Document_And_Entity_Informatio
Document And Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Oct. 28, 2013 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 30-Sep-13 | |
Document Fiscal Year Focus | 2013 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | holl | |
Entity Registrant Name | HOLLYWOOD MEDIA CORP | |
Entity Central Index Key | 912544 | |
Current Fiscal Year End Date | -19 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 22,640,966 |
CONDENSED_CONSOLIDATED_BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $24,867,007 | $11,378,519 |
Prepaid expenses | 1,102,064 | 329,915 |
Other receivables | 74,893 | 75,105 |
Notes receivable, current | 33,603 | 1,375,545 |
Related party receivable | 21,883 | 37,287 |
Current portion of deferred compensation | 430,000 | 430,000 |
Total current assets | 26,529,450 | 13,626,371 |
PROPERTY AND EQUIPMENT, net | 360,574 | 240,645 |
INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED INVESTEES | 139,145 | 138,384 |
INTANGIBLE ASSETS, net | 2,358 | 8,683 |
GOODWILL | 6,200,000 | 6,200,000 |
OTHER ASSETS | 195,928 | 727,982 |
NOTES RECEIVABLE, less current portion | 84,007 | 4,455,106 |
WARRANT | 700,000 | |
DEFERRED COMPENSATION, less current portion | 196,151 | 518,651 |
TOTAL ASSETS | 33,707,613 | 26,615,822 |
CURRENT LIABILITIES: | ||
Accounts payable | 478,144 | 414,123 |
Accrued expenses and other | 964,164 | 1,036,788 |
Deferred revenue | 82,451 | 111,669 |
Current portion of capital lease obligations | 11,318 | 16,255 |
Total current liabilities | 1,536,077 | 1,578,835 |
CAPITAL LEASE OBLIGATIONS, less current portion | 28,640 | 2,152 |
OTHER DEFERRED LIABILITY | 65 | 355 |
DEFERRED REVENUE | 9,000 | 14,000 |
DERIVATIVE LIABILITIES | 60,000 | 60,000 |
TOTAL LIABILITIES | 1,633,782 | 1,655,342 |
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; 22,640,966 and 23,162,466 shares issued and outstanding at September 30, 2013 and December 31, 2012 respectively | 226,410 | 231,625 |
Additional paid-in capital | 292,831,089 | 293,591,903 |
Accumulated deficit | -260,983,668 | -268,863,048 |
Total shareholders' equity | 32,073,831 | 24,960,480 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $33,707,613 | $26,615,822 |
CONDENSED_CONSOLIDATED_BALANCE1
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Condensed Consolidated Balance Sheets [Abstract] | ||
Preferred stock, par value | $0.01 | $0.01 |
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred stock, outstanding | 0 | 0 |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 22,640,966 | 23,162,466 |
Common stock, shares outstanding | 22,640,966 | 23,162,466 |
CONDENSED_CONSOLIDATED_STATEME
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Condensed Consolidated Statements Of Operations [Abstract] | ||||
NET REVENUES | $139,984 | $96,035 | $323,445 | $429,082 |
OPERATING COSTS AND EXPENSES | ||||
Editorial, production, development and technology | 68,412 | 108,727 | 181,734 | 391,503 |
Selling, general and administrative | 882,951 | 639,012 | 2,579,142 | 1,839,990 |
Payroll and benefits | 439,990 | 368,904 | 1,338,777 | 1,619,487 |
Depreciation and amortization | 16,811 | 37,868 | 58,899 | 113,032 |
Total operating costs and expenses | 1,408,164 | 1,154,511 | 4,158,552 | 3,964,012 |
Loss from operations | -1,268,180 | -1,058,476 | -3,835,107 | -3,534,930 |
EARNINGS (LOSSES) OF UNCONSOLIDATED INVESTEES | ||||
Equity in earnings (losses) of unconsolidated investees | 400 | -159,665 | 108 | -141,851 |
Impairment loss | -3,600,000 | -3,600,000 | ||
Total equity in earnings (losses) of unconsolidated investees | 400 | -3,759,665 | 108 | -3,741,851 |
OTHER INCOME | ||||
Interest, net | 201,197 | 264,400 | 1,175,044 | 777,411 |
Accretion of discount, net of allowance for uncollectability | 218,384 | 1,468,757 | ||
Other, net | 9,245,302 | 1,109,986 | 9,297,426 | 1,108,312 |
Total other income | 9,664,883 | 1,374,386 | 11,941,227 | 1,885,723 |
Income (loss) from continuing operations before income taxes | 8,397,103 | -3,443,755 | 8,106,228 | -5,391,058 |
Income tax (expense) benefit | -186,011 | 1,127,612 | -226,848 | 1,498,482 |
