Lights, camera, acquisition; National CineMedia completes $275M acquisition of Captivate

National CineMedia, Inc. (NCMI) completed its acquisition of Captivate Holdings, LLC on September 18, 2026, for an enterprise value of $275.0 million, according to a press release statement.

Captivate operates digital video advertising screens across office and residential buildings in North America. The combined company now operates more than 48,000 digital screens across theaters, office buildings, and residential properties in 185 Designated Market Areas, including all of the top 100.

NCM funded the acquisition through borrowings under a new $275.0 million senior secured first lien term loan facility, cash on hand, and a new $25.0 million senior secured revolving credit facility, of which $10 million was drawn at closing. Crestline Direct Finance, L.P. and Encina Commercial Finance provided the financing, with Crestline Direct Finance, L.P. serving as administrative agent and collateral agent under the credit facilities.