10-Q/A

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q/A
(Amendment No. 1)

(Mark One)

x	QUARTERLY REPORT UNDER SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
	For the quarterly period ended June 30, 2012
¨	TRANSITION REPORT UNDER SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
	For the transition period from _________________ to _________________

Commission File No. 1-14332

HOLLYWOOD MEDIA CORP.

(Exact name of registrant as specified in its charter)

Florida	65-0385686
(State or other jurisdiction of	(I.R.S. Employer
incorporation or organization)	dentification No.)

2255 Glades Road, Suite 221A
Boca Raton, Florida	33431
(Address of principal executive offices)	(zip code)

(561) 998-8000

(Registrant’s telephone number)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes x No  ¨

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

Yes x No  ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ¨	Accelerated filer  ¨
Non-accelerated filer  ¨	Smaller reporting company x

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes  ¨ No x

As of August 13, 2012, there were 23,179,066 shares of the registrant’s common stock, $.01 par value, outstanding.

EXPLANATORY NOTE

The purpose of this Amendment No. 1 to Hollywood Media Corp.’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2012, filed with the Securities and Exchange Commission on August 20, 2012 (the “Form 10-Q”), is solely to furnish Exhibit 101 to the Form 10-Q in accordance with Rule 405 of Regulation S-T. Exhibit 101 to this report provides the condensed consolidated financial statements and related notes from the Form 10-Q formatted in XBRL (eXtensible Business Reporting Language).

No other changes have been made to the Form 10-Q. This Amendment No. 1 to the Form 10-Q speaks as of the original filing date of the Form 10-Q, does not reflect events that may have occurred subsequent to the original filing date, and does not modify or update in any way disclosures made in the original Form 10-Q.

Pursuant to Rule 406T of Regulation S-T, the interactive data files on Exhibit 101 hereto are deemed not filed or part of a registration statement or prospectus for purposes of Section 11 or 12 of the Securities Act of 1933, as amended, are deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and otherwise are not subject to liability under those sections.

PART II - OTHER INFORMATION

ITEM 6. EXHIBITS

Exhibit Number	Description
31.1(1)	Certification of Chief Executive Officer (principal executive officer) pursuant to Rule 13a-14(a) or 15d-14(a) of the Securities Exchange Act of 1934, as amended.
31.2(1)	Certification of Chief Financial Officer and Chief Accounting Officer (principal financial and accounting officer) pursuant to Rule 13a-14(a) or 15d-14(a) of the Securities Exchange Act of 1934, as amended.
32.1(1)	Certification of Chief Executive Officer (principal executive officer) pursuant to 18 U.S.C. 1350.
32.2(1)	Certification of Chief Financial Officer and Chief Accounting Officer (principal financial and accounting officer) pursuant to 18 U.S.C. 1350.
101(2)**	The following financial information from Hollywood Media Corp.’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2012, formatted in XBRL (eXtensible Business Reporting Language): (i) Condensed Consolidated Balance Sheets as of June 30, 2012 (unaudited) and December 31, 2011, (ii) Condensed Consolidated Statements of Operations (unaudited) for the six and three months ended June 30, 2012 and 2011, (iii) Condensed Consolidated Statements of Cash Flows (unaudited) for the six months ended June 30, 2012 and 2011, and (iv) the Notes to Condensed Consolidated Financial Statements (unaudited).

(1)	These exhibits were previously filed as an exhibit to Hollywood Media Corp.’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2012, as filed with the Securities and Exchange Commission on August 20, 2012.
(2)	Submitted electronically herewith.
**	Pursuant to Rule 406T of Regulation S-T, these interactive data files are deemed not filed or part of a registration statement or prospectus for purposes of Section 11 or 12 of the Securities Act of 1933, as amended, are deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and otherwise are not subject to liability under these sections.

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 thereunto duly authorized.

		HOLLYWOOD MEDIA CORP.
Date:   September 12, 2012	By:	/s/ Mitchell Rubenstein
		Mitchell Rubenstein, Chairman of the Board and Chief Executive Officer (Principal executive officer)

Date:   September 12, 2012	By:	/s/ Tammy G. Hedge
		Tammy G. Hedge, Chief Financial Officer and Chief Accounting Officer (Principal financial and accounting officer)

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Movietikets.com - Additional Information (Detail) (USD $)	1 Months Ended			1 Months Ended			3 Months Ended		6 Months Ended		1 Months Ended
	Jul. 19, 2011	Jun. 30, 2012 Hollywood Media Equity Interest in MovieTickets.Com	Jun. 30, 2012 Joint Venture	Jul. 19, 2011 Mitchell Rubenstein	Jul. 19, 2011 Laurie Silvers	Jul. 18, 2011 MovieTickets.com	Jun. 30, 2012 MovieTickets.com	Jun. 30, 2011 MovieTickets.com	Jun. 30, 2012 MovieTickets.com	Jun. 30, 2011 MovieTickets.com	Jul. 19, 2011 MovieTickets.com Mitchell Rubenstein	Jul. 19, 2011 MovieTickets.com Laurie Silvers
Schedule of Equity Method Investments [Line Items]
Ownership interests in equity method investment		26.20%	26.20%
Percentage of net income Hollywood Media received from MovieTickets.com									26.20%
Equity in earnings of unconsolidated investees	$ 1,048,875						$ 121,034	$ 115,610	$ 72,115	$ 179,068
Dividend declared						4,000,000
Dividend distribution percentage											5.00%	5.00%
Compensation arrangements for employee				$ 52,444	$ 52,444

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Purchase of Common Stock Tendered - Additional Information (Detail) (USD $)	1 Months Ended	6 Months Ended
	Feb. 25, 2011	Jun. 30, 2011	Jun. 30, 2012	Dec. 31, 2011
Stockholders Equity Note [Line Items]
Purchase of stock through tender, price per share	$ 2.05
Purchase of stock through tender, total cost	$ 16,400,000	$ 16,400,000
Number of shares properly tendered	24,157,429
Common stock shares outstanding	23,179,066		23,179,066	23,179,066
Percentage of tendered shares in which payment was made	33.00%
Maximum
Stockholders Equity Note [Line Items]
Purchase of stock through tender offer	8,000,000

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PURCHASE OF COMMON STOCK TENDERED

6 Months Ended

Jun. 30, 2012

PURCHASE OF COMMON STOCK TENDERED

(4) PURCHASE OF COMMON STOCK TENDERED:

On February 25, 2011, Hollywood Media announced the final results of a tender offer to purchase up to 8,000,000 shares of its common stock at a price of $2.05 per share (less any applicable withholding taxes and without interest) which tender offer expired on February 18, 2011. Hollywood Media accepted 8,000,000 shares for purchase for a total cost of approximately $16,400,000. The number of shares properly tendered was 24,157,429. Accordingly, payment was made for approximately 33% of the tendered shares, and the rest of the tendered shares were withdrawn from the tender offer. Immediately following the purchase of the tendered shares, Hollywood Media had 23,179,066 shares of common stock outstanding. During the six and three months ended June 30, 2012, respectively, Hollywood Media did not repurchase shares of its common stock.

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Financial Information Regarding Reportable Segments (Detail) (USD $)	3 Months Ended		6 Months Ended
	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2011
Segment Reporting Information [Line Items]
Net Revenues	$ 156,213	$ 460,475	$ 333,047	$ 689,123
Loss from operations	(1,587,023)	(1,161,663)	(2,476,454)	(3,218,659)
Capital expenditures	19,332	35,489	36,222	64,500
Depreciation and amortization	37,570	54,990	75,164	112,639
Intellectual Properties
Segment Reporting Information [Line Items]
Net Revenues	156,213	460,475	333,047	689,123
Loss from operations	(42,287)	60,789	(23,381)	75,026
Capital expenditures		6,140		6,140
Depreciation and amortization	1,112	163	2,224	327
Other
Segment Reporting Information [Line Items]
Loss from operations	(1,544,736)	(1,222,452)	(2,453,073)	(3,293,685)
Capital expenditures	19,332	29,349	36,222	58,360
Depreciation and amortization	$ 36,458	$ 54,827	$ 72,940	$ 112,312

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Reconciliation of Compensation Derivative Liabilities Measured at Fair Value on Recurring Basis using Significant Unobservable Input (Level 3) (Detail) (USD $)	6 Months Ended
	Jun. 30, 2012
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning balance	$ 1,090,000
Change in fair value included in earnings	(50,000)
Ending balance	$ 1,040,000

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Segment Assets (Detail) (USD $)	Jun. 30, 2012		Dec. 31, 2011
Segment Reporting Information [Line Items]
Assets	$ 16,323,551		$ 18,222,789
Ad Sales
Segment Reporting Information [Line Items]
Assets	9,978,739	[1]	10,017,175	[1]
Intellectual Properties
Segment Reporting Information [Line Items]
Assets	1,117,259		1,201,695
Other
Segment Reporting Information [Line Items]
Assets	$ 5,227,553	[1]	$ 7,003,919	[1]

[1] December 31, 2011 segment assets have been adjusted for the reclassification of assets related to Cinemasource UK Limited of $590,507 from the Ad Sales segment to the Other segment.

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Segment Assets (Parenthetical) (Detail) (USD $)	12 Months Ended
	Dec. 31, 2011
Segment Reporting Information [Line Items]
Reclassification adjustment of assets from Ad Sales segment to Other segment	$ 590,507

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DISCONTINUED OPERATIONS

6 Months Ended

Jun. 30, 2012

DISCONTINUED OPERATIONS

(3) DISCONTINUED OPERATIONS:

Sale of Broadway Ticketing Division to Key Brand Entertainment, Inc.

