---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-26-344631"
form_type: "8-K"
ticker: "NCMI"
cik: "0001377630"
company_name: "National CineMedia, Inc."
filed_at: "2026-08-11T20:10:02+00:00"
generated_at: "2026-08-11T20:11:38.373042+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001193125-26-344631
- form_type: 8-K
- ticker: NCMI
- cik: 0001377630
- company_name: National CineMedia, Inc.
- filed_at: 2026-08-11T20:10:02+00:00
- event_type: m_and_a
- sentiment: positive
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 1.01, 7.01, 9.01, 8.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1377630/000119312526344631/0001193125-26-344631-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1377630/000119312526344631/ncmi-20260810.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-26-344631
- JSON: https://secwatch.observer/filing/0001193125-26-344631.json
- Plain text: https://secwatch.observer/filing/0001193125-26-344631.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.