HWCM Reports 4.58M Shares of National CineMedia (4.86%)

Rhea-AI Filing Summary

Hotchkis and Wiley Capital Management, LLC reported beneficial ownership of 4,582,937 common shares of National CineMedia, Inc., representing 4.86% of the class. The filing shows sole voting power over 4,095,876 shares and sole dispositive power over 4,582,937 shares, with no shared voting or dispositive power reported. The filer notes that certain clients retain voting power over shares they beneficially own, meaning HWCM can dispose of more shares than it can vote.

The statement identifies the filer as an investment adviser and includes a certification that the shares are held in the ordinary course of business and are not held to change or influence control of the issuer. No ownership above 5% or group affiliations are reported.

Insights

Financial Analyst

TL;DR Modest institutional stake under 5% disclosed; shows dispositive control without a control intent certification.

Hotchkis and Wiley discloses beneficial ownership of 4,582,937 NCMI shares (4.86%). The filing quantifies sole voting power on 4,095,876 shares and sole dispositive power on all reported shares, while noting some clients retain voting authority. The statement is filed under the filer’s adviser classification and includes the required certification that holdings are maintained in the ordinary course of business and not for altering control. For investors, this is a routine disclosure of a passive institutional stake rather than a control or activist signal.

Corporate Governance Expert

TL;DR Filer shows dispositive authority but certifies passive intent; no group affiliation or control claim disclosed.

The filing explicitly reports no shared voting or dispositive arrangements and marks the filer as an investment adviser. The certification states the position is not held to influence control, and Item 5 confirms ownership of 5% or less. The disclosure that clients retain voting power is material to governance assessment because it separates voting influence from dispositive power. Overall, the filing documents transparency on ownership and allocation of voting versus dispositive rights without indicating governance changes.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

National CineMedia, Inc.

(Name of Issuer)

Common Stock, par value $0.01 per share

(Title of Class of Securities)

635309206

(CUSIP Number)

06/30/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 635309206

1

Names of Reporting Persons

Hotchkis and Wiley Capital Management, LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 4,095,876.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 4,582,937.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

4,582,937.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

4.86 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

Item 1.
(a)	Name of issuer: National CineMedia, Inc.
(b)	Address of issuer's principal executive offices: 6300 S. SYRACUSE WAY, SUITE 300, CENTENNIAL, CO, 80111
Item 2.
(a)	Name of person filing: Hotchkis and Wiley Capital Management, LLC
(b)	Address or principal business office or, if none, residence: 601 S. Figueroa Street, 39th Fl, Los Angeles, CA 90017
(c)	Citizenship: Delaware
(d)	Title of class of securities: Common Stock, par value $0.01 per share
(e)	CUSIP No.: 635309206
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 4,582,937
(b)	Percent of class: 4.86 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 4,095,876
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 4,582,937
	(iv) Shared power to dispose or to direct the disposition of: 0 Note that certain of HWCM's clients have retained voting power over the Common Shares that they beneficially own. Accordingly, HWCM has the power to dispose of more Common Shares than it can vote.
Item 5.	Ownership of 5 Percent or Less of a Class.
	Ownership of 5 percent or less of a class
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Hotchkis and Wiley Capital Management, LLC

Signature:	Tina H. Kodama
Name/Title:	Tina H. Kodama | Chief Compliance Officer
Date:	08/13/2025

FAQ

How many NCMI shares does Hotchkis and Wiley own?

They beneficially own 4,582,937 shares, representing 4.86% of National CineMedia's common stock.

What voting and dispositive powers does HWCM report for NCMI?

The filing reports sole voting power over 4,095,876 shares and sole dispositive power over 4,582,937 shares; no shared powers are reported.

Does the filing state HWCM intends to influence control of NCMI?

No. The filing includes a certification that the securities are held in the ordinary course of business and not for the purpose of changing or influencing control.

Is HWCM's ownership above the 5% reporting threshold?

No. The reported ownership is 4.86%, which the filing characterizes as ownership of 5 percent or less of the class.

Who filed the Schedule 13G/A and where is the filer organized?

The statement was filed by Hotchkis and Wiley Capital Management, LLC, which is organized in Delaware with a principal business office in Los Angeles, CA.