On December 15, 2010, Hollywood Media Corp. (“Hollywood Media”) completed the sale of its Broadway Ticketing Division (“the Broadway Sale”) through the sale of all of the outstanding capital stock of Theatre Direct NY, Inc. (“Theatre Direct”) to Key Brand Entertainment Inc. (“Key Brand”), as contemplated by the Stock Purchase Agreement, dated as of December 22, 2009, entered into between Hollywood Media and Key Brand (“the Purchase Agreement”). There are no material relationships among Hollywood Media and Key Brand or any of their respective affiliates other than in respect of the Purchase Agreement and the related ancillary agreements.

Pursuant to the Purchase Agreement, at the closing of the Broadway Sale, (a) Hollywood Media received (i) $20,530,102 in cash (including $530,102 pursuant to the estimated working capital adjustment described in the Purchase Agreement), (ii) a $8,500,000 note (“the Loan”) from Key Brand pursuant to a Second Lien, Security and Pledge Agreement, dated as of December 15, 2010 (the “Credit Agreement”), pursuant to which Key Brand is obligated to pay Hollywood Media interest at a rate of 12% per annum, with the loan maturing on December 15, 2015, which Loan is secured on a second lien basis by all stock and assets of Theatre Direct and its subsidiaries, and (iii) a warrant to purchase 5% of the outstanding shares of common stock of Theatre Direct as of the closing date on a fully diluted basis at an exercise price of $.01 per share (the “Warrant”), and (b) Key Brand assumed $1,600,000 of liabilities associated with employment agreements with certain employees of Theatre Direct. In addition, Hollywood Media is entitled to receive earn-out payments (“the Earn-out”) of up to $14,000,000 contingent upon Theatre Direct and its subsidiaries achieving certain revenue targets during the period from the closing date through the end of the 10^th full fiscal year following the closing date as set forth in the Purchase Agreement.

Amendment to the Broadway Sale Purchase Agreement

On April 22, 2012, the Company entered into Amendment No. 4 (the “Amendment”) to the Broadway Sale Purchase Agreement. Pursuant to the Amendment, the Company consented to the contribution of the “group sales” business (but not the Broadway.com consumer ticketing business) owned by Key Brand to a newly formed joint venture (the “Group Sales JV”; such contribution, the “Group Sales Contribution”). The balance of the business sold to Key Brand under the terms of the Purchase Agreement, which includes Broadway.com, remains at Key Brand and Theatre Direct. As part of the Amendment, Key Brand agreed to pay the first $7 million earn-out amount to the Company on or before October 1, 2012 regardless of the actual revenues of Theatre Direct and its subsidiaries for the fiscal year of Key Brand ending June 30, 2012. The $7 million earn-out amount agreed to by Key Brand will be recorded upon collection of the amount. In addition, the revenue calculation for the second $7 million earn-out amount (the “Second Earn-out”) was modified to exclude “group sales” (and the revenues of the new joint venture conducting such business) and the target for such second earn-out was reduced from $150 million to $123 million accordingly. Lastly, if the Second Earn-out amount is earned in Key Brand’s fiscal year ending June 30, 2012, then such amount would be added to the principal amount of the $8.5 million loan due the Company under the Credit Agreement, would accrue and be paid interest in accordance with such loan, and be paid over the then remaining term of the Credit Agreement in equal quarterly installments, in each case as further described below.

If the Second Earn-out amount is earned in any subsequent fiscal year, then such amount would be paid pursuant to the terms of the Purchase Agreement. The Company also consented to certain amendments to the Credit Agreement, including consent to the Group Sales Contribution and to provide for additional reporting requirements. The Company also agreed to amend the Subordination and Intercreditor Agreement, dated December 15, 2010 (the “Intercreditor Agreement”), among the Company, Key Brand and JPMorgan Chase Bank, N.A., as administrative agent for the senior secured lenders of Key Brand, to provide that, subject to Key Brand’s compliance with the terms and conditions of its senior secured credit agreement, Key Brand would be permitted to make scheduled quarterly installment payments of the Second Earn-out amounts prior to the maturity of the Credit Agreement, notwithstanding that the obligations under the Credit Agreement are subordinated to Key Brand’s obligations under the senior secured credit agreement.

Hollywood Media will record a gain on the loan and earn-out upon collection of consideration. The Warrant will be marked to market each reporting period to reflect changes in fair value. Hollywood Media received payments of $515,667 and $257,833 of interest from Key Brand during the six and three months ended June 30, 2012, respectively, and $512,833 and $257,833 in payments or interest from Key Brand during the six and three months ended June 30, 2011, respectively, in accordance with the terms of the Loan which was included in “Interest, net” in the accompanying condensed consolidated statements of operations for the six and three months ended June 30, 2012 and 2011, respectively.

After the closing date of the sale of Theatre Direct pursuant to the Purchase Agreement, Hollywood Media delivered on March 14, 2011 to Key Brand a closing statement setting forth Hollywood Media’s calculation of Theatre Direct’s working capital as of the closing date determined in the manner described in the Purchase Agreement. Pursuant to the closing statement, Hollywood Media accrued $3,702,620 as a working capital adjustment as of December 31, 2010 under the agreement which included $530,102 related to the estimated working capital delivered at closing by Key Brand. The working capital adjustment of $3,734,106 was paid on March 22, 2011 and included $31,486 of interest which is included in “Gain (loss) on sale of discontinued operations, net of income taxes” in the accompanying condensed consolidated statements of operations for the six and three months ending June 30, 2011.

In connection with the transactions contemplated by the Purchase Agreement, Hollywood Media incurred (i) $440,000 plus payroll taxes in aggregate change of control payments to two executives in Hollywood Media’s legal department which were included in “Gain (loss) on sale of discontinued operations, net of income taxes” in the December 31, 2010 accompanying consolidated statements of operations which was paid as follows: $240,000 less payroll taxes was paid to one executive prior to December 31, 2010 and $200,000 less payroll taxes was paid to the other executive in January 2011. As of December 31, 2010, the $200,000 unpaid amount was included in “Accrued expenses and other” in the accompanying December 31, 2010 consolidated balance sheet; (ii) approximately $400,000 in severance payments payable by Hollywood Media to 14 employees after a brief transition period; (iii) approximately $250,000 in fees to a valuation firm for providing the fairness opinion to Hollywood Media’s board of directors in connection with evaluating and approving the Purchase Agreement and the transactions contemplated thereby; (iv) $1,361,632 in legal fees in connection with preparing and negotiating the Purchase Agreement and the related documents and preparing and filing the proxy statement relating to the transactions contemplated by the Purchase Agreement; and (v) $170,000 in investment banking fees for providing professional services to the Company.

Hollywood.com Business

On August 21, 2008, Hollywood Media entered into a purchase agreement with R&S Investments, LLC (“R&S Investments”) for the sale of Hollywood Media’s subsidiaries Hollywood.com, Inc. and Totally Hollywood TV, LLC (collectively, the “Hollywood.com Business”). R&S Investments is owned by Mitchell Rubenstein, Hollywood Media’s Chief Executive Officer and Chairperson of the Board, and Laurie S. Silvers, Hollywood Media’s President and Vice-Chairperson of the Board. Pursuant to the purchase agreement, Hollywood Media sold the Hollywood.com Business to R&S Investments for a potential purchase price of $10,000,000 cash, which includes $1,000,000 that was paid to Hollywood Media at closing and potential earn-out payments totaling $9,000,000, of which $1,892,692 has been paid as of June 30, 2012. Hollywood Media recognized $326,758 and $129,241 in earn-out gain during the six and three months ended June 30, 2012, respectively, and $304,499 and $152,543 in earn-out gain during the six and three months ended June 30, 2011, respectively, which is included in “Income from discontinued operations” in our accompanying condensed consolidated statements of operations. Hollywood Media does not have a significant continuing involvement in the Hollywood.com Business operations.

The earn-out payments equal the greater of 10 percent of gross collected revenue and 90 percent of EBITDA (as defined in the purchase agreement) for the Hollywood.com Business until the earn-out is fully paid. The Company considers the remaining potential earn-out payments to be contingent consideration and non-recourse. Thus, the Company will not record a receivable and any corresponding gain until the contingencies have been met. The Company will estimate an appropriate reserve for at-risk amounts, if necessary, at the time that any accounts receivable are recorded. As of June 30, 2012, there remains $7,107,308 in potential earn-out payments. See Note 9, “Related Party Transactions” for information on the extension of payment terms of such earn-out.

If a subsequent change of control of the Hollywood.com Business, or a portion thereof, occurs before the earn-out is fully paid, the remaining portion of the earn-out would be paid to the Company immediately upon such an event, up to the amount of the consideration received less related expenses. If the aggregate proceeds received by the Company in such a change of control are less than the remaining balance of the earn-out, then the surviving entity which owns the Hollywood.com Business will be obligated to pay the difference in accordance with the same earn-out terms.

Sale of Cinemasource UK Limited - Share Purchase Agreement

                On May 1, 2012, the Company entered into a share purchase agreement (the “Share Purchase Agreement”) with Orchard Advertising Limited (“Buyer”), pursuant to which the Company sold, and Buyer purchased, the entire issued share capital of Cinemasource UK Limited (the “Purchased Shares”) which business was part of the Company’s Ad Sales division and included UK Theatres Online Limited, Spring Leisure Limited, Cinemasonline Limited and WWW.CO.UK Limited. 

                Jeffrey Spector, a director of Buyer, is also (i) a director of all four subsidiaries of Cinemasource UK Limited (UK Theatres Online Limited, Spring Leisure Limited, Cinemasonline Limited and WWW.CO.UK Limited) and (ii) an employee of one of the subsidiaries of Cinemasource UK Limited (UK Theatres Online).  Janette Erskine, a director of Buyer, is also (i) a director of three subsidiaries of Cinemasource UK Limited (UK Theatres Online Limited, Spring Leisure Limited and Cinemasonline Limited) and (ii) an employee of one of the subsidiaries of Cinemasource UK Limited (UK Theatres Online).

