8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934

Date of Report (Date of earliest event reported)         August 9, 2007

HOLLYWOOD MEDIA CORP.

(Exact Name of Registrant as Specified in its Charter)

Florida	1-14332	65-0385686
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)

2255 Glades Road, Suite 221A, Boca Raton, Florida	33431
(Address of Principal Executive Office)	(Zip Code)

Registrant’s telephone number, including area code      (561) 998-8000

Not Applicable

(Former Name or Former Address, If Changed Since Last Report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

SECTION 2 — FINANCIAL INFORMATION

Item 2.02 Results of Operations and Financial Condition.

The following information is furnished pursuant to Item 2.02 of Form 8-K.

On August 9, 2007, we issued a press release reporting Hollywood Media’s financial results for the quarter ended June 30, 2007, which is furnished herewith as Exhibit 99.1 hereto.

The information in this Item 2.02 of this Form 8-K and the Exhibit attached hereto shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934.

SECTION 9 — FINANCIAL STATEMENTS AND EXHIBITS

Item 9.01	Financial Statements and Exhibits.
(c)	Exhibits.
	The following exhibit is filed in connection with the disclosure pursuant to Item 2.02 of this Form 8-K:
		99.1	Press Release of Hollywood Media Corp. dated August 9, 2007 (“Hollywood Media Corp. Reports Second Quarter 2007 Results”).

2

SIGNATURES

     Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

HOLLYWOOD MEDIA CORP.
By:	/s/ Mitchell Rubenstein
	Mitchell Rubenstein
	Chief Executive Officer

Date: August 9, 2007

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EX-99.1 2 g08875exv99w1.htm EX-99.1 PRESS RELEASE

EXHIBIT 99.1

HOLLYWOOD MEDIA CORP. REPORTS
SECOND QUARTER 2007 RESULTS

Second Quarter Revenues Increase 25.3% to $39.6 Million

Second Quarter Broadway Ticketing Revenues Up 28.8% to $34.8 Million

(Boca Raton, FL — August 9, 2007) — Hollywood Media Corp. (NasdaqGM: HOLL), a leading provider of news, information and ticketing covering the entertainment and media industries, today reported financial results for the second quarter ended June 30, 2007.

SECOND QUARTER 2007 FINANCIAL RESULTS

As previously reported, Hollywood Media’s Baseline StudioSystems business unit was sold to The New York Times Company in August 2006. For purposes of the financial results presented in this press release in accordance with GAAP, the operating results of Baseline StudioSystems for the second quarter of 2006 are reported as discontinued operations and excluded from Hollywood Media’s net revenues and results of continuing operations for that period. This presentation provides more meaningful year-to-year comparisons of Hollywood Media’s continuing operations.

Hollywood Media’s net revenues for the three months ended June 30, 2007 increased 25.3 percent to $39.6 million compared to $31.6 million for the second quarter of 2006.

EBITDA (Modified)* for the second quarter of 2007 was a loss of $847,108 compared to a loss of $139,015 for the second quarter of 2006. For comparison purposes, note that EBITDA (Modified) for the second quarter of 2006 includes a non-cash gain of $584,000 due to a derivative liability which no longer exists as a result of its elimination to additional paid-in capital in accordance with a change in accounting pronouncements effective January 1, 2007. EBITDA (Modified) results for the second quarter of 2007 were also impacted by several factors discussed in the business review section below.

The loss from continuing operations for the second quarter of 2007 was $1.4 million, compared to a $1.2 million loss from continuing operations in the second quarter of 2006.

Net loss for the second quarter of 2007 was $1.4 million, or a loss of $0.04 per basic and diluted share. Net loss for the second quarter of 2006 was $1.0 million, or $0.03 per basic and diluted share. Net loss for the second quarter of 2006 includes $191,599 of income from Baseline StudioSystems, which represents the re-classified activities for the period reported as discontinued operations.

The Company’s cash and cash equivalents on hand were $12.6 million at June 30, 2007, as compared to cash and cash equivalents of $20.7 million at March 31, 2007. This decrease was due in part to the Company’s full repayment in May 2007 of $7.0 million principal amount of senior unsecured notes. The cash and cash equivalents balance at June 30, 2007 does not include a $2.8 million cash portion of the purchase price for Baseline StudioSystems, currently held in escrow and expected to be released to Hollywood Media in August 2007 under the terms of the sale.

HOLLYWOOD MEDIA CORP. REPORTS SECOND QUARTER 2007 RESULTS

“Our second quarter revenue performance benefited from the contribution of our Broadway Ticketing business, which represented nearly 88% of revenues in the period,” commented Mitchell Rubenstein, Hollywood Media’s Chief Executive Officer. “In addition to realizing strong revenue from this business during the period, we also positioned it for future gains as we look toward the important fourth quarter holiday season after the traditionally seasonally slow third quarter. We also expect to leverage pricing against increasing demand in a more favorable regulatory environment while maintaining our business model of offering quality Broadway tickets at reasonable prices.”

Mr. Rubenstein continued, “While our day-to-day emphasis remains on improving operating performance for our Company as a whole, we also remain very active in exploring a number of opportunities as part of our ongoing strategic review process.”

SECOND QUARTER 2007 BUSINESS REVIEW

During the second quarter of 2007, Broadway Ticketing revenues were $34.8 million, a 28.8 percent increase as compared to the second quarter of 2006.

EBITDA* for the Broadway Ticketing division in the second quarter of 2007 was $990,198, a 6.8 percent increase as compared to the second quarter of 2006. EBITDA for the segment was impacted by temporary redundant lease expense of $181,243 during the second quarter of 2007 as the Company consolidates its New York offices and $175,000 for a new outdoor advertising initiative launched in June 2007 targeting the New York tri-state area, the revenue impact of which is expected in the fourth quarter of this year.

