Key Developments For Hollywood Media Corp
Hollywood Media Corp (HOLL.O) (Consolidated Issue listed on NASDAQ Global Market)
Hollywood Media Corp. Divests Hollywood.com
Hollywood Media Corp. announced that it has sold its Hollywood.com and Hollywood.com Television businesses for a purchase price of $10 million, which includes $1 million, which was paid to Hollywood Media at closing. The transaction does not include the UK based CinemasOnline, which will remain a subsidiary of Hollywood Media.
Hollywood Media Corp. Announces Share Repurchase Program
Hollywood Media Corp. announced that its Board of Directors has authorized a stock repurchase program under which Hollywood Media Corp. may use up to $10 million of its cash to repurchase shares of its outstanding common stock. The Company also announced that it has decided to temporarily suspend its formal strategic review process. Nevertheless, going forward the Company's Board of Directors and management will continue to explore opportunities for generating returns for the Company's shareholders. Pursuant to the repurchase program the Company intends to purchase shares of its common stock from time to time on the open market or in negotiated transactions. The purchases are to be funded from available cash and cash equivalents, and the timing and amount of any shares repurchased will be determined by Hollywood Media's management based on its evaluation of financial and market conditions, legal requirements and other factors.
Hollywood Media Corp. Announces the Sale of Its Source Business
Hollywood Media Corp. announced that the sale of its Source business to West World Media, LLC, in an asset sale transaction that closed on August 24, 2007. The Source business includes the CinemaSource, EventSource and ExhibitorAds operations. The $23.0 million purchase price was paid in cash to Hollywood Media. The purchase price is subject to a potential post-closing adjustment based on the working capital of the Source business as of the closing date.
Hollywood Media Corp. Acquires Broadway Ticketing Business of Showtix LLC
Hollywood Media Corp. announced that it has acquired the ticketing business of New York-based Showtix LLC, an established group ticketing sales agency for Broadway and Off-Broadway performances. The transaction was structured as an asset acquisition and closed on February 1, 2007, for a purchase price of $2.6 million in cash, and up to $370,000 payable over the next five years if certain performance targets are met. Through this transaction, the Showtix business will be integrated into Hollywood Media Corp.'s Theatre Direct International (TDI) subsidiary.
The New York Times Company Acquires Baseline StudioSystems From Hollywood Media Corp.
Hollywood Media Corp.: The New York Times Company announced that it has completed the acquisition of Baseline StudioSystems, an online database and research service for information on the film and television industries, from Hollywood Media Corp. for $35.0 million in cash.