Pursuant to the Share Purchase Agreement, the purchase price for the Purchased Shares is U.S. $250,000, payable in cash in a non-interest bearing loan in twenty equal quarter-annual installments of $12,500 each over a period of five years. Subject to the terms and conditions of the Share Purchase Agreement, the first installment of the purchase price was due and was paid to the Company on July 31, 2012 and subsequent installments of the purchase price are due every three calendar months thereafter. The Company imputed interest at 16.5%, per annum, on this non-interest bearing loan resulting in a discounted amount of $168,014 which was included in the total gain on sale attributable to the sale of Cinemasource UK Limited of $649,215. This gain on sale is included in “Income (loss) from discontinued operations” in our accompanying Condensed Consolidated Statement of Operations.  The current portion of the discounted amount of the non-interest bearing loan is included in “Other receivables” and the long-term portion of the non-interest bearing loan is included in “Other assets” in our accompanying condensed consolidated balance sheets.

The purchase price for the Purchased Shares is collateralized by a lien on the Purchased Shares (and certain dividends, payments or other derivative assets received in respect of the Purchased Shares) pursuant to the terms of the share charge deed, dated as of May 1, 2012, between the Company and Buyer (the “Share Charge Deed”). Except as permitted by the Share Purchase Agreement, the Share Charge Deed also restricts Buyer from (i) permitting any other lien to exist against the Purchased Shares (and certain dividends, payments or other derivative assets received in respect of the Purchased Shares), (ii) selling or transferring the Purchased Shares (and certain dividends, payments or other derivative assets received in respect of the Purchased Shares), and (iii) disposing of the equity of redemption in respect of the Purchased Shares (and certain dividends, payments or other derivative assets received in respect of the Purchased Shares).  In the event of (i) a transaction whereby any persons or group of persons acting in concert purchase at least 80% of the Purchased Shares or at least 80% of the issued share capital of each of the subsidiaries of Cinemasource UK Limited or Buyer or (ii) a transaction whereby any person or group of persons acting in concert purchase the whole or substantially the whole of the business and assets of Cinemasource UK Limited and its subsidiaries (each, an “Exit Event”), then (A) if the proposed purchaser in such Exit Event is a “connected person” to Buyer (as defined in the Share Purchase Agreement) or if the aggregate consideration payable to Buyer, Cinemasource UK Limited and its subsidiaries, and/or the shareholders of Buyer in respect of an Exit Event (the “Subsequent Sale Proceeds”) exceeds the balance of the purchase price remaining to be paid by Buyer to the Company under the Share Purchase Agreement (the “Balance”), then the Balance shall become immediately payable to the Company or (B) if the proposed purchaser is not a “connected person” to Buyer and the Subsequent Sale Proceeds are less than the Balance, then Buyer will pay to the Company the amount of the Subsequent Sale Proceeds in lieu of the Balance, unless the Company demands that the Purchased Shares are transferred back to the Company (and Buyer transfers the Purchased Shares back to the Company) in satisfaction of the Balance.

Pursuant to ASC Topic No. 360, “Accounting for the Impairment or Disposal of Long-Lived Assets” ASC 360, the Company’s consolidated financial statements have been reclassified for all periods presented to reflect the operations, assets and liabilities of Cinemasource UK Limited as discontinued operations. The sale of Cinemasource UK Limited qualifies for discontinued operations treatment under ASC 360. The assets and liabilities of such operations have been reclassified as current or long term “Assets of discontinued operations” and current and long term “Liabilities of discontinued operations” in the accompanying December 31, 2011 consolidated balance sheet, and consist of the following:

	December 31, 2011
Current assets	$	566,691
Property and equipment, net		23,816
Total assets of discontinued operations	$	590,507
Current liabilities	$	1,130,268
Long-term liabilities		2,158
Total liabilities of discontinued operations	$	1,132,426

Results from Discontinued Operations

The net income from discontinued operations has been classified in the accompanying condensed consolidated statements of operations as “Income (loss) from discontinued operations” and includes the gain on sale of the Hollywood.com Business and the gain on sale of Cinemasource UK Limited Business. Summarized results of discontinued operations include the operating gain from the Hollywood.com Business and the operating gain from the Cinemasource UK Limited Business and through their respective dates of disposition, for the six and three months ended June 30, 2012 and 2011.

	Six Months Ended June 30,					Three Months Ended June 30,
	2012		2011			2012		2011
	(unaudited)		(unaudited)			(unaudited)		(unaudited)
Net Revenues:	$	701,857	$	1,397,571		$	168,816	$	655,346
Gain (loss) on sale of discontinued operations, net of income taxes		975,973		99,303			778,456		(10,139	)
Income (loss) from discontinued operations		22,584		(165,390	)		34,166		(175,955	)
Income (loss) from discontinued Operations	$	998,557	$	(66,087	)	$	812,622	$	(186,094	)

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Certain Commitments and Contingencies - Additional information (Detail)	Jun. 30, 2012
Hollywood Media Equity Interest in MovieTickets.Com
Commitments And Contingent Liabilities [Line Items]
Ownership interests in equity method investment	26.20%
National Amusements Equity Interest in MovieTickets.Com
Commitments And Contingent Liabilities [Line Items]
Ownership interests in equity method investment	26.20%
AMC Entertainment Inc Equity Interest in MovieTickets.Com
Commitments And Contingent Liabilities [Line Items]
Ownership interests in equity method investment	26.20%

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CONDENSED CONSOLIDATED BALANCE SHEETS (USD $)	Jun. 30, 2012	Dec. 31, 2011
CURRENT ASSETS:
Cash and cash equivalents	$ 2,408,472	$ 3,683,063
Prepaid expenses	353,714	316,430
Other receivables	35,995	77,907
Related party receivable	642,082	443,588
Current portion of deferred compensation	430,000	430,000
Current assets of discontinued operations		566,691
Total current assets	3,870,263	5,517,679
PROPERTY AND EQUIPMENT, net	249,970	283,574
INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED INVESTEES	1,413,929	1,573,325
INTANGIBLE ASSETS, net	12,899	17,116
GOODWILL	9,800,000	9,800,000
OTHER ASSETS	242,839	58,628
DEFERRED COMPENSATION, less current portion	733,651	948,651
LONG TERM ASSETS OF DISCONTINUED OPERATIONS		23,816
TOTAL ASSETS	16,323,551	18,222,789
CURRENT LIABILITIES:
Accounts payable	503,632	387,070
Accrued expenses and other	902,507	646,821
Deferred revenue	164,778	264,228
Current portion of capital lease obligations	18,427	21,829
Current liabilities of discontinued operations		1,130,268
Total current liabilities	1,589,344	2,450,216
CAPITAL LEASE OBLIGATIONS, less current portion	10,380	16,203
OTHER DEFERRED LIABILITY	31,601	42,514
DEFERRED REVENUE	25,475	46,200
Derivative liabilities	1,040,000	1,090,000
LONG TERM LIABILITIES OF DISCONTINUED OPERATIONS		2,158
COMMITMENTS AND CONTINGENCES
SHAREHOLDERS' EQUITY:
Preferred stock, $.01 par value, 1,000,000 shares authorized; none outstanding
Common stock, $.01 par value, 100,000,000 shares authorized; 23,179,066 shares issued and outstanding at June 30, 2012 and December 31, 2011, respectively	231,791	231,791
Additional paid-in capital	293,616,319	293,616,319
Accumulated deficit	(280,221,359)	(279,272,612)
Total shareholders' equity	13,626,751	14,575,498
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 16,323,551	$ 18,222,789

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BASIS OF PRESENTATION AND CONSOLIDATION

6 Months Ended

Jun. 30, 2012

BASIS OF PRESENTATION AND CONSOLIDATION

(1) BASIS OF PRESENTATION AND CONSOLIDATION:

In the opinion of management, the accompanying unaudited condensed consolidated financial statements have been prepared by Hollywood Media Corp. (“Hollywood Media”, “our” or “Company”) in accordance with accounting principles generally accepted in the United States of America for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) have been condensed or omitted pursuant to applicable rules and regulations. However, management believes that the disclosures contained herein are adequate to make the information presented not misleading. The accompanying financial statements reflect, in the opinion of management, all material adjustments (which include only normal recurring adjustments) necessary to present fairly Hollywood Media’s condensed consolidated financial position, results of operations and cash flows. The results of operations for the six and three months ended June 30, 2012 and the cash flows for the six months ended June 30, 2012 are not necessarily indicative of the results of operations or cash flows for the remainder of 2012. The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in Hollywood Media’s Annual Report on Form 10-K for the year ended December 31, 2011, as amended, as filed with the Securities and Exchange Commission.

