National CineMedia Reports Q2 Earnings and Announces $275M Acquisition of Captivate
National CineMedia (NCMI) reported second-quarter 2026 results with revenue rising to $58.4 million, a 12.7% increase from the prior year period. The company also announced plans to acquire digital video advertising network Captivate for $275 million in an all-debt financed deal expected to expand its reach into office and residential spaces. The acquisition is valued at approximately 10 times pro forma EBITDA, with Captivate reporting revenue of $64 million and adjusted EBITDA of $19.3 million in 2025. NCMI expects annual cost synergies of up to $3.5 million within the first year post-transaction close. The company paused its share repurchase program during this period, having bought back approximately 63,000 shares for around $200,000. Despite strong attendance growth and advertising revenue gains in local and national segments, NCMI faced near-term monetization headwinds due to the June film slate and FIFA World Cup. CEO Tom Lesinski noted underperformance of several mainstream releases affected box office composition.
Topics: acquisitions adjusted_oibda advertising_revenue network_attendance programmatic_revenue revenue_growth