Deferred revenue related to Broadway Ticketing was $20.2 million as of June 30, 2007, up 12.0 percent compared to $18.0 million of deferred revenue as of June 30, 2006.

The net loss for the Company’s U.K.-based Theatre.com operations was $46,659 in the second quarter of 2007 compared to a loss of $324,278 in the first quarter of 2007. The reduced loss was a result of management’s emphasis on containing costs as it refines its operating model in this emerging business.

The Company’s Data Business segment (excluding the discontinued operations of Baseline StudioSystems) contributed revenue of $1.6 million during the second quarter of 2007, an increase of 3.2 percent from the prior-year period. The Data Business EBITDA* increased by $77,758 or 14.9 percent from $520,412 in the second quarter of 2006 to $598,170 in the second quarter of 2007.

Revenues for the Ad Sales segment increased 3.3 percent from the prior-year period to $2.8 million in the second quarter of 2007. The Ad Sales segment includes Hollywood.com’s revenues from selling advertising on Hollywood.com, commissions received from advertising sold on MovieTickets.com by Hollywood.com, and CinemasOnline’s revenues from selling advertising in the U.K. on theatre Web sites and plasma screens.

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HOLLYWOOD MEDIA CORP. REPORTS SECOND QUARTER 2007 RESULTS

EBITDA* for the Ad Sales segment was a loss of $53,213 in the second quarter of 2007, compared to a gain of $276,023 in the second quarter of 2006. EBITDA for the recent period was impacted by the continued investment in the expansion of the segment’s ad sales force. The Company has also recently hired a new President of Hollywood.com to oversee sales and editorial for Hollywood.com.

SELECT SEGMENT HIGHLIGHTS

The following tables provide revenue, EBITDA* and net income data for our three highest revenue generating segments: Broadway Ticketing, Data Business and Ad Sales. The tables below should be reviewed in conjunction with (i) the “Note on EBITDA” in this press release below and (ii) the attached financial tables which include EBITDA results for all of our reportable segments, with reconciliations to the GAAP results reflected in Hollywood Media’s condensed consolidated income statements. The segment results for our operating divisions do not include expenses in our “Other” segment comprised mainly of specified corporate and public company expenses.

Quarter Ended June 30^th (“Q2”)

Net Revenue

	Q2 2007		Q2 2006		% Change
Broadway Ticketing	$	34,750,569	$	26,990,600		28.8	%
Data Business	$	1,639,295	$	1,588,160		3.2	%
Ad Sales	$	2,845,876	$	2,756,022		3.3	%

EBITDA*

	Q2 2007			Q2 2006		% Change
Broadway Ticketing (a)	$	990,198		$	927,352		6.8	%
Data Business	$	598,170		$	520,412		14.9	%
Ad Sales	$	(53,213	)	$	276,023		-119.3	%

Net Income (Loss)

	Q2 2007			Q2 2006			% Change
Broadway Ticketing (a)	$	934,269		$	861,130			8.5	%
Data Business(b)	$	538,161		$	476,702			12.9	%
Ad Sales	$	(272,418	)	$	(16,713	)		-1,530.0	%

(a)

The Broadway Ticketing segment’s EBITDA and Net Income in the second quarter of 2007 as compared to the second quarter of 2006 was negatively impacted by temporary redundant lease expense of $181,243 during the second quarter of 2007 as the Company consolidates its New York offices and $175,000 for a new outdoor advertising initiative launched in June 2007, the revenue impact of which is expected in the fourth quarter of this year.

(b)

Net Income (Loss) for the Data Business segment represents Net Income from continuing operations.

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HOLLYWOOD MEDIA CORP. REPORTS SECOND QUARTER 2007 RESULTS

TELECONFERENCE INFORMATION
Management will host a teleconference to discuss Hollywood Media’s 2007 second quarter financial results on Thursday, August 9, 2007 at 9:00 a.m. Eastern Time. To access the teleconference, please dial 800-418-6860 (U.S.) or 973-935-8756 (international) approximately five minutes prior to the start of the call. The reference passcode for the call is 9061372 . The teleconference will also be available via live webcast on the investor relations portion of Hollywood Media’s Web site, located at http://www.hollywood.com/about_us/. Following prepared remarks, management will take questions from the audience via phone and e-mail. To ask a question via e-mail, please send your questions to questions@exec.hollywood.com in advance of, or during, the live call.

If you are unable to listen to the live teleconference at its scheduled time, there will be a replay available through August 16, 2007 and can be accessed by dialing 877-519-4471 (U.S.), 973-341-3080 (Int’l), passcode 9061372 . An archived version of the webcast will also be available on the investor relations portion of Hollywood Media’s Web site.

About Hollywood Media Corp.

Hollywood Media Corp. is a leading provider of news, information and ticketing covering the entertainment and media industries. Hollywood Media’s businesses include: its Data Business division including CinemaSource, EventSource, and ExhibitorAds; its Broadway Ticketing division including Broadway.com, 1-800-Broadway, Theatre Direct International, and London-based Theatre.com; and its Ad Sales division including Hollywood.com and the U.K.-based CinemasOnline. Other Hollywood Media businesses include Hollywood.com Television, a free VOD cable TV network, and Hollywood Media’s minority interest in MovieTickets.com.