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Discontinued Operations - Additional Information (Detail) (USD $)	3 Months Ended		6 Months Ended					1 Months Ended						3 Months Ended		6 Months Ended		12 Months Ended		1 Months Ended			12 Months Ended		1 Months Ended	3 Months Ended		6 Months Ended
	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012 Stock Purchase Agreement Month Installment	Jun. 30, 2012 Minimum	Jun. 30, 2012 Minimum Cinemasource UK Limited	May 01, 2012 Jeffrey Spector, Director Cinemasource UK Limited Entity	May 01, 2012 Janette Erskine, Director Cinemasource UK Limited Entity	Mar. 22, 2011 Broadway	Jan. 31, 2011 Broadway	Dec. 31, 2010 Broadway Employee	Dec. 15, 2010 Broadway	Jun. 30, 2012 Broadway	Jun. 30, 2011 Broadway	Jun. 30, 2012 Broadway	Jun. 30, 2011 Broadway	Dec. 31, 2010 Broadway Employee	Apr. 22, 2012 Broadway	Apr. 22, 2012 Broadway First earn-out	Jun. 30, 2012 Broadway Second earn-out	Apr. 22, 2012 Broadway Second earn-out	Dec. 31, 2010 Broadway Investment banking fees	Dec. 15, 2010 Broadway Maximum	Aug. 21, 2008 Hollywood.Com	Jun. 30, 2012 Hollywood.Com	Jun. 30, 2011 Hollywood.Com	Jun. 30, 2012 Hollywood.Com	Jun. 30, 2011 Hollywood.Com
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash received from sale of subsidary													$ 20,530,102												$ 1,000,000			$ 1,892,692
Estimated working capital adjustment													530,102
Note receivable													8,500,000
Note receivable, interest rate													12.00%
Note receivable, maturity date													Dec. 15, 2015
Percentage of purchase of common stock of Theatre Direct													5.00%
Warrant exercise price, per share													0.01
Liabilities assumed by Key Brand													1,600,000
Earn-out consideration from divestiture of business																								14,000,000	9,000,000
Earn-out payment amount																				7,000,000		7,000,000
Target revenue																					123,000,000	150,000,000
Principal amount of loan																			8,500,000
Interest received														257,833	257,833	515,667	512,833
Working capital adjustment, accrued amount												3,702,620
Amount of estimated working capital delivered at closing by Key Brand												530,102
Working capital adjustment payment										3,734,106
Interest included in gain on sale of discontinued operations, net of income taxes										31,486
Payroll taxes												440,000						440,000
Gain (loss) on sale of discontinued operations, net of income taxes											200,000							240,000
Number of executives																		2
Unpaid amount included in accrued expenses and other												200,000						200,000
Severance payable												400,000						400,000
Fees for providing professional services																		250,000					170,000
Legal fees																		1,361,632
Number of employees												14						14
Contractual sales price for divestiture																									10,000,000
Income from discontinued operations	778,456	(10,139)	975,973	99,303																						129,241	152,543	326,758	304,499
Amount remains in potential earn-out payments																										7,107,308		7,107,308
Percentage of earn out payment to gross collected revenue																												10.00%
Percentage of earn out payment to Ebitda																												90.00%
Number of subsidiaries								4	3
Share purchase agreement, purchase price of shares					250,000
Share purchase agreement, quarterly installments amount					12,500
Share Purchase Agreement,installments period					5 years
Subsequent installments purchase price payment frequency					3
Number of installments					20
Non-interest bearing loan, Term of note					5 years
Non-interest bearing loan, due date					Jul. 31, 2012
Imputed interest Rate	16.50%		16.50%		16.50%
Non-interest bearing loan, discounted amount					168,014
Gain on sale of business			$ 649,215
Percentage of purchased shares						80.00%	80.00%

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Summarized Results of Discontinued Operations (Detail) (USD $)	3 Months Ended		6 Months Ended
	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2011
Discontinued Operations [Line Items]
Net Revenues:	$ 168,816	$ 655,346	$ 701,857	$ 1,397,571
Gain (loss) on sale of discontinued operations, net of income taxes	778,456	(10,139)	975,973	99,303
Income (loss) from discontinued operations	34,166	(175,955)	22,584	(165,390)
Income (loss) from discontinued Operations	$ 812,622	$ (186,094)	$ 998,557	$ (66,087)

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

6 Months Ended

Jun. 30, 2012

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

(2) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:

Principles of Consolidation

Hollywood Media’s consolidated financial statements include the accounts of Hollywood Media and its wholly-owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. Hollywood Media’s 50%, 26.2% and 20.65% ownership interests in NetCo Partners, MovieTickets.com and Project Hollywood LLC, respectively, are accounted for under the equity method of accounting.

Loss per Common Share

Financial Accounting Standards Board Accounting Standards Codification (“ASC”) Topic No. 260, “Earnings Per Share” (ASC 260), requires companies to present basic and diluted earnings per share (“EPS”). Loss per common share is computed by dividing net loss attributable to Hollywood Media Corp. (the numerator) by the weighted average number of common shares outstanding (the denominator) for the period presented.

The weighted average number of common shares issuable upon conversion of convertible securities and upon exercise of outstanding options and warrants totaled 75,000 shares for each of the six and three months ended June 30, 2012 and such shares were excluded from the calculation of basic and diluted loss per share for the six and three months ended June 30, 2012, because their impact was anti-dilutive to the loss per share from continuing operations. Unvested shares are not included in the basic calculation until vesting occurs and are not included in the diluted calculation because they are anti-dilutive. There were no unvested shares as of June 30, 2012 and 2011, respectively.

	For the Six Months				For the Three Months
	Ended June 30,				Ended June 30,
	2012		2011		2012		2011
Basic weighted average shares outstanding		23,179,066		25,610,007		23,179,066		23,179,066
Effect of dilutive unvested restricted stock		-		-		-		-
Dilutive weighted average shares outstanding		23,179,066		25,610,007		23,179,066		23,179,066
Options to purchase shares of Common Stock and
other stock-based awards outstanding which are not
included in the calculation of diluted income (loss)
per share because their impact is anti-dilutive		75,000		80,435		75,000		80,435

Segment Information

ASC Topic No. 280, “Segment Reporting”, establishes standards for reporting of selected information about operating segments in interim financial reports issued to shareholders. It also establishes standards for related disclosures about products and services, geographic areas and major customers. ASC Topic No. 280 has been applied to the information appearing in Note 6.

Derivative Instruments

The Company records derivative instruments at fair value in our accompanying condensed consolidated balance sheets with changes in the fair values of those instruments reported in earnings in our condensed consolidated results of operations. The Company does not hold any derivative instruments that reduce risk associated with hedging exposure, accordingly the Company has not designated any of its derivatives liability financial instruments as hedge instruments.

Recent Accounting Pronouncements

In May 2011, the FASB issued Accounting Standards Update (“ASU”) No. 2011-4, Fair Value Measurement (Topic 820): Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRS. This ASU represents the converged guidance of the FASB and the IASB ("the Boards") on fair value measurement. The collective efforts of the Boards and their staffs have resulted in common requirements, including a consistent meaning of the term "fair value." The Boards have concluded the common requirements will result in greater comparability of fair value measurements presented and disclosed in financial statements prepared in accordance with U.S. GAAP and IFRS. The ASU is effective during interim and annual periods beginning after December 15, 2011 and its adoption did not have a material effect on the Company’s condensed consolidated financial statements.

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CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)	Jun. 30, 2012	Dec. 31, 2011
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	1,000,000	1,000,000
Preferred stock, outstanding
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	23,179,066	23,179,066
Common stock, shares outstanding	23,179,066	23,179,066

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DISCONTINUED OPERATIONS (Tables)

6 Months Ended

Jun. 30, 2012

Assets and Liabilities of Discontinued Operations

The assets and liabilities of such operations have been reclassified as current or long term “Assets of discontinued operations” and current and long term “Liabilities of discontinued operations” in the accompanying December 31, 2011 consolidated balance sheet, and consist of the following:

	December 31, 2011
Current assets	$	566,691
Property and equipment, net		23,816
Total assets of discontinued operations	$	590,507
Current liabilities	$	1,130,268
Long-term liabilities		2,158
Total liabilities of discontinued operations	$	1,132,426

Summarized Results of Discontinued Operations

Summarized results of discontinued operations include the operating gain from the Hollywood.com Business and the operating gain from the Cinemasource UK Limited Business and through their respective dates of disposition, for the six and three months ended June 30, 2012 and 2011.

	Six Months Ended June 30,					Three Months Ended June 30,
	2012		2011			2012		2011
	(unaudited)		(unaudited)			(unaudited)		(unaudited)
Net Revenues:	$	701,857	$	1,397,571		$	168,816	$	655,346
Gain (loss) on sale of discontinued operations, net of income taxes		975,973		99,303			778,456		(10,139	)
Income (loss) from discontinued operations		22,584		(165,390	)		34,166		(175,955	)
Income (loss) from discontinued Operations	$	998,557	$	(66,087	)	$	812,622	$	(186,094	)

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Document and Entity Information	6 Months Ended
	Jun. 30, 2012	Aug. 17, 2012
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2012
Document Fiscal Year Focus	2012
Document Fiscal Period Focus	Q2
Trading Symbol	HOLL
Entity Registrant Name	HOLLYWOOD MEDIA CORP
Entity Central Index Key	0000912544
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		23,179,066

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FAIR VALUE MEASUREMENTS (Tables)

6 Months Ended

Jun. 30, 2012

Derivative Liabilities and Warrant on Recurring Basis and Goodwill on Non-Recurring Basis within Fair Value Hierarchy Utilized to Measure Fair Value

The following table presents the Company’s derivative liabilities and warrant on a recurring basis and the Company’s goodwill on a non-recurring basis within the fair value hierarchy utilized to measure fair value as of June 30, 2012:

	Level 1		Level 2		Level 3
Derivative liabilities – June 30, 2012		-0-		-0-	$	1,040,000
Warrant – June 30, 2012		-0-		-0-		-
Goodwill – June 30, 2012		-0-		-0-	$	9,800,000

Reconciliation of Compensation Derivative Liabilities Measured at Fair Value on Recurring Basis using Significant Unobservable Input (Level 3)

The following table presents a reconciliation of the compensation derivative liabilities measured at fair value on a recurring basis using significant unobservable input (Level 3) from December 31, 2011 to June 30, 2012:

	Compensation
	derivative
	liabilities
Balance at December 31, 2011	$	1,090,000
Change in fair value included in earnings		(50,000	)
Balance at June 30, 2012	$	1,040,000