Income (loss) from continuing operations | 8,211,092 | -2,316,143 | 7,879,380 | -3,892,576 |
Gain on sale of discontinued operations, net of income taxes | 1,839,788 | 2,444,891 | ||
Income from discontinued operations | 22,584 | |||
Income from discontinued operations | 1,839,788 | 2,467,475 | ||
Net income (loss) | $8,211,092 | ($476,355) | $7,879,380 | ($1,425,101) |
Basic and diluted income (loss) per common share | ||||
Continuing operations | $0.36 | ($0.10) | $0.35 | ($0.17) |
Discontinued operations | $0.08 | $0.11 | ||
Total basic and diluted net loss per share | $0.36 | ($0.02) | $0.35 | ($0.06) |
Weighted average common and common equivalent shares outstanding - basic and diluted | 22,640,966 | 23,179,066 | 22,688,135 | 23,179,066 |
CONDENSED_CONSOLIDATED_STATEME1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 9 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income (loss) | $7,879,380 | ($1,425,101) |
Adjustments to reconcile net income (loss) to net cash used in operating activities: | ||
Income from discontinued operations | -1,907,475 | |
Income tax benefit | -1,498,482 | |
Depreciation and amortization | 58,899 | 113,032 |
Accretion of discount, net of allowance for uncollectability | -1,468,757 | |
Equity in losses of unconsolidated investees, net of distributions or dividends | -771 | 324,496 |
Amortization of deferred compensation costs - officers | 322,500 | 322,500 |
Loss on disposal of fixed assets | 1,068 | 1,387 |
Gain on sale and business | -689,762 | |
Gain on prepayment of Loan and redemption of Warrant | -9,243,789 | |
Change in fair value of derivative liabilities | -1,030,000 | |
Goodwill impairment | 3,600,000 | |
Change in fair value of warrant | -50,000 | |
Changes in assets and liabilities: | ||
Prepaid expenses | -772,149 | 37,798 |
Other receivables | 212 | 78,701 |
Related party receivable | 15,404 | 36,500 |
Other assets | -53,897 | -41,401 |
Accounts payable | 64,021 | 7,461 |
Accrued expenses and other | -72,623 | 272,912 |
Derivative liabilities | ||
Deferred revenue | -34,218 | -154,259 |
Other deferred liability | -290 | -16,369 |
Net cash used in operating activities - Continuing operations | -3,355,010 | -1,968,062 |
Net cash used by operating activities - Discontinued operations | -38,134 | |
Net cash used in operating activities | -3,355,010 | -2,006,196 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Capital expenditures | -135,867 | -36,222 |
Cash received on notes receivable | 15,011,538 | |
Cash received on Warrant | 2,750,000 | |
Net proceeds from sale of assets and businesses | 1,230,500 | |
Net cash provided by investing activities - continuing operations | 17,625,671 | 1,194,278 |
Net cash provided by investing activities - discontinued operations | 3,105,511 | |
Net cash provided by investing activities | 17,625,671 | 4,299,789 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Repayments under capital lease obligations | -16,144 | -16,855 |
Purchase of Company stock | -766,029 | |
Net cash used in financing activities | -782,173 | -16,855 |
NET DECREASE IN CASH AND CASH EQUIVALENTS | 13,488,488 | 2,276,738 |
CASH AND CASH EQUIVALENTS, beginning of period | 11,378,519 | 3,683,063 |
CASH AND CASH EQUIVALENTS, end of period | 24,867,007 | 5,959,801 |
SUPPLEMENTAL SCHEDULE OF CASH RELATED ACTIVITIES AND NON-CASH FINANCING ACTIVITIES: | ||
Interest paid | 6,468 | 5,120 |
Income taxes paid | 423,613 | 38,508 |
Non-cash capital leases | $37,695 |
Basis_of_Presentation_and_Cons
Basis of Presentation and Consolidation | 9 Months Ended |
Sep. 30, 2013 | |
Basis of Presentation and Consolidation [Abstract] | |
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 8 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 nine and three months ended September 30, 2013 and the cash flows for the nine months ended September 30, 2013 are not necessarily indicative of the results of operations or cash flows for the remainder of 2013. 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, 2012, as filed with the Securities and Exchange Commission. | |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Summary of Significant Accounting Policies [Abstract] | |||||||||