*Note on EBITDA
EBITDA is a non-GAAP financial measure, defined as net income before interest, taxes, depreciation and amortization. EBITDA (Modified) is defined as loss from continuing operations before interest, taxes, depreciation and amortization on continuing operations. Hollywood Media has presented EBITDA in this release because it considers such information an important supplemental measure which management utilizes as one of its tools in evaluating performance and believes it is frequently used by securities analysts, investors and other interested parties in the evaluation and comparison of companies in our industry as well as our results of operations from period to period. EBITDA has limitations as an analytical tool, and you should not consider it in isolation, or as a substitute for Hollywood Media’s financial results as reported under GAAP. Some of these limitations are: (a) EBITDA does not reflect changes in, or cash requirements for, Hollywood Media’s working capital needs; (b) EBITDA does not reflect interest expense, or the cash requirements necessary to service interest or principal payments, on Hollywood Media’s debts; and (c) although depreciation and amortization are non-cash charges, the assets being depreciated and amortized may have to be replaced in the future, and EBITDA does not reflect any cash requirements for such capital expenditures. Because of these limitations, EBITDA should not be considered as a principal indicator of Hollywood Media’s performance. Hollywood Media compensates for these limitations by relying primarily on Hollywood Media’s GAAP results and using EBITDA only supplementally. Hollywood Media has provided a reconciliation of net income to EBITDA in the attached tables.

Note on Forward-Looking Statements
Statements in this press release may be “forward-looking statements” within the meaning of federal securities laws. The matters discussed herein that are forward-looking statements are based on current management expectations that involve risks and uncertainties that may result in such expectations not being realized. Actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking

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HOLLYWOOD MEDIA CORP. REPORTS SECOND QUARTER 2007 RESULTS

statements due to numerous potential risks and uncertainties, including, but not limited to, the need to manage our growth and integrate new businesses, our ability to realize anticipated revenues, cost efficiencies and sources of capital, the impact of potential future dispositions or other strategic transactions by Hollywood Media, our ability to develop and maintain strategic relationships, our ability to compete with other media, data and internet companies, technology risks, the volatility of our stock price, and other risks and factors described in Hollywood Media Corp.’s filings with the Securities and Exchange Commission including our Form 10-K for 2006. Such forward-looking statements speak only as of the date on which they are made.

Attached are the following financial tables:

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
SEGMENT SUMMARY FINANCIAL DATA AND EBITDA RECONCILIATION

Contact:

Investor Relations Department
Hollywood Media Corp.
L. Melheim
ir@boca.hollywood.com
561-998-8000

5

HOLLYWOOD MEDIA CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS

	June 30,			December 31,
	2007			2006
	(unaudited)
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	12,616,083		$	27,448,649
Receivables, net		3,930,807			4,161,240
Inventories held for sale		5,848,721			3,374,127
Deferred ticket costs		15,160,113			15,273,324
Prepaid expenses		2,839,284			2,453,424
Other receivables		2,603,772			2,603,416
Other current assets		3,236,004			3,031,344
Restricted cash		—			90,000
Total current assets		46,234,784			58,435,524
PROPERTY AND EQUIPMENT, net		2,235,507			2,052,679
INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED INVESTEES		283,113			282,714
INTANGIBLE ASSETS, net		1,646,957			1,918,369
GOODWILL		39,595,612			37,208,470
OTHER ASSETS		126,045			111,848
TOTAL ASSETS	$	90,122,018		$	100,009,604
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable	$	4,791,074		$	3,237,844
Accrued expenses and other		5,540,145			6,768,578
Deferred revenue		23,352,105			23,834,217
Customer deposits		1,807,346			1,775,713
Current portion of capital lease obligations		51,913			63,411
Senior unsecured notes, net		—			6,375,399
Total current liabilities		35,542,583			42,055,162
DEFERRED REVENUE		551,663			662,993
CAPITAL LEASE OBLIGATIONS, less current portion		114,991			43,542
MINORITY INTEREST		2,789			62,040
OTHER DEFERRED LIABILITY		304,196			62,986
DERIVATIVE LIABILITY		—			1,423,464
COMMITMENTS AND CONTINGENCIES
SHAREHOLDERS’ EQUITY:
Preferred Stock, $.01 par value, 1,000,000 shares authorized; none outstanding		—			—
Common stock, $.01 par value, 100,000,000 shares authorized; 33,769,673 and 33,476,530 shares issued and outstanding at June 30, 2007 and December 31, 2006, respectively		337,697			334,765
Additional paid-in capital		314,343,942			311,210,796
Accumulated deficit		(261,075,843	)		(255,846,144	)
Total shareholders’ equity		53,605,796			55,699,417
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	90,122,018		$	100,009,604

HOLLYWOOD MEDIA CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)

	SIX MONTHS ENDED						THREE MONTHS ENDED
	JUNE 30,						JUNE 30,
	2007			2006			2007			2006
NET REVENUES
Ticketing	$	58,784,512		$	45,436,255		$	34,750,569		$	26,990,600
Other		9,141,780			8,673,661			4,805,366			4,576,541
		67,926,292			54,109,916			39,555,935			31,567,141
OPERATING COSTS AND EXPENSES
Cost of revenues — ticketing		50,176,228			37,924,753			29,964,352			23,177,800
Editorial, production, development and technology (exclusive of depreciation and amortization shown separately below)		3,993,379			3,360,059			2,037,594			1,674,975
Selling, general and administrative		8,168,931			7,278,119			3,902,577			3,280,216
Payroll and benefits		8,823,247			7,856,577			4,494,474			4,147,806
Depreciation and amortization		945,314			1,011,488			469,115			497,820
Total operating costs and expenses		72,107,099			57,430,996			40,868,112			32,778,617
Loss from operations		(4,180,807	)		(3,321,080	)		(1,312,177	)		(1,211,476	)
EQUITY IN EARNINGS (LOSSES) OF UNCONSOLIDATED INVESTEES		875			(1,768	)		671			(3,473	)
OTHER INCOME (EXPENSE)
Interest, net		(320,286	)		(1,183,962	)		(138,615	)		(559,696	)
Change in derivative liability		—			344,000			—			584,000
Other, net		(1,526	)		(82,734	)		18,484			(57,566	)
Loss from continuing operations before minority interest		(4,501,744	)		(4,245,544	)		(1,431,637	)		(1,248,211	)
MINORITY INTEREST IN (INCOME) LOSSES OF SUBSIDIARIES		(382	)		30,256			(10,370	)		18,366
Loss from continuing operations		(4,502,126	)		(4,215,288	)		(1,442,007	)		(1,229,845	)
Income from discontinued operations		—			474,870			—			191,599
Net loss	$	(4,502,126	)	$	(3,740,418	)	$	(1,442,007	)	$	(1,038,246	)
Basic and diluted income (loss) per common share
Continuing operations	$	(0.13	)	$	(0.13	)	$	(0.04	)	$	(0.04	)
Discontinued operations		—			0.01			—			0.01
Total basic and diluted net (loss) per share	$	(0.13	)	$	(0.12	)	$	(0.04	)	$	(0.03	)
Weighted average common and common equivalent shares outstanding — basic and diluted		33,351,780			32,480,256			33,445,413			32,634,848

