Exhibit 99.1

HOLLYWOOD MEDIA CORP. REPORTS 2011 THIRD QUARTER RESULTS

BOCA RATON, Fla., November 21, 2011 – Hollywood Media Corp. (Nasdaq: HOLL) today reported financial results for the third quarter ended September 30, 2011.

On a continuing operations basis which includes the contribution from the Ad Sales and Intellectual Property divisions, net revenues for the 2011 third quarter were $0.9 million compared to $1.0 million in the prior-year period.

Loss from continuing operations for the 2011 third quarter was $5.6 million, or $0.24 per diluted share, which includes a non-cash goodwill impairment charge of $4.8 million relating to the Company’s Ad Sales division, compared to a loss from continuing operations last year of $2.2 million, or $0.07 per share.

Net loss, which includes discontinued operations, was $5.4 million, or $0.23 per diluted share, in the 2011 third quarter, compared to a net loss last year of $0.4 million, or $0.01 per share.  The Company had approximately 23.2 million weighted average shares outstanding in the 2011 third quarter compared to 30.9 million weighted average shares outstanding in the prior-year period.  The reduction in share count relates to an 8 million share tender offer completed in the 2011 first quarter.

At September 30, 2011, the Company had cash and cash equivalents of $5.5 million and no debt versus cash and cash equivalents of $29.4 million and no debt at December 31, 2010.  The change reflects the completion of the Company’s tender offer as well as costs related to the sale of the Broadway Ticketing business including a working capital adjustment.

During the quarter, Mitchell Rubenstein, CEO of Hollywood Media, became the Chief Executive Partner (CEP) of Tekno Books in which Hollywood Media maintains a 51% interest.  Mr. Rubenstein’s appointment follows the death of Martin Greenberg, the prior CEP.  Laurie Silvers, President of Hollywood Media, is now responsible for the day-to-day management of Tekno Books which includes a strategic shift in focus from print books to e-books.

About Hollywood Media Corp.

Hollywood Media Corp. is comprised primarily of an Ad Sales division, an Intellectual Property division, and various financial assets.

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 statements due to numerous potential risks and uncertainties, including, but not limited to, the need to manage our growth, our ability to realize anticipated revenues and cost efficiencies, the impact of potential future dispositions or other strategic transactions by Hollywood Media, our ability to develop and maintain strategic relationships, 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 2010. Such forward-looking statements speak only as of the date on which they are made.

Attached are the following financial tables:

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED STATEMENTS OF OPERATIONS

Contact:

Investor Relations Department

Hollywood Media Corp.

L. Melheim

ir@hollywoodmedia.com

561-998-8000

HOLLYWOOD MEDIA CORP. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

	September 30,			December 31,
	2011			2010
	(unaudited)
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	5,538,949		$	29,406,063
Receivables, net		317,882			465,079
Prepaid expenses		701,460			1,055,972
Other receivables		43,307			59,224
Related party receivable		270,552			299,963
Current portion of deferred compensation		430,000			-
Total current assets		7,302,150			31,286,301
PROPERTY AND EQUIPMENT, net		348,291			455,436
INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED INVESTEES		314,804			955,065
INTANGIBLE ASSETS, net		19,225			7,549
GOODWILL		9,800,000			14,595,783
OTHER ASSETS		59,028			18,425
DEFERRED COMPENSATION, less current portion		1,056,151			-
TOTAL ASSETS	$	18,899,649		$	47,318,559
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable	$	770,361		$	802,684
Accrued expenses and other		1,259,309			6,804,066
Deferred revenue		810,133			980,786
Customer deposits		453,071			654,554
Current portion of capital lease obligations		23,089			60,031
Current portion of notes payable		-			2,362
Total current liabilities		3,315,963			9,304,483
CAPITAL LEASE OBLIGATIONS, less current portion		21,398			38,217
OTHER DEFERRED LIABILITY		49,125			75,120
DEFERRED REVENUE		50,101			148,002
DERIVATIVE LIABILITY		980,000			-
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; 23,179,068 and 31,179,066 shares issued and outstanding at June 30, 2011 and December 31, 2010, respectively		231,791			311,791
Additional paid-in capital		293,578,584			309,898,584
Accumulated deficit		(279,311,421	)		(272,410,281	)
Total Hollywood Media Corp shareholders' equity		14,498,954			37,800,094
Non-controlling interest		(15,892	)		(47,357	)
Total shareholders' equity		14,483,062			37,752,737
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$	18,899,649		$	47,318,559

HOLLYWOOD MEDIA CORP. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited)

	NINE MONTHS ENDED September 30,						THREE MONTHS ENDED September 30,
	2011			2010			2011			2010
NET REVENUES	$	2,947,314		$	2,981,093		$	860,620		$	973,392
OPERATING COSTS AND EXPENSES
Editorial, production, development and technology		1,924,614			1,974,184			519,199			644,390
Selling, general and administrative		2,675,158			3,283,680			674,034			1,179,256
Payroll and benefits		3,307,427			3,593,881			1,389,275			1,283,176
Depreciation and amortization		199,642			439,579			57,574			131,794
Total operating costs and expenses		8,106,841			9,291,324			2,640,082			3,238,616
Loss from operations		(5,159,527	)		(6,310,231	)		(1,779,462	)		(2,265,224	)
EARNINGS OF UNCONSOLIDATED INVESTEES
Equity in earnings of unconsoldiated investees		409,591			636,839			230,008			87,971
Impairment loss		(4,795,783	)		-			(4,795,783	)		-
Total equity in earnings (losses) of unconsolidated investees		(4,386,192	)		636,839			(4,565,775	)		87,971
OTHER INCOME (EXPENSE)
Interest, net		781,237			10,739			260,381			(665	)
Other, net		1,638,527			132,162			504,981			7,728
Loss from continuing operations		(7,125,955	)		(5,530,491	)		(5,579,875	)		(2,170,190	)
Gain on sale of discontinued operations, net of income taxes		254,842			506,902			155,539			181,458
Income of discontinued operations		-			4,176,679			-			1,535,920
Income from discontinued operations		254,842			4,683,581			155,539			1,717,378
Net loss		(6,871,113	)		(846,910	)		(5,424,336	)		(452,812	)
NET (LOSS) INCOME ATTRIBUTABLE TO NON-CONTROLLING INTEREST		(30,027	)		38,052			5,312			23,352
Net loss attributable to Hollywood Media Corp	$	(6,901,140	)	$	(808,858	)	$	(5,419,024	)	$	(429,460	)
Basic and diluted income (loss) per common share
Continuing operations	$	(0.29	)	$	(0.18	)	$	(0.24	)	$	(0.07	)
Discontinued operations		0.01			0.15			0.01			0.06
Total basic and diluted net (loss) income per share	$	(0.28	)	$	(0.03	)	$	(0.23	)	$	(0.01	)
Weighted average common and common equivalent shares outstanding - basic and diluted		24,790,790			30,920,354			23,179,068			30,945,735