 26,000 digital video screens in more than 11,000 buildings across more than 170 designated market areas in the United States and Canada, and the combined company will have more than 48,000 digital screens across theaters, office buildings, and residential properties in 185 designated market areas. The transaction will be financed through $275 million of new committed term debt, and the company expects net leverage at close to be approximately 3.9x. Accordingly, we are pausing our dividend and share repurchase programs. NCM also reported second quarter total revenue of $58.4 million, up 12.7% year-over-year, and adjusted OIBDA of $2.1 million, up 3x year-over-year.

National CineMedia has entered into a definitive agreement to acquire Captivate, the leading operator of digital video elevator and lobby advertising in North America. The combined platform will operate more than 48,000 digital screens across theaters, office buildings, and residential properties in 185 designated market areas, including all top 100 markets. The transaction is expected to close in the second half of 2026, with net leverage at close of approximately 3.9x. In connection with the deal, the company is pausing its dividend and share repurchase programs and is not providing a forward outlook at this time. For the second quarter, total revenue rose 12.7% year-over-year to $58.4 million, while adjusted OIBDA tripled to $2.1 million.