HOLLYWOOD MEDIA CORP.
SEGMENT SUMMARY FINANCIAL DATA AND EBITDA RECONCILIATION

For the Six Months Ended June 30, 2007
(unaudited)

	Broadway			Data					Intellectual
	Ticketing (1)			Business		Ad Sales (2)			Properties			Cable TV			Other (3)			Total
Net Revenues	$	58,784,512		$	3,288,016	$	5,258,941		$	478,693		$	116,130		$	—		$	67,926,292
Operating Income (Loss)		1,302,061			1,090,391		(878,664	)		(121	)		(271,230	)		(5,423,244	)		(4,180,807	)
Net Income (Loss) from continuing operations		1,314,653			1,048,938		(846,030	)		5,329			(271,230	)		(5,753,786	)		(4,502,126	)
Add back (Income) Expense:
Interest, net		(20,344	)		665		(110	)		(4,957	)		—			345,032			320,286
Taxes		(7,400	)		45,189		(30,565	)		—			—			735			7,959
Depreciation and Amortization		135,670			87,868		484,341			—			5,439			231,996			945,314
EBITDA Income (Loss) from continuing operations	$	1,422,579		$	1,182,660	$	(392,364	)	$	372		$	(265,791	)	$	(5,176,023	)	$	(3,228,567	)

For the Six Months Ended June 30, 2006
(unaudited)

	Broadway			Data					Intellectual
	Ticketing (1)			Business		Ad Sales (2)			Properties			Cable TV			Other (3)(4)			Total
Net Revenues	$	45,436,255		$	3,113,598	$	5,036,895		$	489,168		$	34,000		$	—		$	54,109,916
Operating Income (Loss)		1,731,835			1,083,963		(414,703	)		(3,749	)		(315,959	)		(5,402,467	)		(3,321,080	)
Net Income (Loss) from continuing operations		1,706,375			1,083,545		(459,240	)		29,533			(315,034	)		(6,260,467	)		(4,215,288	)
Add back (Income) Expense:
Interest		(12,066	)		168		(2,159	)		(4,794	)		—			1,202,813			1,183,962
Taxes		—			250		49,811			—			—			—			50,061
Depreciation and Amortization		136,212			87,246		544,414			—			6,841			236,775			1,011,488
EBITDA Income (Loss) from continuing operations	$	1,830,521		$	1,171,209	$	132,826		$	24,739		$	(308,193	)	$	(4,820,879	)	$	(1,969,777	)

For the Three Months Ended June 30, 2007
(unaudited)

	Broadway			Data					Intellectual
	Ticketing (1)			Business		Ad Sales (2)			Properties			Cable TV			Other (3)			Total
Net Revenues	$	34,750,569		$	1,639,295	$	2,845,876		$	282,240		$	37,955		$	—		$	39,555,935
Operating Income (Loss)		913,140			557,396		(296,170	)		22,594			(136,873	)		(2,372,264	)		(1,312,177	)
Net Income (Loss) from continuing operations		934,269			538,161		(272,418	)		15,521			(136,873	)		(2,520,667	)		(1,442,007	)
Add back (Income) Expense:
Interest, net		(8,316	)		319		(28	)		(2,626	)		—			149,266			138,615
Taxes		(7,400	)		18,700		(24,131	)		—			—			—			(12,831	)
Depreciation and Amortization		71,645			40,990		243,364			—			2,424			110,692			469,115
EBITDA Income (Loss) from continuing operations	$	990,198		$	598,170	$	(53,213	)	$	12,895		$	(134,449	)	$	(2,260,709	)	$	(847,108	)

For the Three Months Ended June 30, 2006
(unaudited)

	Broadway			Data					Intellectual
	Ticketing (1)			Business		Ad Sales (2)			Properties			Cable TV			Other (3)(4)			Total
Net Revenues	$	26,990,600		$	1,588,160	$	2,756,022		$	203,359		$	29,000		$	—		$	31,567,141
Operating Income (Loss)		895,976			476,775		4,039			(28,237	)		(161,897	)		(2,398,132	)		(1,211,476	)
Net Income (Loss) from continuing operations		861,130			476,702		(16,713	)		(10,839	)		(160,972	)		(2,379,153	)		(1,229,845	)
Add back (Income) Expense:
Interest		(1,124	)		73		(2,159	)		(2,505	)		—			565,411			559,696
Taxes		—			—		33,314			—			—			—			33,314
Depreciation and Amortization		67,346			43,637		261,581			—			3,432			121,824			497,820
EBITDA Income (Loss) from continuing operations	$	927,352		$	520,412	$	276,023		$	(13,344	)	$	(157,540	)	$	(1,691,918	)	$	(139,015	)

(1)	The Broadway Ticketing segment’s EBITDA and Net Income in the second quarter of 2007 as compared to the second quarter of 2006 was negatively impacted by temporary redundant lease expense of $181,243 during the second quarter of 2007 as the Company consolidates its New York offices and $175,000 for a new outdoor advertising initiative launched in June 2007, the revenue impact of which is expected in the fourth quarter of this year.
(2)	The Ad Sales segment includes Internet advertising sales on Hollywood.com, commissions from advertising sales on MovieTickets.com and Internet and other advertising sales by CinemasOnline.
(3)	The Other segment is comprised of payroll and benefits for corporate and administrative personnel as well as other corporate-wide expenses such as audit fees, proxy costs, insurance, centralized information technology, and includes consulting fees and other fees and costs relating to compliance with the provisions of the Sarbanes-Oxley Act of 2002 that require Hollywood Media and its Independent Registered Public Accounting Firm to make an assessment of and report on internal control over financial reporting.
(4)	The Other segment’s EBITDA results for the second quarter of 2006 include $584,000 of gain on a non-cash change in a derivative liability, which favorably impacted the second quarter of 2006 results. The derivative liability was eliminated to additional paid-in-capital during the first quarter of 2007 in accordance with the new SEC pronouncements.

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EX-99.1

EXHIBIT 99.1

HOLLYWOOD MEDIA CORP. REPORTS
SECOND QUARTER 2007 RESULTS

Second Quarter Revenues Increase 25.3% to $39.6 Million

Second Quarter Broadway Ticketing Revenues Up 28.8% to $34.8 Million

(Boca Raton, FL — August 9, 2007) — Hollywood Media Corp. (NasdaqGM: HOLL), a leading provider of news, information and ticketing covering the entertainment and media industries, today reported financial results for the second quarter ended June 30, 2007.

SECOND QUARTER 2007 FINANCIAL RESULTS

As previously reported, Hollywood Media’s Baseline StudioSystems business unit was sold to The New York Times Company in August 2006. For purposes of the financial results presented in this press release in accordance with GAAP, the operating results of Baseline StudioSystems for the second quarter of 2006 are reported as discontinued operations and excluded from Hollywood Media’s net revenues and results of continuing operations for that period. This presentation provides more meaningful year-to-year comparisons of Hollywood Media’s continuing operations.

Hollywood Media’s net revenues for the three months ended June 30, 2007 increased 25.3 percent to $39.6 million compared to $31.6 million for the second quarter of 2006.

EBITDA (Modified)* for the second quarter of 2007 was a loss of $847,108 compared to a loss of $139,015 for the second quarter of 2006. For comparison purposes, note that EBITDA (Modified) for the second quarter of 2006 includes a non-cash gain of $584,000 due to a derivative liability which no longer exists as a result of its elimination to additional paid-in capital in accordance with a change in accounting pronouncements effective January 1, 2007. EBITDA (Modified) results for the second quarter of 2007 were also impacted by several factors discussed in the business review section below.

The loss from continuing operations for the second quarter of 2007 was $1.4 million, compared to a $1.2 million loss from continuing operations in the second quarter of 2006.

Net loss for the second quarter of 2007 was $1.4 million, or a loss of $0.04 per basic and diluted share. Net loss for the second quarter of 2006 was $1.0 million, or $0.03 per basic and diluted share. Net loss for the second quarter of 2006 includes $191,599 of income from Baseline StudioSystems, which represents the re-classified activities for the period reported as discontinued operations.

The Company’s cash and cash equivalents on hand were $12.6 million at June 30, 2007, as compared to cash and cash equivalents of $20.7 million at March 31, 2007. This decrease was due in part to the Company’s full repayment in May 2007 of $7.0 million principal amount of senior unsecured notes. The cash and cash equivalents balance at June 30, 2007 does not include a $2.8 million cash portion of the purchase price for Baseline StudioSystems, currently held in escrow and expected to be released to Hollywood Media in August 2007 under the terms of the sale.

HOLLYWOOD MEDIA CORP. REPORTS SECOND QUARTER 2007 RESULTS

“Our second quarter revenue performance benefited from the contribution of our Broadway Ticketing business, which represented nearly 88% of revenues in the period,” commented Mitchell Rubenstein, Hollywood Media’s Chief Executive Officer. “In addition to realizing strong revenue from this business during the period, we also positioned it for future gains as we look toward the important fourth quarter holiday season after the traditionally seasonally slow third quarter. We also expect to leverage pricing against increasing demand in a more favorable regulatory environment while maintaining our business model of offering quality Broadway tickets at reasonable prices.”

Mr. Rubenstein continued, “While our day-to-day emphasis remains on improving operating performance for our Company as a whole, we also remain very active in exploring a number of opportunities as part of our ongoing strategic review process.”

SECOND QUARTER 2007 BUSINESS REVIEW

During the second quarter of 2007, Broadway Ticketing revenues were $34.8 million, a 28.8 percent increase as compared to the second quarter of 2006.

EBITDA* for the Broadway Ticketing division in the second quarter of 2007 was $990,198, a 6.8 percent increase as compared to the second quarter of 2006. EBITDA for the segment was impacted by temporary redundant lease expense of $181,243 during the second quarter of 2007 as the Company consolidates its New York offices and $175,000 for a new outdoor advertising initiative launched in June 2007 targeting the New York tri-state area, the revenue impact of which is expected in the fourth quarter of this year.

Deferred revenue related to Broadway Ticketing was $20.2 million as of June 30, 2007, up 12.0 percent compared to $18.0 million of deferred revenue as of June 30, 2006.

The net loss for the Company’s U.K.-based Theatre.com operations was $46,659 in the second quarter of 2007 compared to a loss of $324,278 in the first quarter of 2007. The reduced loss was a result of management’s emphasis on containing costs as it refines its operating model in this emerging business.

The Company’s Data Business segment (excluding the discontinued operations of Baseline StudioSystems) contributed revenue of $1.6 million during the second quarter of 2007, an increase of 3.2 percent from the prior-year period. The Data Business EBITDA* increased by $77,758 or 14.9 percent from $520,412 in the second quarter of 2006 to $598,170 in the second quarter of 2007.

Revenues for the Ad Sales segment increased 3.3 percent from the prior-year period to $2.8 million in the second quarter of 2007. The Ad Sales segment includes Hollywood.com’s revenues from selling advertising on Hollywood.com, commissions received from advertising sold on MovieTickets.com by Hollywood.com, and CinemasOnline’s revenues from selling advertising in the U.K. on theatre Web sites and plasma screens.

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HOLLYWOOD MEDIA CORP. REPORTS SECOND QUARTER 2007 RESULTS

EBITDA* for the Ad Sales segment was a loss of $53,213 in the second quarter of 2007, compared to a gain of $276,023 in the second quarter of 2006. EBITDA for the recent period was impacted by the continued investment in the expansion of the segment’s ad sales force. The Company has also recently hired a new President of Hollywood.com to oversee sales and editorial for Hollywood.com.

SELECT SEGMENT HIGHLIGHTS

The following tables provide revenue, EBITDA* and net income data for our three highest revenue generating segments: Broadway Ticketing, Data Business and Ad Sales. The tables below should be reviewed in conjunction with (i) the “Note on EBITDA” in this press release below and (ii) the attached financial tables which include EBITDA results for all of our reportable segments, with reconciliations to the GAAP results reflected in Hollywood Media’s condensed consolidated income statements. The segment results for our operating divisions do not include expenses in our “Other” segment comprised mainly of specified corporate and public company expenses.

Quarter Ended June 30^th (“Q2”)

Net Revenue

	Q2 2007		Q2 2006		% Change
Broadway Ticketing	$	34,750,569	$	26,990,600		28.8	%
Data Business	$	1,639,295	$	1,588,160		3.2	%
Ad Sales	$	2,845,876	$	2,756,022		3.3	%

EBITDA*

	Q2 2007			Q2 2006		% Change
Broadway Ticketing (a)	$	990,198		$	927,352		6.8	%
Data Business	$	598,170		$	520,412		14.9	%
Ad Sales	$	(53,213	)	$	276,023		-119.3	%

Net Income (Loss)

	Q2 2007			Q2 2006			% Change
Broadway Ticketing (a)	$	934,269		$	861,130			8.5	%
Data Business(b)	$	538,161		$	476,702			12.9	%
Ad Sales	$	(272,418	)	$	(16,713	)		-1,530.0	%

(a)

The Broadway Ticketing segment’s EBITDA and Net Income in the second quarter of 2007 as compared to the second quarter of 2006 was negatively impacted by temporary redundant lease expense of $181,243 during the second quarter of 2007 as the Company consolidates its New York offices and $175,000 for a new outdoor advertising initiative launched in June 2007, the revenue impact of which is expected in the fourth quarter of this year.

(b)

Net Income (Loss) for the Data Business segment represents Net Income from continuing operations.

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HOLLYWOOD MEDIA CORP. REPORTS SECOND QUARTER 2007 RESULTS

TELECONFERENCE INFORMATION
Management will host a teleconference to discuss Hollywood Media’s 2007 second quarter financial results on Thursday, August 9, 2007 at 9:00 a.m. Eastern Time. To access the teleconference, please dial 800-418-6860 (U.S.) or 973-935-8756 (international) approximately five minutes prior to the start of the call. The reference passcode for the call is 9061372 . The teleconference will also be available via live webcast on the investor relations portion of Hollywood Media’s Web site, located at http://www.hollywood.com/about_us/. Following prepared remarks, management will take questions from the audience via phone and e-mail. To ask a question via e-mail, please send your questions to questions@exec.hollywood.com in advance of, or during, the live call.

If you are unable to listen to the live teleconference at its scheduled time, there will be a replay available through August 16, 2007 and can be accessed by dialing 877-519-4471 (U.S.), 973-341-3080 (Int’l), passcode 9061372 . An archived version of the webcast will also be available on the investor relations portion of Hollywood Media’s Web site.

About Hollywood Media Corp.

Hollywood Media Corp. is a leading provider of news, information and ticketing covering the entertainment and media industries. Hollywood Media’s businesses include: its Data Business division including CinemaSource, EventSource, and ExhibitorAds; its Broadway Ticketing division including Broadway.com, 1-800-Broadway, Theatre Direct International, and London-based Theatre.com; and its Ad Sales division including Hollywood.com and the U.K.-based CinemasOnline. Other Hollywood Media businesses include Hollywood.com Television, a free VOD cable TV network, and Hollywood Media’s minority interest in MovieTickets.com.

*Note on EBITDA
EBITDA is a non-GAAP financial measure, defined as net income before interest, taxes, depreciation and amortization. EBITDA (Modified) is defined as loss from continuing operations before interest, taxes, depreciation and amortization on continuing operations. Hollywood Media has presented EBITDA in this release because it considers such information an important supplemental measure which management utilizes as one of its tools in evaluating performance and believes it is frequently used by securities analysts, investors and other interested parties in the evaluation and comparison of companies in our industry as well as our results of operations from period to period. EBITDA has limitations as an analytical tool, and you should not consider it in isolation, or as a substitute for Hollywood Media’s financial results as reported under GAAP. Some of these limitations are: (a) EBITDA does not reflect changes in, or cash requirements for, Hollywood Media’s working capital needs; (b) EBITDA does not reflect interest expense, or the cash requirements necessary to service interest or principal payments, on Hollywood Media’s debts; and (c) although depreciation and amortization are non-cash charges, the assets being depreciated and amortized may have to be replaced in the future, and EBITDA does not reflect any cash requirements for such capital expenditures. Because of these limitations, EBITDA should not be considered as a principal indicator of Hollywood Media’s performance. Hollywood Media compensates for these limitations by relying primarily on Hollywood Media’s GAAP results and using EBITDA only supplementally. Hollywood Media has provided a reconciliation of net income to EBITDA in the attached tables.

