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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>WASHINGTON, D.C. 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM 8-K</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CURRENT REPORT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Date of report (Date of the earliest event
reported)&#9;<U>August 28, 2012</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 10.2pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 10.2pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>HOLLYWOOD MEDIA CORP.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Exact Name of Registrant as Specified in
Its Charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <TD STYLE="width: 33%; text-align: center; border-bottom: Black 1pt solid">Florida</TD>
    <TD STYLE="width: 34%; text-align: center; border-bottom: Black 1pt solid">1-14332</TD>
    <TD STYLE="width: 33%; text-align: center; border-bottom: Black 1pt solid">65-0385686</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;(State or Other Jurisdiction</TD>
    <TD STYLE="text-align: center">(Commission File</TD>
    <TD STYLE="text-align: center">(IRS Employer</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">of Incorporation)</TD>
    <TD STYLE="text-align: center">Number)</TD>
    <TD STYLE="text-align: center">Identification No.)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 54%; text-align: center">2255 Glades Road, Suite 221A,</TD>
    <TD STYLE="width: 13%">&nbsp;</TD>
    <TD STYLE="width: 33%; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; border-bottom: Black 1pt solid">Boca Raton, Florida</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; border-bottom: Black 1pt solid">33431</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;(Address of Principal Executive Offices)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">(Zip Code)</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; text-align: center; border-bottom: Black 1pt solid">(561) 998-8000</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(Registrant&rsquo;s Telephone Number, Including
Area Code)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; text-align: center; border-bottom: Black 1pt solid">Not Applicable</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(Former Name or Former
Address, if Changed Since Last Report)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; font-family: Wingdings">&uml;</TD>
    <TD>Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230 .425)</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; font-family: Wingdings">&uml;</TD>
    <TD>Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; font-family: Wingdings">&uml;</TD>
    <TD>Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; font-family: Wingdings">&uml;</TD>
    <TD>Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</TD></TR>
</TABLE>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>SECTION 1 - Registrant&rsquo;s Business and Operations</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>Item 1.01</B></TD><TD><B>Entry into a Material Definitive Agreement.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Sale by Hollywood Media Corp. of its Minority Interest in
Project Hollywood LLC (which owns the Baseline StudioSystems business</I>)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On August 28, 2012, Hollywood Media Corp.
(&ldquo;Hollywood Media&rdquo;) entered into an Assignment and Assumption of Membership Interest and Waiver (the &ldquo;Assignment&rdquo;)
with Baseline Holdings LLC (&ldquo;Baseline Holdings&rdquo;), Project Hollywood LLC (&ldquo;Project Hollywood&rdquo;), Mitchell
Rubenstein (&ldquo;Mr. Rubenstein&rdquo;) and Laurie S. Silvers (&ldquo;Ms. Silvers&rdquo;). Baseline Holdings is wholly-owned
by Mr. Rubenstein, the Chairman and Chief Executive Officer of Hollywood Media, and Ms. Silvers, the Vice-Chairman, President and
Secretary of Hollywood Media. As described below, the Assignment and the transactions contemplated by the Assignment were approved
by a Special Committee of Hollywood Media&rsquo;s Board of Directors consisting of two of Hollywood Media&rsquo;s independent directors
(the &ldquo;Special Committee&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Pursuant to the Assignment, Hollywood Media
assigned to Baseline Holdings all of Hollywood Media&rsquo;s membership interest in Project Hollywood in exchange for total consideration
of $1,800,000.00 (the &ldquo;Project Hollywood Purchase Price&rdquo;). The Project Hollywood Purchase Price has been paid as follows:
(1)&nbsp;$1,230,500.00 in cash (which has been paid by Baseline Holdings to Hollywood Media), (2)&nbsp;Mr. Rubenstein waived his
right to receive any future principal and interest owed by Key Brand Entertainment Inc. (&ldquo;Key Brand&rdquo;) to Hollywood
Media pursuant to the $8.5 million credit agreement between Key Brand and Hollywood Media (the &ldquo;Theatre Direct Credit Agreement&rdquo;)
(as of August&nbsp;28,&nbsp;2012, Mr. Rubenstein had the right to receive 4.76% of the principal, or $404,600.00, and interest
on account of the Theatre Direct Credit Agreement), and (3)&nbsp;Ms. Silvers waived her right to receive any future principal and
interest owed by Key Brand to Hollywood Media under the Theatre Direct Credit Agreement (as of August&nbsp;28,&nbsp;2012, Ms. Silvers
has the right to receive 1.94% of the principal, or $164,900.00, and interest on account of the Theatre Direct Credit Agreement).
