secwatch.observer — SEC 8-K summary
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Issuer:     National CineMedia, Inc. (NCMI)
CIK:        0001377630
Form:       8-K
Filed at:   2026-08-11T20:10:02+00:00
Accession:  0001193125-26-344631
Event type: m_and_a
Sentiment:  positive
Materiality: 0.80
Item codes: 1.01, 7.01, 9.01, 8.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1377630/000119312526344631/0001193125-26-344631-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1377630/000119312526344631/ncmi-20260810.htm
  HTML page:      https://secwatch.observer/filing/0001193125-26-344631

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer