BOCA RATON, FL -- (Marketwire) -- 08/16/10 -- Hollywood Media Corp. (NASDAQ: HOLL), a leading provider of online ticketing services and entertainment-related offerings, today reported financial results for the second quarter ended June 30, 2010. As previously announced, the Company has reached a definitive agreement to sell its Broadway Ticketing business subject to the approval of Hollywood Media's shareholders as well as the satisfaction or waiver of certain other closing conditions set forth in the definitive agreement.

For the 2010 second quarter, net revenues increased 11% to $33.6 million compared to $30.3 million in the prior-year period. Broadway Ticketing revenues, which represented 97% of the Company's total net revenues, increased 12% versus the prior year period.

Net income for the 2010 second quarter was $0.2 million, or $0.01 per diluted share. This compares to a net loss of $4.8 million, or $0.16 per share, in the prior-year period which included a $5.0 million non-cash impairment charge related to the Ad Sales segment. Net income for the 2010 second quarter was impacted by $0.2 million in legal expenses related to the proposed sale of the Broadway Ticketing business, a $0.2 million increase in inventory reserve to reflect the Company's decision to carry more ticketing inventory to meet demand, a $0.1 million early termination fee on an office lease in order to downsize the Company's corporate offices in Boca Raton, Florida, and $0.1 million in payroll costs in the Broadway Ticketing business relating to the proposed sale.

EBITDA* in the 2010 second quarter for the Company as a whole was $0.6 million, compared to an EBITDA loss of $4.4 million in the prior-year period. EBITDA in the 2010 second quarter was impacted by the items noted above and EBITDA loss in the 2009 second quarter included the non-cash impairment charge noted above. Broadway Ticketing EBITDA contributed $2.1 million in the 2010 second quarter, which was impacted as noted above by the payroll costs relating to the proposed sale and the increase in inventory reserve, compared to $2.2 million in the prior-year period.

Mitchell Rubenstein, CEO of Hollywood Media, commented, "We continued to drive revenue gains in our Broadway Ticketing business during the period highlighted by 12% growth in the segment. We attribute the increase to the successful relaunch of our enhanced Broadway.com website, our focus on inventory management, and robust tourism in New York City. Advertising sales from Broadway shows increased 44% which serves as an offset to our cost of revenues-ticketing.

"Within our Intellectual Property division, we are pleased that one of our latest book projects, 'Death's Excellent Vacation,' developed under our Tekno Books subsidiary and edited by Charlaine Harris and Toni Kelner, reached #8 on The New York Times® Hardcover Fiction Bestseller List. The most recent list is posted at www.nytimes.com and will be published in this Sunday's print edition of The New York Times® Book Review. Finally, MovieTickets.com, in which we own a 26.2% equity interest, reached a new milestone in the period as it announced the signing of its 200th movie theater chain partner."

At June 30, 2010, cash and cash equivalents were $6.8 million with no debt compared to cash and cash equivalents of $10.0 million with no debt at March 31, 2010. The change in cash position is due primarily to an increase of $3.4 million in ticketing inventories held for sale, as well as $0.3 million in cash paid in connection with the proposed sale of Broadway Ticketing and the $0.1 million early lease termination fee mentioned above. In addition to the impact of the Company's decision to carry more ticketing inventory to meet improved demand, the Company historically builds up its ticketing inventory in the second quarter in anticipation of the seasonally strong fourth quarter holiday season. On June 30, 2010, the Company's ticketing inventory level was $0.6 million higher than it was on June 30, 2009. The Company also has approximately $1.2 million in its restricted cash balance related to a bond for Broadway ticketing purchases.

Teleconference Information

Management will host a teleconference to discuss the Company's 2010 second quarter financial results. The conference call is scheduled for Monday, August 16, 2010 at 4:30 p.m. Eastern Time. To access the teleconference, please dial 877-407-8293 (U.S.) or 201-689-8349 (international) approximately 10 minutes prior to the start of the call. The teleconference will also be available via live webcast on the investor relations portion of Hollywood Media's website, http://www.hollywoodmedia.com/conference_calls.htm.