Hollywood Media acquired its membership interest in Project Hollywood on October 27, 2011 for $1,250,000.00.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As a result of the waivers of Mr. Rubenstein
and Ms. Silvers described in the preceding paragraph, after August 28, 2012, Hollywood Media will retain all payments of principal
and interest made by Key Brand under the Theatre Direct Credit Agreement. As of August 28, 2012, the principal balance due under
the Theatre Direct Credit Agreement was $8,500,000.00. The loan under the Theatre Direct Credit Agreement matures on December 15,
2015 and interest payments under the Theatre Direct Credit Agreement are due quarterly at a rate of 12% per annum. Mr. Rubenstein
and Ms. Silvers informed the Special Committee that if Key Brand defaults on its obligation to make principal and interest payments
under the Theatre Direct Credit Agreement, then, within ninety days after the date Mr. Rubenstein and Ms. Silvers receive notice
of such default, Mr. Rubenstein and Ms. Silvers will pay Hollywood Media an amount equal to the amount Hollywood Media would have
received as a result of the waivers of Mr. Rubenstein and Ms. Silvers described in the preceding paragraph had Key Brand not defaulted
under the Theatre Direct Credit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Special Committee unanimously approved
the Assignment and determined that the transactions contemplated by the Assignment were advisable, fair to and in the best interests
of Hollywood Media and its shareholders. In connection with approving the transactions contemplated by the Assignment, the Special
Committee received a fairness opinion from a firm with experience in valuation work, which stated that as of August 28, 2012, based
upon and subject to (and in reliance on) the assumptions made, matters considered and limits of such review, in each case as set
forth in its opinion, the Project Hollywood Purchase Price was fair from a financial point of view to Hollywood Media.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The foregoing summary of the Assignment
and the transactions contemplated by the Assignment do not purport to be complete and are subject to, and qualified in their entirety
by, the full text of the Assignment which is filed as Exhibit 10.1 hereto and is incorporated by reference into this Current Report
on Form 8-K.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Buyout of Obligation of R&amp;S Investments, LLC to Pay Earnout</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On August 28, 2012, (1)&nbsp;Hollywood Media
and R&amp;S Investments, LLC (&ldquo;R&amp;S Investments&rdquo;) entered into an Agreement (the &ldquo;R&amp;S Agreement&rdquo;)
regarding the Purchase Agreement dated as of August&nbsp;21,&nbsp;2008 between Hollywood Media and R&amp;S Investments, as amended
(the &ldquo;R&amp;S Purchase Agreement&rdquo;), (2) Hollywood Media, Mr. Rubenstein and Ms. Silvers entered into a letter agreement
regarding the R&amp;S Agreement (the &ldquo;Rubenstein Silvers Letter Agreement&rdquo;), and (3) R&amp;S Investments provided Hollywood
Media with a letter regarding a contingent additional payment (the &ldquo;R&amp;S Letter&rdquo;). R&amp;S Investments is wholly-owned
by Mr. Rubenstein and Ms. Silvers. As described below, the R&amp;S Agreement and the Rubenstein Silvers Letter Agreement and the
transactions contemplated by the R&amp;S Agreement and the Rubenstein Silvers Letter Agreement were approved by the Special Committee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Pursuant to the R&amp;S Agreement, in exchange
for R&amp;S Investments paying Hollywood Media $2,950,000.00 in cash (the &ldquo;Buyout Amount&rdquo;), which payment has been
made to Hollywood Media, R&amp;S Investments fully satisfied all of its obligation to pay the purchase price under Section 3.1
of the R&amp;S Purchase Agreement and any additional consideration or earnout payment under Section 3.3 of the R&amp;S Purchase
Agreement, and R&amp;S Investments shall have no further obligations and/or liabilities (and Hollywood Media shall have no further
rights and/or remedies) under Article III of the R&amp;S Purchase Agreement or otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Pursuant to the Rubenstein Silvers Letter
Agreement, Mr. Rubenstein agreed that that, in connection with the transaction consummated under the R&amp;S Agreement and in addition
to the Buyout Amount, the next $280,000.00 of the MovieTickets.com 5% Interest (as defined in the Amended and Restated Employment
Agreement dated as of December 22, 2008, between Hollywood Media and Mr. Rubenstein, as amended (the &ldquo;Rubenstein Employment
Agreement&rdquo;)) that would be distributed by Hollywood Media to Mr. Rubenstein pursuant to the Rubenstein Employment Agreement
will be retained by Hollywood Media (and not paid to Mr. Rubenstein).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In addition, pursuant to the Rubenstein
Silvers Letter Agreement, Ms. Silvers agreed that, in connection with the transaction consummated under the R&amp;S Agreement and
in addition to the Buyout Amount, the next $280,000.00 of the MovieTickets.com 5% Interest (as defined in the Amended and Restated
Employment Agreement dated as of December 22, 2008, between Hollywood Media and Ms. Silvers, as amended (the &ldquo;Silvers Employment
Agreement&rdquo;)) that would be distributed by Hollywood Media to Ms. Silvers pursuant to the Silvers Employment Agreement will
be retained by Hollywood Media (and not paid to Ms. Silvers).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Pursuant to the R&amp;S Letter, R&amp;S
Investments agreed that in the event of a sale of all the assets of Hollywood.com, LLC to one person or a group of persons not
controlled, directly or indirectly, by Mr. Rubenstein and Ms. Silvers or their heirs, personal representatives or affiliates prior
to August 31, 2015, R&amp;S Investments shall pay to Hollywood Media $3,500,000.00 or, if less, the amount received by R&amp;S
Investments in connection with such transaction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Special Committee unanimously approved
the R&amp;S Agreement and the Rubenstein Silvers Letter Agreement and determined that the transactions contemplated by the R&amp;S
Agreement and the Rubenstein Silvers Letter Agreement were advisable, fair to and in the best interests of Hollywood Media and
its shareholders. In connection with approving the transactions contemplated by the R&amp;S Agreement and the Rubenstein Silvers
Letter Agreement, the Special Committee received a fairness opinion from a firm with experience in valuation work, which stated
that as of August 28, 2012, based upon and subject to (and in reliance on) the assumptions made, matters considered and limits
of such review, in each case as set forth in its opinion, the Buyout Amount to be paid by R&amp;S Investments was fair from a financial
point of view to Hollywood Media.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The foregoing summary of the R&amp;S Agreement,
the Rubenstein Silvers Letter Agreement and the R&amp;S Letter and the transactions contemplated by the R&amp;S Agreement, the
Rubenstein Silvers Letter Agreement and the R&amp;S Letter do not purport to be complete and are subject to, and qualified in their
entirety by, the full text of the R&amp;S Agreement, the Rubenstein Silvers Letter Agreement and the R&amp;S Letter, each of which
are respectively filed as Exhibits 10.2, 10.3 and 10.4 hereto and are incorporated by reference into this Current Report on Form
8-K.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>SECTION 5 &ndash; Corporate Governance and Management</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 5.02(e) Compensatory Arrangements of Certain Officers.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The information set forth in Item 1.01 of this Current Report
on Form 8-K regarding the Assignment (and the transactions contemplated by the Assignment) and the Rubenstein Silvers Letter Agreement
(and the transactions contemplated by the Rubenstein Silvers Letter Agreement) is hereby incorporated by reference into this Item
5.02(e).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>SECTION 9 - Financial Statements and Exhibits</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>Item 9.01</B></TD><TD><B>Financial Statements and Exhibits.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(a)</TD><TD><I>Financial Statements of Businesses Acquired.</I></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(b)</TD><TD><I>Pro Forma Financial Information.</I></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(c)</TD><TD><I>Shell Company Transactions.</I></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(d)</TD><TD><I>Exhibits.</I></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 21%; padding-top: 0; padding-bottom: 0"><U>Exhibit Number</U></TD>
    <TD STYLE="width: 79%; padding-top: 0; padding-bottom: 0"><U>Description</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="padding-top: 0; padding-bottom: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0; padding-bottom: 0">10.1</TD>
    <TD STYLE="padding-top: 0; padding-bottom: 0">Assignment and Assumption of Membership Interest and Waiver dated as of August 28, 2012 among Hollywood Media Corp., Baseline Holdings LLC, Project Hollywood LLC, Mitchell Rubenstein and Laurie S. Silvers.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="padding-top: 0; padding-bottom: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0; padding-bottom: 0">10.2</TD>