Note on Forward-Looking Statements
Statements in this press release may be “forward-looking statements” within the meaning of federal securities laws. The matters discussed herein that are forward-looking statements are based on current management expectations that involve risks and uncertainties that may result in such expectations not being realized. Actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking

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HOLLYWOOD MEDIA CORP. REPORTS SECOND QUARTER 2007 RESULTS

statements due to numerous potential risks and uncertainties, including, but not limited to, the need to manage our growth and integrate new businesses, our ability to realize anticipated revenues, cost efficiencies and sources of capital, the impact of potential future dispositions or other strategic transactions by Hollywood Media, our ability to develop and maintain strategic relationships, our ability to compete with other media, data and internet companies, technology risks, the volatility of our stock price, and other risks and factors described in Hollywood Media Corp.’s filings with the Securities and Exchange Commission including our Form 10-K for 2006. Such forward-looking statements speak only as of the date on which they are made.

Attached are the following financial tables:

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
SEGMENT SUMMARY FINANCIAL DATA AND EBITDA RECONCILIATION

Contact:

Investor Relations Department
Hollywood Media Corp.
L. Melheim
ir@boca.hollywood.com
561-998-8000

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HOLLYWOOD MEDIA CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS

	June 30,			December 31,
	2007			2006
	(unaudited)
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	12,616,083		$	27,448,649
Receivables, net		3,930,807			4,161,240
Inventories held for sale		5,848,721			3,374,127
Deferred ticket costs		15,160,113			15,273,324
Prepaid expenses		2,839,284			2,453,424
Other receivables		2,603,772			2,603,416
Other current assets		3,236,004			3,031,344
Restricted cash		—			90,000
Total current assets		46,234,784			58,435,524
PROPERTY AND EQUIPMENT, net		2,235,507			2,052,679
INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED INVESTEES		283,113			282,714
INTANGIBLE ASSETS, net		1,646,957			1,918,369
GOODWILL		39,595,612			37,208,470
OTHER ASSETS		126,045			111,848
TOTAL ASSETS	$	90,122,018		$	100,009,604
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable	$	4,791,074		$	3,237,844
Accrued expenses and other		5,540,145			6,768,578
Deferred revenue		23,352,105			23,834,217
Customer deposits		1,807,346			1,775,713
Current portion of capital lease obligations		51,913			63,411
Senior unsecured notes, net		—			6,375,399
Total current liabilities		35,542,583			42,055,162
DEFERRED REVENUE		551,663			662,993
CAPITAL LEASE OBLIGATIONS, less current portion		114,991			43,542
MINORITY INTEREST		2,789			62,040
OTHER DEFERRED LIABILITY		304,196			62,986
DERIVATIVE LIABILITY		—			1,423,464
COMMITMENTS AND CONTINGENCIES
SHAREHOLDERS’ EQUITY:
Preferred Stock, $.01 par value, 1,000,000 shares authorized; none outstanding		—			—
Common stock, $.01 par value, 100,000,000 shares authorized; 33,769,673 and 33,476,530 shares issued and outstanding at June 30, 2007 and December 31, 2006, respectively		337,697			334,765
Additional paid-in capital		314,343,942			311,210,796
Accumulated deficit		(261,075,843	)		(255,846,144	)
Total shareholders’ equity		53,605,796			55,699,417
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	90,122,018		$	100,009,604

HOLLYWOOD MEDIA CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)

	SIX MONTHS ENDED						THREE MONTHS ENDED
	JUNE 30,						JUNE 30,
	2007			2006			2007			2006
NET REVENUES
Ticketing	$	58,784,512		$	45,436,255		$	34,750,569		$	26,990,600
Other		9,141,780			8,673,661			4,805,366			4,576,541
		67,926,292			54,109,916			39,555,935			31,567,141
OPERATING COSTS AND EXPENSES
Cost of revenues — ticketing		50,176,228			37,924,753			29,964,352			23,177,800
Editorial, production, development and technology (exclusive of depreciation and amortization shown separately below)		3,993,379			3,360,059			2,037,594			1,674,975
Selling, general and administrative		8,168,931			7,278,119			3,902,577			3,280,216
Payroll and benefits		8,823,247			7,856,577			4,494,474			4,147,806
Depreciation and amortization		945,314			1,011,488			469,115			497,820
Total operating costs and expenses		72,107,099			57,430,996			40,868,112			32,778,617
Loss from operations		(4,180,807	)		(3,321,080	)		(1,312,177	)		(1,211,476	)
EQUITY IN EARNINGS (LOSSES) OF UNCONSOLIDATED INVESTEES		875			(1,768	)		671			(3,473	)
OTHER INCOME (EXPENSE)
Interest, net		(320,286	)		(1,183,962	)		(138,615	)		(559,696	)
Change in derivative liability		—			344,000			—			584,000
Other, net		(1,526	)		(82,734	)		18,484			(57,566	)
Loss from continuing operations before minority interest		(4,501,744	)		(4,245,544	)		(1,431,637	)		(1,248,211	)
MINORITY INTEREST IN (INCOME) LOSSES OF SUBSIDIARIES		(382	)		30,256			(10,370	)		18,366
Loss from continuing operations		(4,502,126	)		(4,215,288	)		(1,442,007	)		(1,229,845	)
Income from discontinued operations		—			474,870			—			191,599
Net loss	$	(4,502,126	)	$	(3,740,418	)	$	(1,442,007	)	$	(1,038,246	)
Basic and diluted income (loss) per common share
Continuing operations	$	(0.13	)	$	(0.13	)	$	(0.04	)	$	(0.04	)
Discontinued operations		—			0.01			—			0.01
Total basic and diluted net (loss) per share	$	(0.13	)	$	(0.12	)	$	(0.04	)	$	(0.03	)
Weighted average common and common equivalent shares outstanding — basic and diluted		33,351,780			32,480,256			33,445,413			32,634,848