If you are unable to listen to the live teleconference, a replay will be available through August 23, 2010, and can be accessed by dialing 877-660-6853 (U.S.) or 201-612-7415 (international). Callers will be prompted for replay account number 342# followed by conference ID number 355164#. An archived version of the webcast will also be available under the investor relations section of Hollywood Media's website at http://www.hollywoodmedia.com

About Hollywood Media Corp.

Hollywood Media is comprised primarily of Internet businesses focused on online ticketing, which include Broadway.com and Hollywood Media's minority interest in MovieTickets.com. Hollywood Media also owns the UK-based CinemasOnline and an Intellectual Property division.

*Note on EBITDA

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

Note on Forward-Looking Statements

Statements in this press release may be "forward-looking statements" within the meaning of federal securities laws. The matters discussed herein that are forward-looking statements are based on current management expectations that involve risks and uncertainties that may result in such expectations not being realized. Actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements due to numerous potential risks and uncertainties, including, but not limited to, the need to manage our growth, our ability to realize anticipated revenues and cost efficiencies, the impact of potential future dispositions or other strategic transactions by Hollywood Media, our ability to develop and maintain strategic relationships, our ability to compete with other online ticketing services and other competitors, technology risks, the volatility of our stock price, and other risks and factors described in Hollywood Media Corp.'s filings with the Securities and Exchange Commission including our Form 10-K for 2009. Such forward-looking statements speak only as of the date on which they are made.

                  HOLLYWOOD MEDIA CORP. AND SUBSIDIARIES
                  CONDENSED CONSOLIDATED BALANCE SHEETS


                                                  June 30,    December 31,
                                                    2010          2009
                                                ------------  ------------
                                                (unaudited)
                      ASSETS

CURRENT ASSETS:
  Cash and cash equivalents                     $  6,801,204  $ 11,764,810
  Receivables, net                                 1,043,272       897,503
  Inventories held for sale, net                   6,275,993     3,735,691
  Deferred ticket costs                            8,906,280    10,985,160
  Prepaid expenses                                 2,642,107     1,896,237
  Other receivables                                1,099,180     1,125,263
  Other current assets                                25,943       436,675
  Related party receivable                           206,379       335,245
  Restricted cash                                  1,221,000     1,221,000
                                                ------------  ------------
    Total current assets                          28,221,358    32,397,584

PROPERTY AND EQUIPMENT, net                        3,893,013     4,369,085
INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED
 INVESTEES                                           750,430       230,097
INTANGIBLE ASSETS, net                               265,104       390,818
GOODWILL                                          20,230,119    20,197,513
OTHER ASSETS                                          21,082        21,082
                                                ------------  ------------
    TOTAL ASSETS                                $ 53,381,106  $ 57,606,179
                                                ============  ============

     LIABILITIES AND SHAREHOLDERS' EQUITY

CURRENT LIABILITIES:
  Accounts payable                              $  1,048,781  $  1,632,351
  Accrued expenses and other                       2,910,799     3,074,549
  Deferred revenue                                11,661,726    14,012,178
  Gift certificate liability                       3,601,090     3,794,899
  Customer deposits                                  460,682       948,273
  Current portion of capital lease obligations        75,564       123,061
  Current portion of notes payable                    15,285        37,454
                                                ------------  ------------
    Total current liabilities                     19,773,927    23,622,765

DEFERRED REVENUE                                     247,252       309,190
CAPITAL LEASE OBLIGATIONS, less current portion       37,440        75,830
OTHER DEFERRED LIABILITY                             995,932     1,105,553
NOTES PAYABLE, less current portion                        -         2,432

COMMITMENTS AND CONTINGENCIES

SHAREHOLDERS' EQUITY:
  Preferred Stock, $.01 par value, 1,000,000
   shares authorized; none outstanding                     -             -
  Common stock, $.01 par value, 100,000,000
   shares authorized; 31,179,066 and
   31,037,656 shares issued and outstanding
   at June 30, 2010 and December 31, 2009,
   respectively                                      311,791       310,377
  Additional paid-in capital                     309,722,146   309,480,331
  Accumulated deficit                           (277,695,246) (277,315,848)
                                                ------------  ------------
    Total Hollywood Media Corp shareholders'
     equity                                       32,338,691    32,474,860
  Non-controlling interest                           (12,136)       15,549
                                                ------------  ------------
    Total shareholders' equity                    32,326,555    32,490,409
                                                ------------  ------------
    TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY  $ 53,381,106  $ 57,606,179
                                                ============  ============