    <TD STYLE="padding-top: 0; padding-bottom: 0">Agreement dated as of August 28, 2012 between Hollywood Media Corp. and R&amp;S Investments, LLC.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="padding-top: 0; padding-bottom: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0; padding-bottom: 0">10.3</TD>
    <TD STYLE="padding-top: 0; padding-bottom: 0">Letter Agreement dated as of August 28, 2012 among Hollywood Media Corp., Mitchell Rubenstein and Laurie S. Silvers.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="padding-top: 0; padding-bottom: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0; padding-bottom: 0">10.4</TD>
    <TD STYLE="padding-top: 0; padding-bottom: 0">Letter dated as of August 28, 2012 from R&amp;S Investments, LLC to Hollywood Media Corp. regarding a contingent additional payment.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-indent: -2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-indent: -2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-indent: -2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-indent: -2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-indent: -2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-indent: -2in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SIGNATURE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Pursuant to the requirements of the Securities Exchange Act
of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 3.25in"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold">Hollywood Media Corp.</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">Date:<B> September 4, 2012</B></TD>
    <TD STYLE="font-weight: bold; width: 3%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; width: 5%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; width: 27%">&nbsp;</TD>
    <TD STYLE="width: 15%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; border-bottom: Black 1pt solid">/s/ Tammy G. Hedge</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name:</TD>
    <TD>Tammy G. Hedge</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title:</TD>
    <TD>Chief Financial Officer and Chief Accounting Officer</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.25in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>EXHIBIT INDEX</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 2in"><U>Exhibit Number</U></TD><TD><U>Description</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 2in">10.1</TD><TD>Assignment and Assumption of Membership Interest and Waiver dated as of August 28, 2012 among Hollywood Media Corp., Baseline
Holdings LLC, Project Hollywood LLC, Mitchell Rubenstein and Laurie S. Silvers.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-indent: -2in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 2in">10.2</TD><TD>Agreement dated as of August 28, 2012 between Hollywood Media Corp. and R&amp;S Investments, LLC.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-indent: -2in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 2in">10.3</TD><TD>Letter Agreement dated as of August 28, 2012 among Hollywood Media Corp., Mitchell Rubenstein and Laurie S. Silvers.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-indent: -2in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 2in">10.4</TD><TD>Letter dated as of August 28, 2012 from R&amp;S Investments, LLC to Hollywood Media Corp. regarding a contingent additional
payment.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-indent: -2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-indent: -2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-indent: -2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-indent: -2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-indent: -2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-indent: -2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-indent: -2in">&nbsp;</P>



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[{"type": "8-K", "sequence": "1", "filename": "v322890_8-k.htm", "description": "FORM 8-K", "secsgml_size_bytes": 37021}]
{"company-data": {"conformed-name": "HOLLYWOOD MEDIA CORP", "cik": "0000912544", "assigned-sic": "5990", "irs-number": "650385686", "state-of-incorporation": "FL", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-14332", "film-number": "121071119"}, "business-address": {"street1": "2255 GLADES RD", "street2": "STE 237 W", "city": "BOCA RATON", "state": "FL", "zip": "33431", "phone": "5619988000"}, "mail-address": {"street1": "2255 GLADES RD", "street2": "STE 237 W", "city": "BOCA RATON", "state": "FL", "zip": "33431"}, "former-company": [{"former-conformed-name": "HOLLYWOOD COM INC", "date-changed": "20000511"}, {"former-conformed-name": "BIG ENTERTAINMENT INC", "date-changed": "19930924"}]}
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of report (Date of the earliest event
reported)
August 28, 2012
HOLLYWOOD MEDIA CORP.
