National CineMedia is acquiring Captivate Holdings for $275 million, combining cinema advertising with office and residential digital screens. The deal creates a platform with more than 48,000 screens across 185 US markets.
M&A: National CineMedia to acquire Captivate for $275 million
National CineMedia (NCM), the largest cinema advertising platform in the US, has agreed to acquire Captivate Holdings for an enterprise value of $275 million. The deal combines NCM’s cinema network with Captivate’s digital advertising screens in office and residential buildings across North America.
The combined platform will operate more than 48,000 digital screens across theaters, office buildings, and residential properties in 185 designated market areas. NCM is buying Captivate from Generation Partners, a growth equity firm that has owned the company since 2013.
Captivate runs 26,000 screens
Captivate operates over 26,000 digital video screens in more than 11,000 buildings across over 170 markets in the US and Canada. Its core business runs in more than 1,600 Class A and Class B office buildings, generating around 90 percent of its advertising revenue. Since 2023, Captivate has expanded into residential properties, growing that network to more than 9,700 locations.
Captivate has grown revenue by roughly 40 percent and adjusted EBITDA by more than 50 percent over the past two years, according to NCM. The company generated approximately $64 million in revenue and $19 million in adjusted EBITDA in 2025.
Deal funded entirely with new debt
The purchase price represents about 10 times Captivate’s pro forma EBITDA. NCM will fund the transaction entirely with $275 million in new term debt, pushing the combined company’s debt to nearly four times its annual earnings at close.
Following the deal, NCM will prioritize debt reduction and is pausing its dividend and share repurchase programs. The transaction is expected to close in the second half of 2026, subject to regulatory approval and other customary closing conditions.
“Captivate’s team has built an attractive network over nearly three decades, growing revenue approximately 40% and Adjusted EBITDA by more than 50% over the past two years,” said Tom Lesinski, CEO of NCM. Leigh Lowery, Chief Revenue Officer of Captivate, said the combined company would extend Captivate’s network to a broader set of advertisers.
NCM’s own network includes about 22,000 theater and lobby screens across more than 1,750 theaters, operated in partnership with AMC, Cinemark, and Regal.