Hollywood Media Corp. Sells Hollywood.com

News   Hollywood Media Corp. Sells Hollywood.com
 
Hollywood Media Corp., the publicly owned provider of entertainment news, information and ticketing, including the ticketing site Broadway.com, announced Aug. 27 that it has sold its Hollywood.com and Hollywood.com Television businesses for $10 million.

The sale to R&S Investments, LLC, an entity owned by Mitchell Rubenstein and Laurie S. Silvers, includes $1 million, which was paid to Hollywood Media at closing.

Rubenstein is the chairman and chief executive officer of Hollywood Media, and Laurie Silvers is Hollywood Media's president.

Hollywood Media will focus on its online Broadway Ticketing business (including Broadway.com).

The company is now comprised primarily of Internet businesses focused on online ticketing, which include Broadway.com and Hollywood Media's minority interest in MovieTickets.com.

Hollywood.com and Hollywood.com Television revenue represented approximately four percent of Hollywood Media's total revenue for the 12-month period ended June 30, 2008. During the same period, the Hollywood.com business generated a net loss of approximately $2,482,482. The transaction does not include the U.K.-based CinemasOnline, which will remain a subsidiary of Hollywood Media. If Hollywood.com is resold within three years, Hollywood Media will also receive five percent of any sale proceeds above $10 million.

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