(Exact Name of Registrant as Specified in
Its Charter)
Florida
1-14332
65-0385686
(State or Other Jurisdiction
(Commission File
(IRS Employer
of Incorporation)
Number)
Identification No.)
2255 Glades Road, Suite 221A,
Boca Raton, Florida
33431
(Address of Principal Executive Offices)
(Zip Code)
(561) 998-8000
(Registrant's Telephone Number, Including
Area Code)
Not Applicable
(Former Name or Former
Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
¨
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230 .425)
¨
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
SECTION 1 - Registrant's Business and Operations
Item 1.01
Entry into a Material Definitive Agreement.
Sale by Hollywood Media Corp. of its Minority Interest in
Project Hollywood LLC (which owns the Baseline StudioSystems business
)
On August 28, 2012, Hollywood Media Corp.
("Hollywood Media") entered into an Assignment and Assumption of Membership Interest and Waiver (the "Assignment")
with Baseline Holdings LLC ("Baseline Holdings"), Project Hollywood LLC ("Project Hollywood"), Mitchell
Rubenstein ("Mr. Rubenstein") and Laurie S. Silvers ("Ms. Silvers"). Baseline Holdings is wholly-owned
by Mr. Rubenstein, the Chairman and Chief Executive Officer of Hollywood Media, and Ms. Silvers, the Vice-Chairman, President and
Secretary of Hollywood Media. As described below, the Assignment and the transactions contemplated by the Assignment were approved
by a Special Committee of Hollywood Media's Board of Directors consisting of two of Hollywood Media's independent directors
(the "Special Committee").
Pursuant to the Assignment, Hollywood Media
assigned to Baseline Holdings all of Hollywood Media's membership interest in Project Hollywood in exchange for total consideration
of $1,800,000.00 (the "Project Hollywood Purchase Price"). The Project Hollywood Purchase Price has been paid as follows:
(1) $1,230,500.00 in cash (which has been paid by Baseline Holdings to Hollywood Media), (2) Mr. Rubenstein waived his
right to receive any future principal and interest owed by Key Brand Entertainment Inc. ("Key Brand") to Hollywood
Media pursuant to the $8.5 million credit agreement between Key Brand and Hollywood Media (the "Theatre Direct Credit Agreement")
(as of August 28, 2012, Mr. Rubenstein had the right to receive 4.76% of the principal, or $404,600.00, and interest
on account of the Theatre Direct Credit Agreement), and (3) Ms. Silvers waived her right to receive any future principal and
interest owed by Key Brand to Hollywood Media under the Theatre Direct Credit Agreement (as of August 28, 2012, Ms. Silvers
has the right to receive 1.94% of the principal, or $164,900.00, and interest on account of the Theatre Direct Credit Agreement).
Hollywood Media acquired its membership interest in Project Hollywood on October 27, 2011 for $1,250,000.00.
As a result of the waivers of Mr. Rubenstein
and Ms. Silvers described in the preceding paragraph, after August 28, 2012, Hollywood Media will retain all payments of principal
and interest made by Key Brand under the Theatre Direct Credit Agreement. As of August 28, 2012, the principal balance due under
the Theatre Direct Credit Agreement was $8,500,000.00. The loan under the Theatre Direct Credit Agreement matures on December 15,
2015 and interest payments under the Theatre Direct Credit Agreement are due quarterly at a rate of 12% per annum. Mr. Rubenstein
and Ms. Silvers informed the Special Committee that if Key Brand defaults on its obligation to make principal and interest payments
under the Theatre Direct Credit Agreement, then, within ninety days after the date Mr. Rubenstein and Ms. Silvers receive notice
of such default, Mr. Rubenstein and Ms. Silvers will pay Hollywood Media an amount equal to the amount Hollywood Media would have
received as a result of the waivers of Mr. Rubenstein and Ms. Silvers described in the preceding paragraph had Key Brand not defaulted
under the Theatre Direct Credit Agreement.
