National CineMedia to Buy Captivate for $275 Million, Adding Office and Residential Screens
2026-08-13 · via invidis
National CineMedia (NCM), the largest cinema advertising operator in the US, has agreed to acquire Captivate Holdings for an enterprise value of $275 million. The deal moves NCM beyond movie theater lobbies and into office towers and apartment buildings, and it matters to anyone selling or buying digital-out-of-home inventory because it consolidates two networks that previously sold ad space separately.
Once combined, NCM says the platform will run more than 48,000 digital screens across theaters, office buildings, and residential properties in 185 designated market areas in the US. NCM is buying Captivate from Generation Partners, a growth equity firm that has owned the company since 2013.
Captivate's network currently includes more than 26,000 digital video screens in over 11,000 buildings across more than 170 US and Canadian markets. About 90 percent of its advertising revenue comes from screens in more than 1,600 Class A and Class B office buildings. Since 2023 the company has also pushed into residential properties, and that side of the business now covers more than 9,700 locations, according to NCM.
NCM says Captivate grew revenue by roughly 40 percent and adjusted EBITDA by more than 50 percent over the past two years, generating approximately $64 million in revenue and $19 million in adjusted EBITDA in 2025. The $275 million price works out to about 10 times Captivate's pro forma EBITDA.
How it's being paid for
NCM is funding the entire purchase with $275 million in new term debt. That will push the combined company's debt load to nearly four times annual earnings at close. NCM says it will prioritize paying down that debt after the deal closes, and in the meantime is pausing its dividend and share buyback programs. The transaction is expected to close in the second half of 2026, pending regulatory approval and other customary conditions.
For operators and media buyers, the deal folds a workplace and residential screen network into a company whose core business has been cinema advertising delivered through partnerships with AMC, Cinemark, and Regal across roughly 1,750 theaters and 22,000 screens. Tom Lesinski, NCM's CEO, framed the acquisition around Captivate's growth trajectory. Leigh Lowery, Captivate's Chief Revenue Officer, said joining NCM would put Captivate's network in front of a wider set of advertisers.
The announcement does not detail how the two sales teams or ad-tech stacks will be integrated, what happens to Captivate's branding, or whether measurement and programmatic buying tools will be unified across the combined footprint. Those specifics will matter to media buyers deciding how to plan campaigns across cinema, office, and residential screens once the deal closes.
The announcement in full
Reproduced from invidis for reference. Digital Signage Magazine did not write the text below.
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.
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 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.
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.