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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)	3 Months Ended		6 Months Ended
	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2011
Net Revenues	$ 156,213	$ 460,475	$ 333,047	$ 689,123
OPERATING COSTS AND EXPENSES
Editorial, production, development and technology	157,672	293,516	282,776	456,903
Selling, general and administrative	696,132	527,173	1,200,978	1,727,449
Payroll and benefits	851,862	746,459	1,250,583	1,610,791
Depreciation and amortization	37,570	54,990	75,164	112,639
Total operating costs and expenses	1,743,236	1,622,138	2,809,501	3,907,782
Loss from operations	(1,587,023)	(1,161,663)	(2,476,454)	(3,218,659)
EARNINGS (LOSSES) OF UNCONSOLIDATED INVESTEES	(53,982)	115,282	17,815	179,383
OTHER INCOME (EXPENSE)
Interest, net	259,972	259,976	513,009	529,278
Other, net	32,203	1,129,378	(1,674)	1,129,107
(Loss) income from continuing operations	(1,348,830)	342,973	(1,947,304)	(1,380,891)
Gain (loss) on sale of discontinued operations, net of income taxes	778,456	(10,139)	975,973	99,303
Income (loss) from discontinued operations	34,166	(175,955)	22,584	(165,390)
Income (loss) from discontinued operations	812,622	(186,094)	998,557	(66,087)
Net (loss) income	(536,208)	156,879	(948,747)	(1,446,978)
NET INCOME ATTRIBUTABLE TO NON-CONTROLLING INTEREST		(28,267)		(35,338)
Net (loss) income attributable to Hollywood Media Corp.	$ (536,208)	$ 128,612	$ (948,747)	$ (1,482,316)
Basic and diluted (loss) income per common share
Continuing operations	$ (0.06)	$ 0.01	$ (0.08)	$ (0.05)
Discontinued operations	$ 0.04		$ 0.04	$ (0.01)
Total basic and diluted net (loss) income per share	$ (0.02)	$ 0.01	$ (0.04)	$ (0.06)
Weighted average common and common equivalent shares outstanding - basic	23,179,066	23,179,066	23,179,066	25,610,007
Weighted average common and common equivalent shares outstanding - diluted	23,179,066	23,179,066	23,179,066	25,610,007

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CERTAIN COMMITMENTS AND CONTINGENCIES

6 Months Ended

Jun. 30, 2012

CERTAIN COMMITMENTS AND CONTINGENCIES

(7) CERTAIN COMMITMENTS AND CONTINGENCIES:

Litigation

On October 27, 2011, the Company, together with National Amusements Inc., filed a lawsuit against AMC Entertainment Inc. (“AMC”) (Case No. 50 2011 CA 016684) in the Circuit Court of the 15th Judicial Circuit in and for Palm Beach County, Florida relating to MovieTickets.com.  On February 8, 2012, MovieTickets.com, Inc. joined the lawsuit against AMC and an amended complaint was filed. MovieTickets.com is an online movie ticketing service in which Hollywood Media, National Amusements, Inc. and AMC each own a 26.2% equity interest.   

The amended complaint alleges that AMC has breached and continues to breach the MovieTickets.com Joint Venture Agreement, which obligates AMC to exclusively provide its ticket inventory to MovieTickets.com, and has breached its contractual and common law duties of good faith, fair dealing, and loyalty with respect to MovieTickets.com and its joint venturers, Hollywood Media and National Amusements, Inc., as a result of various actions by AMC. The amended complaint contends that when AMC’s demands for greater control and a larger share of MovieTickets.com were not met, AMC breached and continues to breach the MovieTickets.com Joint Venture Agreement, which obligates AMC to exclusively provide its ticket inventory to MovieTickets.com. The amended complaint further specifies breaches by AMC of its contractual and common law duties of good faith, fair dealing, and loyalty and violations of Florida’s Deceptive and Unfair Trade Practices Act. Among other things, the plaintiffs allege in the amended complaint that AMC used its inside position with MovieTickets.com and access to MovieTickets.com’s proprietary information in order to advance AMC’s own goals in contravention of its duty of loyalty to the joint venture and to the detriment of MovieTickets.com.

Hollywood Media and the other plaintiffs have asked for a jury trial and are seeking unspecified consequential damages and have reserved the right to seek punitive damages.  Hollywood Media and the other plaintiffs also are seeking a declaratory judgment that AMC is obligated to make available on MovieTickets.com’s website AMC’s ticket inventory for sale on an exclusive basis and to honor its’ contractual and common law fiduciary duties of good faith and loyalty. Discovery is proceeding.

Hollywood Media is from time to time party to various legal proceedings, including matters arising in the ordinary course of business.  Currently, the Company is unaware of any actual or threatened litigation against it.

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SEGMENT REPORTING

6 Months Ended

Jun. 30, 2012

SEGMENT REPORTING

(6) SEGMENT REPORTING:

Hollywood Media’s reportable segments are Ad Sales, Intellectual Properties, and Other.

The Ad Sales segment consists of Hollywood Media’s investment in MovieTickets.com. Prior to the sale of Cinemasource UK Limited on May 1, 2012 (which business included UK Theatres Online Limited, Spring Leisure Limited, Cinemasonline Limited and WWW.CO.UK Limited), the Ad Sales segment also sold advertising on plasma TV displays throughout the U.K. and Ireland, on lobby display posters, movie brochure booklets and ticket wallets distributed in cinemas, live theater and other entertainment venues in the U.K. and Ireland. See Note 3, “Discontinued Operations” for information on the sale of Cinemasource UK Limited.

The Intellectual Properties segment owns or controls the exclusive rights to certain intellectual properties created by best-selling authors and media celebrities, which it licenses across all media. This segment also includes Tekno Books, a book development business.

The Other segment is comprised of payroll and benefits for corporate and administrative personnel as well as other corporate-wide expenses such as legal fees, 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 to make an assessment of and report on internal control over financial reporting. This segment also includes Hollywood Media’s investment in Project Hollywood.

There are no intersegment sales or transfers.

As of June 30, 2012, the Ad Sales segment consists of the Company’s investment in MovieTickets.com. As the Company accounts for its investment in MovieTickets.com under the equity method of accounting, there are no net revenues, operating income (loss), capital expenditures or depreciation and amortization expense to report for the Ad Sales segment. The following table illustrates the financial information regarding Hollywood Media’s reportable segments.

	Six Months Ended June 30,						Three Months Ended June 30,
	2012			2011			2012			2011
	(unaudited)			(unaudited)			(unaudited)			(unaudited)
Net Revenues:
Intellectual Properties	$	333,047		$	689,123		$	156,213		$	460,475
Other		-			-			-			-
	$	333,047		$	689,123		$	156,213		$	460,475
Operating Income (Loss):
Intellectual Properties	$	(23,381	)		75,026			(42,287	)		60,789
Other		(2,453,073	)		(3,293,685	)		(1,544,736	)		(1,222,452	)
	$	(2,476,454	)	$	(3,218,659	)	$	(1,587,023	)	$	(1,161,663	)
Capital Expenditures:
Intellectual Properties	$	-		$	6,140		$	-		$	6,140
Other		36,222			58,360			19,332			29,349
	$	36,222		$	64,500		$	19,332		$	35,489
Depreciation and Amortization Expense:
Intellectual Properties	$	2,224		$	327		$	1,112		$	163
Other		72,940			112,312			36,458			54,827
	$	75,164		$	112,639		$	37,570		$	54,990

	June 30,		December 31,
	2012		2011
	(unaudited)
Segment Assets:
Ad Sales (1)	$	9,978,739	$	10,017,175
Intellectual Properties		1,117,259		1,201,695
Other (1)		5,227,553		7,003,919
	$	16,323,551	$	18,222,789

(1) December 31, 2011 segment assets have been adjusted for the reclassification of assets related to Cinemasource UK Limited of $590,507 from the Ad Sales segment to the Other segment.

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Assets and Liabilities Discontinued Operations (Detail) (USD $)	Dec. 31, 2011
Discontinued Operations [Line Items]
Current assets	$ 566,691
Property and equipment, net	23,816
Total assets of discontinued operations	590,507
Current liabilities	1,130,268
Long-term liabilities	2,158
Total liabilities of discontinued operations	$ 1,132,426

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SEGMENT REPORTING (Tables)

6 Months Ended

Jun. 30, 2012

Financial Information Regarding Reportable Segments

The following table illustrates the financial information regarding Hollywood Media’s reportable segments.

	Six Months Ended June 30,						Three Months Ended June 30,
	2012			2011			2012			2011
	(unaudited)			(unaudited)			(unaudited)			(unaudited)
Net Revenues:
Intellectual Properties	$	333,047		$	689,123		$	156,213		$	460,475
Other		-			-			-			-
	$	333,047		$	689,123		$	156,213		$	460,475
Operating Income (Loss):
Intellectual Properties	$	(23,381	)		75,026			(42,287	)		60,789
Other		(2,453,073	)		(3,293,685	)		(1,544,736	)		(1,222,452	)
	$	(2,476,454	)	$	(3,218,659	)	$	(1,587,023	)	$	(1,161,663	)
Capital Expenditures:
Intellectual Properties	$	-		$	6,140		$	-		$	6,140
Other		36,222			58,360			19,332			29,349
	$	36,222		$	64,500		$	19,332		$	35,489
Depreciation and Amortization Expense:
Intellectual Properties	$	2,224		$	327		$	1,112		$	163
Other		72,940			112,312			36,458			54,827
	$	75,164		$	112,639		$	37,570		$	54,990

	June 30,		December 31,
	2012		2011
	(unaudited)
Segment Assets:
Ad Sales (1)	$	9,978,739	$	10,017,175
Intellectual Properties		1,117,259		1,201,695
Other (1)		5,227,553		7,003,919
	$	16,323,551	$	18,222,789

(1) December 31, 2011 segment assets have been adjusted for the reclassification of assets related to Cinemasource UK Limited of $590,507 from the Ad Sales segment to the Other segment.

