National CineMedia today announced the successful completion of its financial restructuring process and emergence from Chapter 11 on August 7.
“This important milestone marks the beginning of a new era of growth,” said NCM CEO Tom Lesinski. “With a restructured balance sheet, the most advanced data and advertising solutions in the industry, and access to the biggest moviegoing audiences, we are now positioned to capitalize on new and exciting opportunities. We continue to experience record-breaking box office performance with Barbie and Oppenheimer seen by almost 60 million consumers to date, driving maximum awareness of the power of movies and the cultural conversation that they ignite. With these tailwinds propelling us forward, NCM will continue to unite brands with young, diverse audiences at movie theaters nationwide during the biggest cultural moments of the year.”
Through its financial restructuring, NCM eliminated approximately $1.2 billion of debt, substantially strengthening its capital structure. The company has also entered into an approximately $55 million exit financing facility, which will be used to, among other things, fund future growth initiatives.
Additionally, NCM emerges from its restructuring with new members appointed to its board of directors, bringing extensive advertising, financial, media, technology, and digital experience. NCM’s existing executive team will continue to lead the business and will partner closely with the new board to drive growth and engage audiences across the country.
Lauren Zalaznick has been named chair of the Board, which is now comprised of nine members. She is senior advisor to The Boston Consulting Group in the Global TMT Practice. Joining her and Lesinski on the board are: Bernadette Aulestia, chair of the corporate governance & nominating committee of Denny’s Corporation; Nicholas Bell, CEO of Fanatics Live; David E. Glazek, executive chairman of Turning Point Brands; Juliana Hill, the owner of JFH Consulting; Tiago Lourenço, partner at Blantyre Capital; Jean-Philippe Maheu, former CEO of Razorfish; and Joe Marchese, CEO of Attention Capital.
“On behalf of the new members of the board, we commend the NCM team for navigating through this important process without disruption to its operations or customer relationships,” said Lauren Zalaznick. “With the successful completion of the restructuring, NCM is laser-focused on its best-in-class, full-funnel advertising solutions and innovative data technology, empowering advertisers to reach moviegoing audiences with scale and measurability.”
National CineMedia www.ncm.com