National CineMedia, Inc.

National CineMedia is the largest cinema advertising platform in the U.S. The company connects brands with young, diverse audiences. NCM's Noovie® Show is presented exclusively in 41 leading national and regional theater circuits, including AMC, Cinemark, and Regal. NCM's cinema advertising platform includes over 17,000 screens in more than 1,300 theaters across 184 Designated Market Areas® ("DMA®"), covering all of the top 50. In November 2025, NCM acquired Spotlight and the Spotlight Cinema Network, a U.S. cinema advertising company serving art house, luxury, and dine-in exhibitors. Spotlight and the Spotlight Cinema Network exclusively present the CineLife® Show in 108 leading national and regional theater circuits, comprising over 1,200 screens in more than 200 theaters. The company primarily earns revenue by selling advertising to national, regional, and local businesses through The Noovie Show and the CineLife Show. Additionally, revenue is generated from the Lobby Entertainment Network (LEN), which consists of screens in movie theater lobbies, and other promotional opportunities in lobbies. Beyond theaters, NCM extends advertising reach through its NCMx™ suite of products, using omnichannel retargeting across its digital properties, partnerships with third-party digital publishers and platforms, CTV, and out-of-home venues like convenience stores and college campuses. The company holds long-term Exclusive Advertising Agreements (ESAs) with ESA Parties and multi-year agreements with network affiliates, granting exclusive rights to sell advertising in their theaters, with limited exceptions. As of January 1, 2026, the weighted average remaining term of the ESAs with the ESA Parties is approximately 15.6 years.