HOLLYWOOD MEDIA CORP.
SEGMENT SUMMARY FINANCIAL DATA AND EBITDA RECONCILIATION

For the Six Months Ended June 30, 2007
(unaudited)

	Broadway			Data					Intellectual
	Ticketing (1)			Business		Ad Sales (2)			Properties			Cable TV			Other (3)			Total
Net Revenues	$	58,784,512		$	3,288,016	$	5,258,941		$	478,693		$	116,130		$	—		$	67,926,292
Operating Income (Loss)		1,302,061			1,090,391		(878,664	)		(121	)		(271,230	)		(5,423,244	)		(4,180,807	)
Net Income (Loss) from continuing operations		1,314,653			1,048,938		(846,030	)		5,329			(271,230	)		(5,753,786	)		(4,502,126	)
Add back (Income) Expense:
Interest, net		(20,344	)		665		(110	)		(4,957	)		—			345,032			320,286
Taxes		(7,400	)		45,189		(30,565	)		—			—			735			7,959
Depreciation and Amortization		135,670			87,868		484,341			—			5,439			231,996			945,314
EBITDA Income (Loss) from continuing operations	$	1,422,579		$	1,182,660	$	(392,364	)	$	372		$	(265,791	)	$	(5,176,023	)	$	(3,228,567	)

For the Six Months Ended June 30, 2006
(unaudited)

	Broadway			Data					Intellectual
	Ticketing (1)			Business		Ad Sales (2)			Properties			Cable TV			Other (3)(4)			Total
Net Revenues	$	45,436,255		$	3,113,598	$	5,036,895		$	489,168		$	34,000		$	—		$	54,109,916
Operating Income (Loss)		1,731,835			1,083,963		(414,703	)		(3,749	)		(315,959	)		(5,402,467	)		(3,321,080	)
Net Income (Loss) from continuing operations		1,706,375			1,083,545		(459,240	)		29,533			(315,034	)		(6,260,467	)		(4,215,288	)
Add back (Income) Expense:
Interest		(12,066	)		168		(2,159	)		(4,794	)		—			1,202,813			1,183,962
Taxes		—			250		49,811			—			—			—			50,061
Depreciation and Amortization		136,212			87,246		544,414			—			6,841			236,775			1,011,488
EBITDA Income (Loss) from continuing operations	$	1,830,521		$	1,171,209	$	132,826		$	24,739		$	(308,193	)	$	(4,820,879	)	$	(1,969,777	)

For the Three Months Ended June 30, 2007
(unaudited)

	Broadway			Data					Intellectual
	Ticketing (1)			Business		Ad Sales (2)			Properties			Cable TV			Other (3)			Total
Net Revenues	$	34,750,569		$	1,639,295	$	2,845,876		$	282,240		$	37,955		$	—		$	39,555,935
Operating Income (Loss)		913,140			557,396		(296,170	)		22,594			(136,873	)		(2,372,264	)		(1,312,177	)
Net Income (Loss) from continuing operations		934,269			538,161		(272,418	)		15,521			(136,873	)		(2,520,667	)		(1,442,007	)
Add back (Income) Expense:
Interest, net		(8,316	)		319		(28	)		(2,626	)		—			149,266			138,615
Taxes		(7,400	)		18,700		(24,131	)		—			—			—			(12,831	)
Depreciation and Amortization		71,645			40,990		243,364			—			2,424			110,692			469,115
EBITDA Income (Loss) from continuing operations	$	990,198		$	598,170	$	(53,213	)	$	12,895		$	(134,449	)	$	(2,260,709	)	$	(847,108	)

For the Three Months Ended June 30, 2006
(unaudited)

	Broadway			Data					Intellectual
	Ticketing (1)			Business		Ad Sales (2)			Properties			Cable TV			Other (3)(4)			Total
Net Revenues	$	26,990,600		$	1,588,160	$	2,756,022		$	203,359		$	29,000		$	—		$	31,567,141
Operating Income (Loss)		895,976			476,775		4,039			(28,237	)		(161,897	)		(2,398,132	)		(1,211,476	)
Net Income (Loss) from continuing operations		861,130			476,702		(16,713	)		(10,839	)		(160,972	)		(2,379,153	)		(1,229,845	)
Add back (Income) Expense:
Interest		(1,124	)		73		(2,159	)		(2,505	)		—			565,411			559,696
Taxes		—			—		33,314			—			—			—			33,314
Depreciation and Amortization		67,346			43,637		261,581			—			3,432			121,824			497,820
EBITDA Income (Loss) from continuing operations	$	927,352		$	520,412	$	276,023		$	(13,344	)	$	(157,540	)	$	(1,691,918	)	$	(139,015	)

(1)	The Broadway Ticketing segment’s EBITDA and Net Income in the second quarter of 2007 as compared to the second quarter of 2006 was negatively impacted by temporary redundant lease expense of $181,243 during the second quarter of 2007 as the Company consolidates its New York offices and $175,000 for a new outdoor advertising initiative launched in June 2007, the revenue impact of which is expected in the fourth quarter of this year.
(2)	The Ad Sales segment includes Internet advertising sales on Hollywood.com, commissions from advertising sales on MovieTickets.com and Internet and other advertising sales by CinemasOnline.
(3)	The Other segment is comprised of payroll and benefits for corporate and administrative personnel as well as other corporate-wide expenses such as audit fees, proxy costs, insurance, centralized information technology, and includes consulting fees and other fees and costs relating to compliance with the provisions of the Sarbanes-Oxley Act of 2002 that require Hollywood Media and its Independent Registered Public Accounting Firm to make an assessment of and report on internal control over financial reporting.
(4)	The Other segment’s EBITDA results for the second quarter of 2006 include $584,000 of gain on a non-cash change in a derivative liability, which favorably impacted the second quarter of 2006 results. The derivative liability was eliminated to additional paid-in-capital during the first quarter of 2007 in accordance with the new SEC pronouncements.

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