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% and 26.2% ownership interests in NetCo Partners and MovieTickets.com, respectively, are accounted for under the equity method of accounting. | |||||||||
Income (Loss) per Common Share | |||||||||
Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic No. 260, “Earnings Per Share” (ASC 260), requires companies to present basic and diluted earnings per share (“EPS”). Income (loss) per common share is computed by dividing net income (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 nine and three months ended September 30, 2013 and such shares were excluded from the calculation of basic and diluted income (loss) per share for the nine and three months ended September 30, 2013 because their impact was anti-dilutive to the income (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 September 30, 2013 and 2012, respectively. | |||||||||
For the Nine Months | For the Three Months | ||||||||
Ended September 30, | Ended September 30, | ||||||||
2013 | 2012 | 2013 | 2012 | ||||||
Basic weighted average shares outstanding | 22,688,135 | 23,179,066 | 22,640,966 | 23,179,066 | |||||
Effect of dilutive unvested restricted stock | - | - | - | - | |||||
Dilutive weighted average shares outstanding | 22,688,135 | 23,179,066 | 22,640,966 | 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 | 75,000 | 75,000 | 75,000 | |||||
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, “Segment Reporting.” | |||||||||
Derivative Instruments | |||||||||
The Company records derivative instruments at fair value in our accompanying condensed consolidated balance sheet 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 derivative liability financial instruments as hedge instruments. | |||||||||
Recent Accounting Pronouncements | |||||||||
In October 2012, the FASB issued ASU 2012-04, ''Technical Corrections and Improvements" in Accounting Standards Update No. 2012-04. The amendments in this update cover a wide range of Topics in the Accounting Standards Codification. These amendments include technical corrections and improvements to the Accounting Standards Codification and conforming amendments related to fair value measurements. The amendments in this update will be effective for fiscal periods beginning after December 15, 2012. The adoption of ASU 2012-04 did not have a material impact on our financial position or results of operations. | |||||||||
Discontinued_Operations
Discontinued Operations | 9 Months Ended | |||||||||
Sep. 30, 2013 | ||||||||||
Discontinued Operations [Abstract] | ||||||||||
Discontinued Operations | (3)DISCONTINUED OPERATIONS: | |||||||||
Sale of Broadway Ticketing Division to Key Brand Entertainment, Inc. | ||||||||||
On December 15, 2010, 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, as amended, entered into between Hollywood Media and Key Brand (as amended, 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) an $8,500,000 note (the “Loan”) from Key Brand pursuant to a Second Lien Credit, Security and Pledge Agreement, dated as of December 15, 2010 (as amended, 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 (as amended, 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 was entitled to receive earnout payments (“the Earnout”) of up to $14,000,000, in two $7,000,000 tranches, contingent upon Theatre Direct and its subsidiaries achieving certain revenue targets during the period from the closing date through the end of the 10th full fiscal year following the closing date as set forth in the Purchase Agreement. | ||||||||||
In connection with the Credit Agreement, Hollywood Media, Key Brand and JPMorgan Chase Bank, N.A., as administrative agent for the senior secured lenders of Key Brand, entered into a Subordination and Intercreditor Agreement, dated December 15, 2010 (the “JPM Intercreditor Agreement”) which defined the rights and obligations of the senior secured lenders and Hollywood Media as subordinated lender, including, without limitation, the rights of payment and the subordination of the security interests of Hollywood Media. | ||||||||||
