National CineMedia completes $275 million Captivate acquisition

• National CineMedia (NASDAQ:NCMI) completed its acquisition of Captivate Holdings for an enterprise value of $275 million.
• The deal expands NCM’s advertising platform beyond cinemas into office and residential digital video networks.
• The combined company now operates more than 48,000 digital screens across multiple out-of-home advertising locations.

National CineMedia (NASDAQ:NCMI) announced the completion of its previously announced acquisition of Captivate Holdings for an enterprise value of $275 million.

The transaction closed on September 18, 2026, after receiving regulatory approval and satisfying other customary closing conditions.

The acquisition expands National CineMedia’s advertising platform beyond its cinema network by adding Captivate’s digital video advertising presence across office buildings and residential properties throughout North America.

The combined company now operates a premium video and digital out-of-home advertising network with more than 48,000 digital screens across theaters, office buildings and residential locations in 185 Designated Market Areas, including all of the top 100 U.S. markets.

NCM financed the transaction through a new $275 million senior secured first-lien term loan facility, cash on hand and a new $25 million senior secured revolving credit facility, of which $10 million was drawn at closing.

Crestline Direct Finance and Encina Commercial Finance provided financing for the acquisition, with Crestline serving as administrative agent and collateral agent under the credit facilities.

NCM said its focus following the transaction will be integrating Captivate’s capabilities and expanding opportunities across the combined advertising platform.