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

6 Months Ended

Jun. 30, 2012

Principles of Consolidation

Principles of Consolidation

Hollywood Media’s consolidated financial statements include the accounts of Hollywood Media and its wholly-owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. Hollywood Media’s 50%, 26.2% and 20.65% ownership interests in NetCo Partners, MovieTickets.com and Project Hollywood LLC, respectively, are accounted for under the equity method of accounting.

Loss per Common Share

Loss per Common Share

Financial Accounting Standards Board Accounting Standards Codification (“ASC”) Topic No. 260, “Earnings Per Share” (ASC 260), requires companies to present basic and diluted earnings per share (“EPS”). Loss per common share is computed by dividing net loss attributable to Hollywood Media Corp. (the numerator) by the weighted average number of common shares outstanding (the denominator) for the period presented.

The weighted average number of common shares issuable upon conversion of convertible securities and upon exercise of outstanding options and warrants totaled 75,000 shares for each of the six and three months ended June 30, 2012 and such shares were excluded from the calculation of basic and diluted loss per share for the six and three months ended June 30, 2012, because their impact was anti-dilutive to the loss per share from continuing operations. Unvested shares are not included in the basic calculation until vesting occurs and are not included in the diluted calculation because they are anti-dilutive. There were no unvested shares as of June 30, 2012 and 2011, respectively.

	For the Six Months				For the Three Months
	Ended June 30,				Ended June 30,
	2012		2011		2012		2011
Basic weighted average shares outstanding		23,179,066		25,610,007		23,179,066		23,179,066
Effect of dilutive unvested restricted stock		-		-		-		-
Dilutive weighted average shares outstanding		23,179,066		25,610,007		23,179,066		23,179,066
Options to purchase shares of Common Stock and
other stock-based awards outstanding which are not
included in the calculation of diluted income (loss)
per share because their impact is anti-dilutive		75,000		80,435		75,000		80,435

Segment Information

Segment Information

ASC Topic No. 280, “Segment Reporting”, establishes standards for reporting of selected information about operating segments in interim financial reports issued to shareholders. It also establishes standards for related disclosures about products and services, geographic areas and major customers. ASC Topic No. 280 has been applied to the information appearing in Note 6.

Derivative Instruments

Derivative Instruments

The Company records derivative instruments at fair value in our accompanying condensed consolidated balance sheets with changes in the fair values of those instruments reported in earnings in our condensed consolidated results of operations. The Company does not hold any derivative instruments that reduce risk associated with hedging exposure, accordingly the Company has not designated any of its derivatives liability financial instruments as hedge instruments.

Recent Accounting Pronouncements

Recent Accounting Pronouncements

In May 2011, the FASB issued Accounting Standards Update (“ASU”) No. 2011-4, Fair Value Measurement (Topic 820): Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRS. This ASU represents the converged guidance of the FASB and the IASB ("the Boards") on fair value measurement. The collective efforts of the Boards and their staffs have resulted in common requirements, including a consistent meaning of the term "fair value." The Boards have concluded the common requirements will result in greater comparability of fair value measurements presented and disclosed in financial statements prepared in accordance with U.S. GAAP and IFRS. The ASU is effective during interim and annual periods beginning after December 15, 2011 and its adoption did not have a material effect on the Company’s condensed consolidated financial statements.

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MOVIETICKETS.COM

6 Months Ended

Jun. 30, 2012

MOVIETICKETS.COM

(8) MOVIETICKETS.COM:

Hollywood Media owns 26.2% of the equity in MovieTickets.com, Inc. as of June 30, 2012 and shares in 26.2% of the income or losses generated by the joint venture.  This investment is recorded under the equity method of accounting, recognizing 26.2% of ownership of MovieTickets.com income or loss as “Equity (losses) in earnings of unconsolidated investees” in the accompanying condensed consolidated balance sheets. 

Hollywood Media recorded its 26.2% share of net loss or $72,115 and $121,034 under “Earnings (Losses) of Unconsolidated Investees” in the accompanying unaudited condensed consolidated statement of operations for the six and three months ended June 30, 2012, respectively. The Company recorded $179,068 and $115,610 in earnings of unconsolidated investees for the six and three months ended June 30, 2011, respectively. On July 18, 2011 MovieTickets.com declared a dividend of $4,000,000. Hollywood Media received its 26.2% pro rata share of such dividend, amounting to $1,048,875 on July 19, 2011, which reduced the Company’s investment in MovieTickets.com as the dividend did not exceed the amount of the Company’s investment. Hollywood Media distributed on July 19, 2011 $52,444 of such dividend distribution, representing 5% of Hollywood Media’s share of the dividends, to each of Mr. Rubenstein and Ms. Silvers in accordance with their amended and restated employment agreements dated December 23, 2009. Other than the July 18, 2011 dividend discussed above, there were no dividends declared or received during the six and three months ended June 30, 2012 or during the year ended December 31, 2011. For a description of the amended and restated employment agreements to Mr. Rubenstein and Ms. Silvers, see Note 9, “Related Party Transactions” to these unaudited condensed consolidated financial statements.

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RELATED PARTY TRANSACTIONS

6 Months Ended

Jun. 30, 2012

RELATED PARTY TRANSACTIONS

(9) RELATED PARTY TRANSACTIONS:

On October 27, 2011, following Project Hollywood LLC’s acquisition of all of the membership interests of Baseline LLC, Hollywood Media acquired a 21.74% ownership interest in Project Hollywood LLC for $1.25 million, which was contributed to Project Hollywood LLC and which was based on the same per membership unit price paid by Baseline Holdings for its 78.26% ownership interest in Project Hollywood LLC. The funds contributed were used for working capital and other capital needs of the Baseline StudioSystems business. Project Hollywood entered into two agreements with the two former senior executives of Baseline StudioSystems to manage the business on a day-to-day basis, as of December 1, 2011. Under those agreements, the managers will each receive 7.5% of Project Hollywood LLC’s membership units subject to a three year vesting schedule (at a rate of 2.5% per annum) and the obtaining of certain performance-based EBITDA hurdles each year. Under that vesting schedule, Hollywood Media’s ownership in Project Hollywood was reduced to 20.65% at June 30, 2012, and (if vesting occurs) will be reduced to 19.57% at June 30, 2013 and 18.48% at June 30, 2014.

Distributions of $176,866 and $177,182 from Project Hollywood to Hollywood Media reduced Hollywood Media’s investment in Project Hollywood during the year ended December 31, 2011 and the six months ended June 30, 2012, respectively.

Hollywood Media recorded $326,758 and $129,241 in earn-out gain from R&S Investments, LLC during the six and three months ending June 30, 2012, respectively, which is included in “Income (loss) from discontinued operations” recorded in the accompanying condensed consolidated statement of operations. As of June 30, 2012, the Company has $642,082 included in “Related party receivable” in our accompanying condensed consolidated balance sheets which consisted of $542,600 in earn-out receivable from R&S Investments, LLC, $10,870 in distributions receivable from Project Hollywood, $72,109 in expense reimbursements from R&S Investments, LLC, $16,139 for payroll taxes receivable from Mr. Rubenstein and Ms. Silvers and $364 for an expense reimbursement receivable from MovieTickets.com. $284,231 of the earn-out from R&S Investments, LLC was due on June 30, 2012. However, the due date for such earn-out, together with any other earn-out payments that may become due from R&S Investments, LLC on or before October 31, 2012 has been extended until October 31, 2012 in order for the parties to seek to finalize discussions that may lead to the buy-out of the entire earn-out at a negotiated price. The discussions are being handled on behalf of Hollywood Media bya Special Committee of Hollywood Media’s Board of Directors comprised solely of independent directors. There is no guaranty or assurance that such discussions will lead to a final agreement regarding a buy-out of such earn-out.

Hollywood Media recorded $304,499 and $152,543 in earn-out gain from R&S Investments, LLC during the six and three months ending June 30, 2011 which is included in “Income (loss) from discontinued operations” recorded in the accompanying condensed consolidated statement of operations. As of December 31, 2011, the Company has $521,497 included in “Related party receivable” in our accompanying consolidated balance sheets which consisted of $371,353 in earn-out receivable, $105,561 in distributions receivable from Project Hollywood, $36,106 in expense reimbursements from R&S Investments, $5,904 for an expense reimbursement receivable from MovieTickets.com and $2,576 for a combined receivable from Mr. Rubenstein and Ms. Silvers. 

R&S Investments, LLC Indemnification

On November 5, 2010, Hollywood.com, LLC, a former subsidiary of the Company, was sued for copyright infringement for the alleged display of unlicensed celebrity photographs on the hollywood.com website, which is owned by Hollywood.com, LLC. Certain of the celebrity photographs at issue were posted during the time that Hollywood Media Corp. owned Hollywood.com. Because Hollywood Media owned Hollywood.com during part of the time that the alleged display of unlicensed celebrity photographs on the hollywood.com website occurred, the possibility exists that Hollywood Media could be subject to claims relating to this matter and other similar claims. To address the potential risks to Hollywood Media associated with any such claims, in February 2011, Hollywood Media entered into an indemnification agreement with R&S Investments, LLC, whereby R&S Investments, LLC agrees to indemnify and hold Hollywood Media harmless from any and all potential liabilities and claims against Hollywood Media arising from any such claims in exchange for a one-time cash payment by Hollywood Media to R&S Investments, LLC of $350,000. The indemnification agreement was approved on behalf of the Company by an Independent Committee of the Board of Directors.

Amended and Restated Employment Agreements of Mr. Rubenstein and Ms. Silvers

On December 23, 2009, (i) Hollywood Media and Mitchell Rubenstein entered into an amendment to his amended and restated employment agreement and (ii) Hollywood Media and Laurie S. Silvers entered into an amendment to her amended and restated employment agreement (hereafter, collectively referred to as “Amendments to Employment Agreements). The Amendments to Employment Agreements provide for, among other things, the following:

• For a period of ninety days after the closing of the sale of Theatre Direct, Mr. Rubenstein’s and Ms. Silvers’ compensation continues in accordance with then existing terms.