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



                         SIX MONTHS ENDED           THREE MONTHS ENDED
                             JUNE 30,                    JUNE 30,
                    --------------------------  --------------------------
                        2010          2009          2010          2009
                    ------------  ------------  ------------  ------------

NET REVENUES
  Ticketing         $ 54,908,530  $ 49,381,447  $ 32,681,447  $ 29,138,882
  Other                2,007,701     2,184,705       938,435     1,113,373
                    ------------  ------------  ------------  ------------
                      56,916,231    51,566,152    33,619,882    30,252,255
                    ------------  ------------  ------------  ------------


OPERATING COSTS AND
 EXPENSES
  Cost of revenues -
   ticketing          45,318,633    41,152,654    27,121,997    24,118,554
  Editorial,
   production,
   development and
   technology          1,329,794     1,236,913       640,628       594,923
  Selling, general
   and
   administrative      5,401,426     5,117,994     2,884,474     2,437,983
  Payroll and
   benefits            5,512,342     5,038,874     2,787,764     2,452,198
  Depreciation and
   amortization          757,284       794,968       373,245       387,894
                    ------------  ------------  ------------  ------------

    Total
     operating
     costs and
     expenses         58,319,479    53,341,403    33,808,108    29,991,552
                    ------------  ------------  ------------  ------------

    Income (loss)
     from
     operations       (1,403,248)   (1,775,251)     (188,226)      260,703

EARNINGS (LOSSES)
 OF UNCONSOLIDATED
 INVESTEES
  Equity in
   earnings
   (losses) of
   unconsolidated
   investees             548,868     1,912,833       168,921          (810)
  Impairment loss              -    (5,000,000)            -    (5,000,000)
                    ------------  ------------  ------------  ------------
    Total equity
     in earnings
     (losses) of
     unconsolidated
     investees           548,868    (3,087,167)      168,921    (5,000,810)

OTHER INCOME
 (EXPENSE)
  Interest, net           11,704        15,122           466         3,670
  Other, net             123,134       (40,214)       63,807       (56,053)
                    ------------  ------------  ------------  ------------

    Income (loss)
     from
     continuing
     operations         (719,542)   (4,887,510)       44,968    (4,792,490)

Income from
 discontinued
 operations              325,444             -       144,974             -
                    ------------  ------------  ------------  ------------

    Net income
     (loss)             (394,098)   (4,887,510)      189,942    (4,792,490)

NET (INCOME) LOSS
 ATTRIBUTABLE TO
 NON-CONTROLLING
 INTEREST                 14,700           941        16,489        (2,226)

                    ------------  ------------  ------------  ------------
    Net income
     (loss)
     attributable
     to Hollywood
     Media Corp     $   (379,398) $ (4,886,569) $    206,431  $ (4,794,716)
                    ============  ============  ============  ============

Basic and diluted
 income (loss) per
 common share
    Continuing
     operations     $      (0.02) $      (0.16) $       0.01  $      (0.16)
    Discontinued
     operations             0.01             -          0.00             -
                    ------------  ------------  ------------  ------------
    Total basic
     and diluted
     net income
     (loss) per
     share          $      (0.01) $      (0.16) $       0.01  $      (0.16)
                    ============  ============  ============  ============

Weighted average
 common and common
 equivalent shares
 outstanding -
 basic                30,907,452    30,528,692    30,945,735    30,637,658
                    ============  ============  ============  ============

Weighted average
 common and common
 equivalent shares
 outstanding -
 diluted              30,907,452    30,528,692    31,179,068    30,637,658
                    ============  ============  ============  ============






                          Hollywood Media Corp.
         Segment Summary Financial Data and EBITDA Reconciliation


For the Six Months
Ended June 30, 2010
(unaudited)


               Broadway     Ad Sales  Intellectual
               Ticketing       (1)     Properties  Other (2)      Total
              -----------  -----------  --------  -----------  -----------

Net Revenues  $54,908,530  $ 1,513,117  $494,584  $         -  $56,916,231

Operating
 Income
 (Loss)         2,641,759     (290,298)  (34,898)  (3,719,811)  (1,403,248)

