National CineMedia (NCMI, Financial) operates digital, in-theatre media networks through which it sells advertising and promotions. Throughout 2015, National CineMedia consistently reported solid fundamental results, as its strategic shift to participate in the “upfront” advertising market (pre-selling ad inventory for the upcoming year) paid off in higher overall sell-through. National CineMedia was the beneficiary of a strong pricing environment in addition to marketers’ willingness to experiment with sight and sound media beyond the traditional 30-second TV spot. Furthermore, the company was also likely a beneficiary of investors’ enthusiasm for the pending release of the latest installment of the Star Wars franchise.
From the Weitz Funds' Hickory Fund shareholder letter for fourth quarter 2015.