• After this ninety-day period, Mr. Rubenstein and Ms. Silvers base salaries are each reduced to a nominal amount of $1 per year plus each is entitled to five percent (5%) of the sum of (i) any distributions and other proceeds Hollywood Media receives after such ninety-day period in connection with its ownership interest in MovieTickets.com, Inc. and (ii) certain other amounts that may be received by Hollywood Media from MovieTickets.com, Inc. ((i) and (ii) are referred to herein as the “5% Distribution”). Upon a sale of Hollywood Media’s interest in MovieTickets.com, Inc., Mr. Rubenstein and Ms. Silvers would each also receive 5% of the proceeds received by Hollywood Media in such sale. Should the employment agreements be terminated by Hollywood Media without “cause”, by death or by Mr. Rubenstein and/or Ms. Silvers, as applicable, for “good reason” the 5% Distributions and 5% of proceeds upon sale are due to Mr. Rubenstein and Ms. Silvers or their heirs regardless of whether or not Mr. Rubenstein and/or Ms. Silvers continue in the employment of the Company.

• A deferment by Mr. Rubenstein and Ms. Silvers of $812,501 and $332,189, respectively otherwise due to them as change of control payments upon the consummation of the sale of Theatre Direct (Deferred Change in Control Payments).

The Amendments to Employment Agreements also provide that if Mr. Rubenstein and/or Ms. Silvers, continue to be employed by Hollywood Media on the first anniversary (Sale Anniversary) of the sale of Theatre Direct (or if such employment is terminated on or before the Sale Anniversary by Hollywood Media without “cause” or by Mr. Rubenstein and/or Ms. Silvers, as applicable, for “good reason”), and Hollywood Media receives payments from the buyer of Theatre Direct under either i) the Promissory Note or ii) an earn-out provision (Earn-out), they may be entitled to their Deferred Change in Control Payments. Specifically, up to one-half of the Deferred Change in Control Payments would be due upon collections under the Promissory Note, on a pro-rata basis, and up to one-half of the Deferred Change in Control Payments would be due upon certain collections of the Earn-out, on a pro-rata basis. These amounts will be due to Mr. Rubenstein, Ms. Silvers and/or their heirs regardless of whether or not Mr. Rubenstein and/or Ms. Silvers continue in the employment of Hollywood Media after the Sale Anniversary. The Deferred Change in Control Payments would be due according to the following schedule:

• Mr. Rubenstein will be entitled to:

• 4.76% of all payments of principal and interest received by Hollywood Media on account of the Promissory Note (for a maximum amount of $407,201, of which a total of $76,065 has been paid to Mr. Rubenstein), and

• 5.79% of the first $7 million of Earn-out payments received by Hollywood Media (for a maximum amount of $405,300).

• Ms. Silvers will be entitled to:

• 1.94% of all payments of principal and interest received by Hollywood Media on account of the Promissory Note (for a maximum amount of $166,989 of which a total of $31,001 has been paid to Ms. Silvers), and

• 2.36% of the first $7 million of Earn-out payments received by Hollywood Media (for a maximum amount of $165,200).

From time to time the Company’s Compensation Committee may award discretionary bonuses to Mr. Rubenstein and Ms. Silvers based on their service or performance to the Company. Mr. Rubenstein received a bonus of $225,000 and Ms. Silvers received a bonus of $200,000 during the three months ended June 30, 2012 and no bonuses during the three months ended March 31, 2012. Bonuses are included in “Payroll and benefits” in the accompanying unaudited condensed consolidated statements of operations.  Mr. Rubenstein and Ms. Silvers have notified the Compensation Committee that each of them plans to voluntarily waive the first $225,000 (in the case of Mr. Rubenstein) and the first $200,000 (in the case of Ms. Silvers) of the 5% Distribution each of them would be entitled to receive of the 5% Distribution.

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

6 Months Ended

Jun. 30, 2012

Antidilutive Securities Excluded from Computation of Earnings Per Share

The weighted average number of common shares issuable upon conversion of convertible securities and upon exercise of outstanding options and warrants totaled 75,000 shares for each of the six and three months ended June 30, 2012 and such shares were excluded from the calculation of basic and diluted loss per share for the six and three months ended June 30, 2012, because their impact was anti-dilutive to the loss per share from continuing operations. Unvested shares are not included in the basic calculation until vesting occurs and are not included in the diluted calculation because they are anti-dilutive. There were no unvested shares as of June 30, 2012 and 2011, respectively.

	For the Six Months				For the Three Months
	Ended June 30,				Ended June 30,
	2012		2011		2012		2011
Basic weighted average shares outstanding		23,179,066		25,610,007		23,179,066		23,179,066
Effect of dilutive unvested restricted stock		-		-		-		-
Dilutive weighted average shares outstanding		23,179,066		25,610,007		23,179,066		23,179,066
Options to purchase shares of Common Stock and
other stock-based awards outstanding which are not
included in the calculation of diluted income (loss)
per share because their impact is anti-dilutive		75,000		80,435		75,000		80,435

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Related Party Transactions - Additional Information (Detail) (USD $)	3 Months Ended		6 Months Ended		12 Months Ended	6 Months Ended	1 Months Ended	6 Months Ended		6 Months Ended		1 Months Ended		3 Months Ended		6 Months Ended			3 Months Ended	6 Months Ended			3 Months Ended	6 Months Ended
	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2011	Dec. 31, 2011	Jun. 30, 2012 R&S Investments, LLC	Oct. 27, 2011 Project Hollywood LLC	Jun. 30, 2012 Project Hollywood LLC	Dec. 31, 2011 Project Hollywood LLC	Jun. 30, 2012 Project Hollywood LLC June 30, 2013	Jun. 30, 2012 Project Hollywood LLC June 30, 2014	Oct. 27, 2011 Project Hollywood LLC Baseline Holdings	Oct. 27, 2011 Project Hollywood LLC Annual	Jun. 30, 2012 Hollywood Media	Jun. 30, 2011 Hollywood Media	Jun. 30, 2012 Hollywood Media	Jun. 30, 2011 Hollywood Media	Jun. 30, 2012 Payroll and Related Expenses	Jun. 30, 2012 Mitchell Rubenstein	Jun. 30, 2012 Mitchell Rubenstein	Jun. 30, 2012 Mitchell Rubenstein Maximum	Jun. 30, 2012 Mitchell Rubenstein First $7 million of Earn-out payments received by Hollywood Media	Jun. 30, 2012 Laurie Silvers	Jun. 30, 2012 Laurie Silvers	Jun. 30, 2012 Laurie Silvers Maximum	Jun. 30, 2012 Laurie Silvers First $7 million of Earn-out payments received by Hollywood Media	Jun. 30, 2012 Earn-out receivable	Dec. 31, 2011 Earn-out receivable	Jun. 30, 2012 Earn-out receivable R&S Investments, LLC	Jun. 30, 2012 Expense Reimbursements R&S Investments, LLC	Dec. 31, 2011 Expense Reimbursements R&S Investments, LLC	Jun. 30, 2012 Expense Reimbursements MovieTickets.com	Dec. 31, 2011 Expense Reimbursements MovieTickets.com	Dec. 31, 2011 Mr. Rubenstein and Ms. Silvers
Related Party Transaction [Line Items]
Ownership interests in equity method investment							21.74%	20.65%		19.57%	18.48%	78.26%
Cash paid for acquisition							$ 1,250,000
Percentage of membership unit to give for service over three years							7.50%						2.50%
The number of years in which the compensation for service is vested							3 years
Distributions of investment			177,182		176,866
Income from discontinued operations	34,166	(175,955)	22,584	(165,390)										129,241	152,543	326,758	304,499
Related party receivable	642,082		642,082		521,497				105,561					10,870		10,870		16,139									542,600	371,353	284,231	72,109	36,106	364	5,904	2,576
Cash payment by Holloywood Media in connection with indemnification agreement						350,000
Base salaries percentage			5.00%
Amended and Restated Employment Agreements, description			After this ninety-day period, Mr. Rubenstein and Ms. Silvers base salaries are each reduced to a nominal amount of $1 per year plus each is entitled to five percent (5%) of the sum of (i) any distributions and other proceeds Hollywood Media receives after such ninety-day period in connection with its ownership interest in MovieTickets.com,Inc. and (ii) certain other amounts that may be received by Hollywood Media from MovieTickets.com, Inc. ((i) and (ii) are referred to herein as the "5% Distribution"). Upon a sale of Hollywood Media's interest in MovieTickets.com, Inc., Mr. Rubenstein and Ms. Silvers would each also receive 5% of the proceeds received by Hollywood Media in such sale. Should the employment agreements be terminated by Hollywood Media without "cause", by death or by Mr. Rubenstein and/or Ms.Silvers, as applicable, for "good reason" the 5% Distributions and 5% of proceeds upon sale are due to Mr. Rubenstein and Ms. Silvers or their heirs regardless of whether or not Mr. Rubenstein and/or Ms. Silvers continue in the employment of the Company.
Deferred Change in Control Payments																			812,501	812,501			332,189	332,189
Percentage of earn-out paid																			4.76%	4.76%			1.94%	1.94%
Related party entitlement from notes receivable																					407,201				166,989
Payments to related party																				76,065				31,001
Earn-out percentage entitlement, related party																						5.79%				2.36%
Related party entitlement from earn-out payment received																					405,300				165,200
Bonus paid for service																			225,000				200,000
Voluntarily waived distributions by related party																			$ 225,000				$ 200,000
Percentage of distributions waived by related party																			5.00%				5.00%