              -----------  -----------  --------  -----------  -----------
Net Income
 (Loss)         2,640,759     (251,787)    7,957   (2,776,327)    (379,398)

  Add back
   (Income)
   Expense:

    Interest,
     net             (300)       4,114       (35)     (15,483)     (11,704)
    Taxes           1,336      (49,019)        -            -      (47,683)
    Depreciation
     and
     Amortiza-
     tion         449,499      142,512       149      165,124      757,284

              -----------  -----------  --------  -----------  -----------
EBITDA Income
 (Loss)       $ 3,091,294  $  (154,180) $  8,071  $(2,626,686) $   318,499
              ===========  ===========  ========  ===========  ===========

For the Six Months
Ended June 30, 2009
(unaudited)
               Broadway     Ad Sales  Intellectual
               Ticketing       (1)     Properties  Other (2)      Total
              -----------  -----------  --------  -----------  -----------

Net Revenues  $49,381,447  $ 1,664,619  $520,086  $         -  $51,566,152

Operating
 Income
 (Loss)         2,171,013     (158,650)   (1,958)  (3,785,656)  (1,775,251)

              -----------  -----------  --------  -----------  -----------
Net Income
 (Loss)         2,131,933   (5,159,639)   (1,891)  (1,856,972)  (4,886,569)

  Add back
   (Income)
   Expense:

    Interest,
     net           (7,393)       3,563      (495)     (10,797)     (15,122)
    Taxes               -      (40,966)        -        1,500      (39,466)
    Depreciation
     and
     Amortiza-
     tion         414,194      182,146       150      198,478      794,968

              -----------  -----------  --------  -----------  -----------
EBITDA Income
 (Loss)       $ 2,538,734  $(5,014,896) $ (2,236) $(1,667,791) $(4,146,189)
              ===========  ===========  ========  ===========  ===========

For the Three Months
Ended June 30, 2010
(unaudited)
               Broadway     Ad Sales  Intellectual
               Ticketing       (1)     Properties  Other (2)      Total
              -----------  -----------  --------  -----------  -----------

Net Revenues  $32,681,447  $   731,554  $206,881  $         -  $33,619,882

Operating
 Income
 (Loss)         1,891,924     (156,411)  (38,714)  (1,885,025)    (188,226)

              -----------  -----------  --------  -----------  -----------
Net Income
 (Loss)         1,892,041     (133,949)    5,998   (1,557,659)     206,431

  Add back
   (Income)
   Expense:

    Interest,
     net             (117)       1,783       (16)      (2,116)        (466)
    Taxes               -      (27,524)        -            -      (27,524)
    Depreciation
     and
     Amortiza-
     tion         224,634       66,804        74       81,733      373,245

              -----------  -----------  --------  -----------  -----------
EBITDA Income
 (Loss)       $ 2,116,558  $   (92,886) $  6,056  $(1,478,042) $   551,686
              ===========  ===========  ========  ===========  ===========

For the Three Months
Ended June 30, 2009
(unaudited)
               Broadway     Ad Sales  Intellectual
               Ticketing       (1)     Properties  Other (2)      Total
              -----------  -----------  --------  -----------  -----------

Net Revenues  $29,138,882  $   849,261  $264,112  $         -  $30,252,255

Operating
 Income
 (Loss)         2,053,088      (45,215)    4,597   (1,751,767)     260,703

              -----------  -----------  --------  -----------  -----------
Net Income
 (Loss)         2,011,230   (5,059,158)    1,699   (1,748,487)  (4,794,716)

  Add back
   (Income)
   Expense:

    Interest,
     net           (2,968)       1,849      (138)      (2,413)      (3,670)
    Taxes               -       (6,846)        -            -       (6,846)
    Depreciation
     and
     Amortiza-
     tion         198,934       91,164        75       97,721      387,894

              -----------  -----------  --------  -----------  -----------
EBITDA Income
 (Loss)       $ 2,207,196  $(4,972,991) $  1,636  $(1,653,179) $(4,417,338)
              ===========  ===========  ========  ===========  ===========



(1) The Ad Sales segment includes other advertising sales by
    CinemasOnline.
(2) 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 and its
    Independent Registered Public Accounting Firm to make an assessment
    of and report on internal control over financial reporting.
    Also includes Discontinued Operations financial information.