National CineMedia, Inc., a Delaware corporation, was organized on October 5, 2006. It is a holding company which operates digital in-theatre network in North. The business operates under two activities Advertising Network & Fathom Events. In Advertising, it develops, produce, sell and distribute several versions of FirstLook on theatre screens, and advertising programming on LEN. The Company also sells other forms of advertising and promotions in theatre lobbies and across its online network and mobile apps called Movie Night Out and FirstLookSync. The FirstLook is comprised of up to four segments, each approximately four to seven minutes in length. Segment four, the first section of FirstLook, begins approximately 20 to 25 minutes prior to the advertised show time and generally includes local advertising. Segment three typically begins approximately 18 minutes prior to the advertised show time and features primarily 15 or 30-second local or regional advertisements by individual theatres, or across an entire DMA or geographic region. Segment three also includes a two and one-half minute entertainment content segment. Segment two and segment one run closest to the advertised show time and feature primarily national and regional advertisements. Lobby Entertainment Network (LEN) is a network of video screens strategically located throughout the lobbies of network affiliate theatres. FirstLookSync allows theater partners to engage directly with their patrons to market tickets for upcoming films and concession products. The Fathom Events business is engaged the marketing and distribution of live and pre-recorded entertainment programming to theatre operators to provide additional programs to augment their feature film schedule. It sells its in-theatre and online advertising products and event sponsorships through national, local and regional sales teams. The advertising business has a diverse customer base, consisting of national and local advertisers. The advertising business competes with many other forms of marketing media, including television, radio, print media, internet, mobile and outdoor display advertising. The Company is subject to federal, state and local laws.