Parent captivating those present (7,7)
I believe the answer is:
holding company
'parent' is the definition.
Although both the answer and definition are singular nouns, I cannot understand how they can define each other.
'captivating those present' is the wordplay.
'captivating' becomes 'holding' (holding is a kind of captivating).
'those present' becomes 'company' (I can't explain this - if you can you should give a lot more credence to this answer).
'holding'+'company'='HOLDING COMPANY'
Can you help me to learn more?
(Other definitions for holding company that I've seen before include "Share-owning organisation" , "Shares concern" , "Big business" , "One takes stock of various concerns" .)