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Antidilutive Securities Excluded from Computation of Earnings Per Share (Detail)	3 Months Ended		6 Months Ended
	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2011
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Basic weighted average shares outstanding	23,179,066	23,179,066	23,179,066	25,610,007
Effect of dilutive unvested restricted stock
Dilutive weighted average shares outstanding	23,179,066	23,179,066	23,179,066	25,610,007
Options to purchase shares of Common Stock and other stock-based awards outstanding which are not included in the calculation of diluted income (loss) per share because their impact is anti-dilutive	75,000	80,435	75,000	80,435

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Fair Value Measurements - Additional Information (Detail) (USD $)	1 Months Ended	6 Months Ended
	Dec. 29, 2009	Jun. 30, 2012	Dec. 31, 2011
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Imputed interest Rate		16.50%
Derivative liabilities		$ 1,040,000	$ 1,090,000
Percentage of compensation arrangement that would be received by Mitchell Rubenstein and Laurie S. Silvers	5.00%
Percentage of common shares outstanding		5.00%
Warrant exercise price description		Conversion Event, as defined, and which also contains a put option that allows the Company, after the seventh anniversary of the issue date, to put the warrant to Key Brand for the greater of fair market value of the shares or $1.0 million.
Value of warrant at exercise date		1,000,000
Fair value of warrant		$ 0
MovieTickets.com
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Percentage of compensation arrangement that would be received by Mitchell Rubenstein and Laurie S. Silvers	5.00%

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	6 Months Ended
	Jun. 30, 2012	Jun. 30, 2011
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (948,747)	$ (1,446,978)
Adjustments to reconcile net loss to net cash used in operating activities:
(Income) loss from discontinued operations	(998,557)	66,087
Depreciation and amortization	75,164	112,639
Amortization of deferred compensation costs - officers	215,000	126,349
Equity in losses (earnings) of unconsolidated investees, net of distributions or dividends	148,526	(178,407)
Loss on disposal of fixed assets	1,387
Gain on sale of business	(649,215)
Change in fair value of derivative liabilities	(50,000)
Changes in assets and liabilities:
Prepaid expenses	(37,284)	68,555
Other receivables	75,516	(1,189,663)
Related party receivable	(16,377)	51,748
Other assets	(49,800)	1,137
Accounts payable	116,562	(148,945)
Accrued expenses and other	255,686	(213,157)
Deferred revenue	(120,175)	(79,081)
Other deferred liability	(10,913)	(19,384)
Net cash used in operating activities - continuing operations	(1,344,012)	(2,849,100)
Net cash (used in) provided by operating activities - discontinued operations	(38,134)	6,441
Net cash used in operating activities	(1,382,146)	(2,842,659)
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures	(36,222)	(64,500)
Acquisition of intangible assets		(25,300)
Net proceeds (expenditures) from sale of assets and businesses	155,511	(5,464,661)
Net cash provided by (used in) investing activities - continuing operations	119,289	(5,554,461)
Net cash used in investing activities - discontinued operations		(8,306)
Net cash provided by (used in) investing activities	119,289	(5,562,767)
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayments under capital lease obligations	(11,734)	(35,265)
Purchase of tendered common stock		(16,400,000)
Net cash used in financing activities - continuing operations	(11,734)	(16,435,265)
Net cash used in financing activities - discontinued operations		(2,362)
Net cash used in financing activities	(11,734)	(16,437,627)
NET DECREASE IN CASH AND CASH EQUIVALENTS	(1,274,591)	(24,843,053)
CASH AND CASH EQUIVALENTS, beginning of period	3,683,063	29,372,317
CASH AND CASH EQUIVALENTS, end of period	2,408,472	4,529,264
SUPPLEMENTAL SCHEDULE OF CASH RELATED ACTIVITIES:
Interest paid	3,489	14,968
Income taxes paid	$ 38,000	$ 73,054

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FAIR VALUE MEASUREMENTS

6 Months Ended

Jun. 30, 2012

FAIR VALUE MEASUREMENTS

(5) FAIR VALUE MEASUREMENTS:

The carrying amounts of cash and cash equivalents, receivables and accounts payable, approximate their fair values due to the short-term maturities of these instruments. The carrying value of notes payable and the non-interest bearing loan receivable with imputed interest at 16.5%, per annum, approximate fair value because the interest rates approximate the market rates.

Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash and cash equivalents. The Company’s cash management and investment policies restrict investments to low risk, highly-liquid securities, and the Company performs periodic evaluations of the credit standing of the financial institutions with which it deals. The Company generally does not require collateral when granting credit.

Fair value is the price that would be received to sell an asset or paid to transfer a liability in the Company’s principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date, essentially the exit price.  In accordance with ASC Topic 820, Fair Value Measurements and Disclosures (“ASC 820”), the Company determines fair value using a fair value hierarchy that distinguishes between market participant assumptions developed based on market data obtained from sources independent of the Company and the Company’s own assumptions about market participant assumptions developed based on the best information available in the circumstances.

The levels of fair value hierarchy are:

Level 1:  Quoted prices in active markets for identical assets and liabilities at the measurement date.

Level 2:  Observable inputs other than quoted prices included in Level 1, such as (i) quoted prices for similar assets and liabilities in active markets, (ii) quoted prices for identical or similar assets and liabilities in markets that are not active, and (iii) other inputs that are observable or can be corroborated by observable market data.

Level 3:  Unobservable inputs for which there is little or no market data available.

Within this level of the hierarchy, fair value is based upon the lowest level of any input that is significant to the fair value measurement.  However, the determination of what constitutes “observable” requires significant judgment by the Company.  The Company considers observable data to be market data that is readily available, regularly distributed or updated, reliable and verifiable, not proprietary, and provided by independent sources that are actively involved in the relevant market.  In contrast, the Company considers unobservable data to be data that reflects the Company’s assumptions of what market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.

Compensation Liabilities

On December 29, 2009, the Company and Mitchell Rubenstein and Laurie S. Silvers entered into amended and restated employment agreements which include a compensation arrangement that includes the right for each to receive 5% of all of the distributions that the Company receives from its interest in MovieTickets.com which includes 5% to each of all proceeds received by the Company from either dividends or from the sale of all or any portion of MovieTickets.com.  The fair value of this liability, which was initially measured on March 15, 2011, the date that the compensation arrangement was effective, is recorded in “Derivative Liabilities”, with any changes in the fair value recorded in “Other, net” in the accompanying condensed consolidated statements of operations. At June 30, 2012, the fair value of the derivative liability was $1,040,000.

Warrant

In conjunction with the Broadway Sale, the Company received a warrant (initially valued at zero) to purchase 5% of the outstanding shares of common stock of Theatre Direct, which can only be exercised upon a Conversion Event, as defined, and which also contains a put option that allows the Company, after the seventh anniversary of the issue date, to put the warrant to Key Brand for the greater of fair market value of the shares or $1.0 million.  The warrant is revalued on a recurring basis. After estimating future cash flows adjusted for risk factors it was determined that the fair value was zero at June 30, 2012.

Certain assets such as long-lived assets and goodwill are measured at fair value on a nonrecurring basis; that is, the assets and liabilities are not measured at fair value on an ongoing basis but are subject to fair value adjustments in certain circumstance such as impairment review. In those circumstances, fair value measurements are principally based upon unobservable inputs (Level 3 of the fair value hierarchy) using the Company’s own assumptions in determining fair value.

The following table presents the Company’s derivative liabilities and warrant on a recurring basis and the Company’s goodwill on a non-recurring basis within the fair value hierarchy utilized to measure fair value as of June 30, 2012:

	Level 1		Level 2		Level 3
Derivative liabilities – June 30, 2012		-0-		-0-	$	1,040,000
Warrant – June 30, 2012		-0-		-0-		-
Goodwill – June 30, 2012		-0-		-0-	$	9,800,000

There were no transfers between the levels of the fair value hierarchy during the quarter ended June 30, 2012.

The following table presents a reconciliation of the compensation derivative liabilities measured at fair value on a recurring basis using significant unobservable input (Level 3) from December 31, 2011 to June 30, 2012:

	Compensation
	derivative
	liabilities
Balance at December 31, 2011	$	1,090,000
Change in fair value included in earnings		(50,000	)
Balance at June 30, 2012	$	1,040,000

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Derivative Liabilities and Warrant on Recurring Basis and Goodwill on Non-Recurring Basis within Fair Value Hierarchy Utilized to Measure Fair Value (Detail) (USD $)	Jun. 30, 2012	Dec. 31, 2011
Derivative [Line Items]
Derivative liabilities	$ 1,040,000	$ 1,090,000
Warrant	0
GOODWILL	9,800,000	9,800,000
Level 1
Derivative [Line Items]
Derivative liabilities	0
Warrant	0
GOODWILL	0
Level 2
Derivative [Line Items]
Derivative liabilities	0
Warrant	0
GOODWILL	0
Level 3
Derivative [Line Items]
Derivative liabilities	1,040,000
GOODWILL	$ 9,800,000

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Summary of Significant Accounting Policies - Additional Information (Detail)	3 Months Ended		6 Months Ended
	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2011
Significant Accounting Policies [Line Items]
Options to purchase shares of Common Stock and other stock-based awards outstanding which are not included in the calculation of diluted income (loss) per share because their impact is anti-dilutive	75,000	80,435	75,000	80,435
NetCo Partners
Significant Accounting Policies [Line Items]
Ownership interests in equity method investment	50.00%		50.00%
Hollywood Media Equity Interest in MovieTickets.Com
Significant Accounting Policies [Line Items]
Ownership interests in equity method investment	26.20%		26.20%
Project Hollywood LLC
Significant Accounting Policies [Line Items]
Ownership interests in equity method investment	20.65%		20.65%