NCM acquires Captivate for $275M (10x EBITDA), expands to 48k screens, pauses dividend

National CineMedia, Inc.

Acquires 100% of Captivate for $275M enterprise value (~10x pro forma EBITDA); cash consideration.
Captivate 2025 revenue ~$64M, Adj EBITDA ~$19M; grew ~40% and >50% over past two years.
Combined network: 48,000+ screens across 185 DMAs incl. all top 100; adds office/residential.
Funding: $275M term loan + $25M revolver (7.00% SOFR margin); net leverage ~3.9x at close.
Expects >$3.5M annual run-rate cost synergies within year one; pauses dividend and buybacks.

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