---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-26-396098"
form_type: "8-K"
ticker: "NCMI"
cik: "0001377630"
company_name: "National CineMedia, Inc."
filed_at: "2026-09-21T12:03:44+00:00"
generated_at: "2026-09-21T12:05:40.541099+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# NCM closes $275M acquisition of Captivate, creating 48,000-screen ad platform

## Summary
- Acquired 100% of Captivate for $275M cash, funded via new $275M term loan and $25M revolver ($10M drawn).
- New credit facilities: 7.00% SOFR margin, 6.00% base rate, maturity Sept 18 2031, max 5.00:1.0 leverage.
- Repaid and terminated existing U.S. Bank facility; liens and guarantees released.
- Combined platform: 48,000 digital screens across 185 DMAs, including all top 100.
- Captivate financials and pro forma data to be filed by amendment within 71 days.

## SEC filing metadata
- accession: 0001193125-26-396098
- form_type: 8-K
- ticker: NCMI
- cik: 0001377630
- company_name: National CineMedia, Inc.
- filed_at: 2026-09-21T12:03:44+00:00
- event_type: m_and_a
- sentiment: positive
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 1.01, 1.02, 2.01, 2.03, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1377630/000119312526396098/0001193125-26-396098-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1377630/000119312526396098/ncmi-20260918.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-26-396098
- JSON: https://secwatch.observer/filing/0001193125-26-396098.json
- Plain text: https://secwatch.observer/filing/0001193125-26-396098.txt

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