The Special Committee unanimously approved
the Assignment and determined that the transactions contemplated by the Assignment were advisable, fair to and in the best interests
of Hollywood Media and its shareholders. In connection with approving the transactions contemplated by the Assignment, the Special
Committee received a fairness opinion from a firm with experience in valuation work, which stated that as of August 28, 2012, based
upon and subject to (and in reliance on) the assumptions made, matters considered and limits of such review, in each case as set
forth in its opinion, the Project Hollywood Purchase Price was fair from a financial point of view to Hollywood Media.
2
The foregoing summary of the Assignment
and the transactions contemplated by the Assignment do not purport to be complete and are subject to, and qualified in their entirety
by, the full text of the Assignment which is filed as Exhibit 10.1 hereto and is incorporated by reference into this Current Report
on Form 8-K.
Buyout of Obligation of R&S Investments, LLC to Pay Earnout
On August 28, 2012, (1) Hollywood Media
and R&S Investments, LLC ("R&S Investments") entered into an Agreement (the "R&S Agreement")
regarding the Purchase Agreement dated as of August 21, 2008 between Hollywood Media and R&S Investments, as amended
(the "R&S Purchase Agreement"), (2) Hollywood Media, Mr. Rubenstein and Ms. Silvers entered into a letter agreement
regarding the R&S Agreement (the "Rubenstein Silvers Letter Agreement"), and (3) R&S Investments provided Hollywood
Media with a letter regarding a contingent additional payment (the "R&S Letter"). R&S Investments is wholly-owned
by Mr. Rubenstein and Ms. Silvers. As described below, the R&S Agreement and the Rubenstein Silvers Letter Agreement and the
transactions contemplated by the R&S Agreement and the Rubenstein Silvers Letter Agreement were approved by the Special Committee.
Pursuant to the R&S Agreement, in exchange
for R&S Investments paying Hollywood Media $2,950,000.00 in cash (the "Buyout Amount"), which payment has been
made to Hollywood Media, R&S Investments fully satisfied all of its obligation to pay the purchase price under Section 3.1
of the R&S Purchase Agreement and any additional consideration or earnout payment under Section 3.3 of the R&S Purchase
Agreement, and R&S Investments shall have no further obligations and/or liabilities (and Hollywood Media shall have no further
rights and/or remedies) under Article III of the R&S Purchase Agreement or otherwise.
Pursuant to the Rubenstein Silvers Letter
Agreement, Mr. Rubenstein agreed that that, in connection with the transaction consummated under the R&S Agreement and in addition
to the Buyout Amount, the next $280,000.00 of the MovieTickets.com 5% Interest (as defined in the Amended and Restated Employment
Agreement dated as of December 22, 2008, between Hollywood Media and Mr. Rubenstein, as amended (the "Rubenstein Employment
Agreement")) that would be distributed by Hollywood Media to Mr. Rubenstein pursuant to the Rubenstein Employment Agreement
will be retained by Hollywood Media (and not paid to Mr. Rubenstein).
In addition, pursuant to the Rubenstein
Silvers Letter Agreement, Ms. Silvers agreed that, in connection with the transaction consummated under the R&S Agreement and
in addition to the Buyout Amount, the next $280,000.00 of the MovieTickets.com 5% Interest (as defined in the Amended and Restated
Employment Agreement dated as of December 22, 2008, between Hollywood Media and Ms. Silvers, as amended (the "Silvers Employment
Agreement")) that would be distributed by Hollywood Media to Ms. Silvers pursuant to the Silvers Employment Agreement will
be retained by Hollywood Media (and not paid to Ms. Silvers).
