National CineMedia To Strengthen Its Financial Position and Drive Long-Term Growth Through Pre-Arranged Restructuring

Noovie by National CineMedia

Continues to operate business as usual, connecting brands with the largest, most valuable moviegoing audiences. Enters into Restructuring Support Agreement through which NCM Lenders will convert all debt into equity.

CENTENNIAL, Colorado ( April 11, 2023 ) -

National CineMedia, LLC (NCM LLC or the Company), the largest cinema advertising network in the U.S., today announced a series of debt restructuring transactions that are expected to meaningfully strengthen the Company’s balance sheet and position the Company for long-term growth. National CineMedia, Inc., (NASDAQ: NCMI) (NCM Inc.), a non-filing entity, will remain the manager of NCM LLC.

To facilitate its debt restructuring, the Company has filed a voluntary Chapter 11 petition in the United States Bankruptcy Court for the Southern District of Texas and has entered into a comprehensive Restructuring Support Agreement (RSA) with the support of its secured lenders, through which all of the Company’s debt will be converted into equity of the reorganized Company. Under the RSA, NCM LLC will assume all of its critical contracts upon emergence, ensuring that the Company will maintain the largest national cinema advertising network.

“Our category-defining platform will continue to empower advertisers to reach our sought-after, young moviegoing audiences with scale and measurability. Today’s transactions will position us to deliver the strong results our advertisers and cinema partners have come to expect from us today and well into the future,” said Tom Lesinski, CEO of NCM Inc. “We are entering this process with the overwhelming support of our secured lenders and key stakeholders, which we expect will enable us to swiftly and responsibly emerge as a stronger company.”

The RSA provides a clear roadmap for NCM LLC to quickly emerge without disrupting its operations or customer relationships. Upon confirmation of the restructuring outlined in the RSA, all of NCM LLC’s funded debt would be converted into equity, completely de-levering the Company’s balance sheet. Additionally, NCM Inc.’s management and NCM LLC’s other existing governance structures would be maintained to ensure continuity of ongoing operations and performance. NCM Inc. will receive an ownership interest in the restructured company of approximately 14%. Further, unless an official creditors committee is formed, all holders of General Unsecured Claims will be paid in full in the ordinary course under the RSA.

Nationally Leading Cinema Advertising Network Fully Operational for All Advertisers
NCM LLC will operate its business without disruption and serve the national, regional, and local businesses that rely on its advertising network to reach entertainment fans in and out of movie theaters. The Company’s existing cash balances will provide the liquidity needed to continue operations in the ordinary course of business. Following its restructuring, NCM LLC will be well-positioned as moviegoers enjoy the resumption of a regular schedule for major motion picture releases following pandemic disruption. The cinema industry continues to strengthen with an impressive 26% growth in Q1 2023 vs. Q1 2022. Over 83 million unique moviegoers have attended the theater in 2023, and this past weekend’s release of The Super Mario Bros. Movie was the largest opening weekend debut of the year with $204.6 million at the box office.

NCM Inc. Previews Strong Fourth Quarter 2022 Revenue and Earnings
In the fourth quarter of 2022, NCM Inc. experienced increasing demand as more brands returned to cinema advertising to target young, diverse, and highly engaged moviegoing audiences as part of their overall media buys. Based on preliminary unaudited Q4 2022 results, NCM Inc. expects to report total revenue growth of 44.4% to $91.7 million in the fourth quarter of 2022 versus $63.5 million for the comparable quarter in 2021; operating income increased 251.3% compared to the fourth quarter of 2021; and Adjusted OIBDA, a non-GAAP measure, increased nearly 130% to $42.1 million for the fourth quarter of 2022 versus $18.4 million for the fourth quarter of 2021.

“Our fourth quarter marked a strong finish to the year as a diverse film release schedule including ‘Black Panther: Wakanda Forever’ and ‘Avatar: The Way of Water’ brought massive audiences back to theaters. We are well positioned to deliver on this momentum as theater traffic builds back towards normal historical patterns and our inventory utilization increases,” added Lesinski.

Additional Information About the Restructuring Process
NCM LLC is filing with the Court a series of customary “First Day Motions” to facilitate a smooth transition and to support operations during its case. These motions, which the Company expects to be approved in short order, include requests to pay wages and benefits to employees. The Company will continue servicing its existing customer programs, partnerships, and cinema operator relationships in the ordinary course of business.

Additional information regarding the Company’s process is available at Stakeholders with questions may call the Company’s Claims Agent Omni at (866) 956-2144 or (747) 293-0095 if calling from outside the U.S. or Canada or email

Paul, Weiss, Rifkind, Wharton & Garrison LLP is serving as legal counsel, Lazard Ltd., is serving as investment banker, and FTI Consulting is serving as financial advisor to the Company. The Company has retained C Street Advisory Group to serve as strategic communications advisor.

About National CineMedia, Inc.
National CineMedia (NCM) is America’s Movie Network. As the largest cinema advertising network in the U.S., we unite brands with young, diverse audiences through the power of movies and popular culture. NCM’s Noovie pre-show is presented exclusively in 47 leading national and regional theater circuits including AMC Entertainment Inc. (NYSE:AMC), Cinemark Holdings, Inc. (NYSE:CNK) and Regal Entertainment Group (a subsidiary of Cineworld Group PLC, LON: CINE). NCM’s cinema advertising network offers broad reach and unparalleled audience engagement with over 20,100 screens in over 1,600 theaters in 195 Designated Market Areas (all of the top 50). NCM Digital and Digital-Out-Of-Home (DOOH) go beyond the big screen, extending in-theater campaigns into online, mobile, and place-based marketing programs to reach entertainment audiences. National CineMedia, Inc. (NASDAQ:NCMI) owns a 100% interest in, and is the managing member of, National CineMedia, LLC. For more information, visit and