PE firm Novacap has acquired TV adtech company Cadent. Canadian private equity firm Novacap has acquired the US TV adtech platform Cadent, the pair said Wednesday. With traditional TV viewing long in decline, advertisers have increasingly turned to connected-TV platforms. US broadcast and cable TV ad spending is expected to drop by 8% this year, but will still be significant at $61.3 billion, per Insider Intelligence's forecast. Cadent had previously been owned by another private equity firm, Lee Equity Partners, which acquired the company in 2013.

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Persons: Novacap, Nick Troiano, Troiano, Cadent, Pascal Tremblay Organizations: Cross Mediaworks, CTV, Intelligence, Fund, Investment, RBC Capital Markets, TD Securities, Scotiabank, Lee Equity Partners