Pursuant to the R&S Letter, R&S
Investments agreed that in the event of a sale of all the assets of Hollywood.com, LLC to one person or a group of persons not
controlled, directly or indirectly, by Mr. Rubenstein and Ms. Silvers or their heirs, personal representatives or affiliates prior
to August 31, 2015, R&S Investments shall pay to Hollywood Media $3,500,000.00 or, if less, the amount received by R&S
Investments in connection with such transaction.
The Special Committee unanimously approved
the R&S Agreement and the Rubenstein Silvers Letter Agreement and determined that the transactions contemplated by the R&S
Agreement and the Rubenstein Silvers Letter Agreement were advisable, fair to and in the best interests of Hollywood Media and
its shareholders. In connection with approving the transactions contemplated by the R&S Agreement and the Rubenstein Silvers
Letter Agreement, the Special Committee received a fairness opinion from a firm with experience in valuation work, which stated
that as of August 28, 2012, based upon and subject to (and in reliance on) the assumptions made, matters considered and limits
of such review, in each case as set forth in its opinion, the Buyout Amount to be paid by R&S Investments was fair from a financial
point of view to Hollywood Media.
3
The foregoing summary of the R&S Agreement,
the Rubenstein Silvers Letter Agreement and the R&S Letter and the transactions contemplated by the R&S Agreement, the
Rubenstein Silvers Letter Agreement and the R&S Letter do not purport to be complete and are subject to, and qualified in their
entirety by, the full text of the R&S Agreement, the Rubenstein Silvers Letter Agreement and the R&S Letter, each of which
are respectively filed as Exhibits 10.2, 10.3 and 10.4 hereto and are incorporated by reference into this Current Report on Form
8-K.
SECTION 5 – Corporate Governance and Management
Item 5.02(e) Compensatory Arrangements of Certain Officers.
The information set forth in Item 1.01 of this Current Report
on Form 8-K regarding the Assignment (and the transactions contemplated by the Assignment) and the Rubenstein Silvers Letter Agreement
(and the transactions contemplated by the Rubenstein Silvers Letter Agreement) is hereby incorporated by reference into this Item
5.02(e).
4
SECTION 9 - Financial Statements and Exhibits
Item 9.01
Financial Statements and Exhibits.
(a)
Financial Statements of Businesses Acquired.
Not applicable.
(b)
Pro Forma Financial Information.
Not applicable.
(c)
Shell Company Transactions.
Not applicable.
(d)
Exhibits.
Exhibit Number
Description
10.1
Assignment and Assumption of Membership Interest and Waiver dated as of August 28, 2012 among Hollywood Media Corp., Baseline Holdings LLC, Project Hollywood LLC, Mitchell Rubenstein and Laurie S. Silvers.
10.2
Agreement dated as of August 28, 2012 between Hollywood Media Corp. and R&S Investments, LLC.
10.3
Letter Agreement dated as of August 28, 2012 among Hollywood Media Corp., Mitchell Rubenstein and Laurie S. Silvers.
10.4
Letter dated as of August 28, 2012 from R&S Investments, LLC to Hollywood Media Corp. regarding a contingent additional payment.
5
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act
of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Hollywood Media Corp.
Date:
September 4, 2012
By:
/s/ Tammy G. Hedge
Name:
Tammy G. Hedge
Title:
Chief Financial Officer and Chief Accounting Officer
6
EXHIBIT INDEX
Exhibit Number
Description
10.1
Assignment and Assumption of Membership Interest and Waiver dated as of August 28, 2012 among Hollywood Media Corp., Baseline
Holdings LLC, Project Hollywood LLC, Mitchell Rubenstein and Laurie S. Silvers.
10.2
Agreement dated as of August 28, 2012 between Hollywood Media Corp. and R&S Investments, LLC.
10.3
Letter Agreement dated as of August 28, 2012 among Hollywood Media Corp., Mitchell Rubenstein and Laurie S. Silvers.
10.4
Letter dated as of August 28, 2012 from R&S Investments, LLC to Hollywood Media Corp. regarding a contingent additional
payment.