NCM to Acquire Elevator Ad Network Captivate for $275 Million
2026-08-13 · via DailyDOOH
National CineMedia (NCM), which describes itself as the largest cinema advertising platform in the U.S., has agreed to acquire Captivate Holdings, the elevator and lobby digital video network, for an enterprise value of $275.0 million. The deal is subject to customary closing conditions and the announcement does not give an expected close date.
For operators and buyers in the DOOH space, this consolidates two very different screen environments under one owner. NCM's business is built on cinema pre-show advertising. Captivate operates more than 26,000 digital video screens in over 11,000 office and residential buildings across more than 170 Designated Market Areas in the US and Canada, according to the release. Its core business sits in more than 1,600 Class A and Class B office buildings, which NCM says generates roughly 90% of Captivate's ad revenue. Captivate expanded into residential lobbies in 2023 and now covers more than 9,700 of those locations.
Combined, NCM says the two networks will total more than 48,000 digital screens across theaters, office buildings and residential properties in 185 DMAs, including all of the top 100. NCM is buying Captivate from Generation Partners, the growth equity firm that acquired the company in 2013.
What NCM says it gets
NCM CEO Tom Lesinski framed the acquisition as a move to build what he called a "market-defining premium video and digital out-of-home advertising platform," combining cinema audiences with what NCM describes as Captivate's affluent, professional office and residential viewers. According to the release, Captivate grew revenue by approximately 40% and Adjusted EBITDA by more than 50% over the past two years, figures attributed to NCM in the announcement.
NCM says bringing Captivate's technology platform in-house will let it operate and scale its own theater lobby network more efficiently, and that the combined footprint creates a larger pool of national, local and programmatic inventory sellable through a single platform. The company also says the deal is expected to improve its data, targeting and measurement capabilities, though the release does not specify which measurement systems or vendors are involved.
What's notably absent
The announcement does not disclose financing terms, how the deal is structured beyond enterprise value, or an expected closing date. It also does not address what happens to Captivate's existing sales team, hardware vendors, or CMS infrastructure once integrated with NCM's operations, details that advertisers and property partners currently working with Captivate will likely want clarified. For an industry watching consolidation among DOOH networks, this puts a cinema-first company directly into the workplace and residential screen business, a segment it did not previously operate in at scale.
The announcement in full
Reproduced from DailyDOOH for reference. Digital Signage Magazine did not write the text below.
National CineMedia, Inc. (NASDAQ: NCMI) (“NCM”), the largest cinema advertising platform in the U.S., has entered into a definitive agreement to acquire Captivate Holdings, LLC, the leading operator of digital video elevator and lobby advertising in North America, for an enterprise value of $275.0 million, subject to customary closing conditions.
Tom Lesinski , Chief Executive Officer of NCM told us “This acquisition marks an important milestone in NCM’s evolution and represents a key next step in our strategy to build a market-defining premium video and digital out-of-home advertising platform. Captivate is an excellent platform that strategically complements and expands our core expertise in connecting advertisers with highly sought-after audiences in premium, high-attention video-enabled environments. 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. We believe the combination will further strengthen NCM’s financial profile while creating a unique solution that delivers differentiated reach and value for advertisers. Together, NCM and Captivate are a force multiplier, reaching the audiences advertisers value most where they work, live, and play.”
This transformative acquisition will combine NCM’s established leadership in cinema advertising with Captivate’s unrivaled office and residential footprint, creating the leading premium video and digital out-of-home advertising platform with more than 48,000 digital screens across theaters, office buildings and residential properties in 185 Designated Market Areas (DMAs), including all of the top 100. NCM is purchasing Captivate from Generation Partners, a growth equity firm which acquired Captivate in 2013.
“Captivate has built a uniquely powerful network, bringing together premium locations, highly desirable audiences, and a growing base of advertisers alongside enduring brand and property partnerships,” said Leigh Lowery , Chief Revenue Officer of Captivate. “We look forward to working alongside the NCM team to extend that network to a significantly broader set of advertisers and provide brands with greater access to premium audiences across multiple high-attention environments.”
Captivate operates over 26,000 digital video screens across more than 11,000 office and residential buildings in more than 170 DMAs in the United States and Canada. Its core business is concentrated in more than 1,600 Class A and Class B office buildings, where its screens reach a sought-after, affluent professional audience during the workday and generate approximately 90% of Captivate’s advertising revenue. In 2023, Captivate expanded into residential properties and has grown this network to more than 9,700 locations.
The combination of the NCM and Captivate networks will bring together three complementary premium audiences coveted by advertisers: NCM’s young, diverse moviegoing audience and Captivate’s affluent professional audience in both Class A office buildings and residential properties. Together, the combined platform will provide advertisers with a single premium media partner capable of reaching consumers and business decision makers in high-attention environments.
Captivate’s workplace network also provides incremental access to business-to-business marketing budgets, enhancing the overall platform’s appeal to enterprise technology, financial services and professional services advertisers. At the same time, NCM’s national cinema network provides Captivate advertisers with greater access to consumer audiences that over-index for attention at scale.
The transaction is expected to strengthen NCM’s ability to deliver premium audiences in video-enabled, high-attention environments. By bringing Captivate’s purpose-built digital out-of-home technology platform in-house, NCM will be able to operate and scale its existing movie theater lobby network more efficiently. Additionally, the combination of the two networks will create a larger pool of premium digital out-of-home national, local, and programmatic inventory across cinema, office and residential environments accessible through a single platform. The acquisition is also expected to enhance NCM’s data, targeting, and measurement capabilities.
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