On March 14, 2011, Hollywood Media delivered to Key Brand a closing statement setting forth Hollywood Media’s calculation of Theatre Direct’s working capital as of the closing date of the Broadway Sale determined in the manner described in the Purchase Agreement. Pursuant to such closing statement, Hollywood Media accrued $3,702,620 as a working capital adjustment as of December 31, 2010 under the Purchase 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. | ||||||||||
April 2012 Amendments to the Broadway Sale Purchase Agreement, the Credit Agreement and the JPM Intercreditor Agreement | ||||||||||
On April 22, 2012, Hollywood Media entered into Amendment No. 4 to the Purchase Agreement (the “Fourth Purchase Agreement Amendment”). Pursuant to the Fourth Purchase Agreement Amendment, Hollywood Media 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 included Broadway.com, remained at Key Brand and Theatre Direct. As part of the Fourth Purchase Agreement Amendment, Key Brand agreed to pay the first $7,000,000 earnout amount (the “First $7 Million Earnout”) to Hollywood Media 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 First $7 Million Earnout amount was paid by Key Brand to Hollywood Media on October 1, 2012 and was recorded upon collection of the $7,000,000 received on October 1, 2012. In addition, the revenue calculation for the second $7,000,000 earnout amount (the “Second $7 Million Earnout”) was modified to exclude “group sales” (and the revenues of the new joint venture conducting such business) and the revenue target for the Second $7 Million Earnout was reduced from $150 million to $123 million accordingly. On October 5, 2012, Hollywood Media received written notice from Key Brand that Theatre Direct achieved the revenue target for the Second $7 Million Earnout in Key Brand’s fiscal year ended June 30, 2012. Accordingly, pursuant to the Fourth Purchase Agreement Amendment, the Second $7 Million Earnout was added as of October 5, 2012 to the principal amount of the Loan under the Credit Agreement. As of October 5, 2012, pursuant to the Credit Agreement, interest at a rate of 12% per annum and principal on the $7,000,000 portion of the Loan was amortized over the term of the Credit Agreement in equal quarterly installments. As a result of the Second $7 Million Earnout being added to the $8,500,000 principal amount of the Loan, the principal amount of the Loan due Hollywood Media by Key Brand was $15,500,000 as of October 5, 2012. | ||||||||||
Hollywood Media initially recorded the Second $7 Million Earnout at a fair value of $4,500,000, which reflected a $2,500,000 discount. Hollywood Media amortized the $2,500,000 discount under the effective interest method through August 8, 2013 at which time the Loan was paid in full (as described below). Amortization under the effective interest method is included in "Accretion of discount, net of allowance for uncollectability" in the accompanying unaudited condensed consolidated statements of operations. | ||||||||||
On April 22, 2012, Hollywood Media also consented to certain amendments to the Credit Agreement, including consent to the Group Sales Contribution and to provide for additional reporting requirements. Hollywood Media also agreed to amend the JPM Intercreditor Agreement to provide that, subject to Key Brand’s compliance with the terms and conditions of Key Brand’s senior secured credit agreement, Key Brand would be permitted to make scheduled quarterly installment payments of the Second $7 Million Earnout prior to the maturity of the Credit Agreement, notwithstanding that the obligations under the Credit Agreement were subordinated to $15 million of Key Brand’s obligations under Key Brand’s senior secured credit agreement. | ||||||||||
December 2012 Amendments to the Credit Agreement and the Warrant and New Intercreditor Agreement | ||||||||||
On December 31, 2012, Hollywood Media entered into Amendment No. 2 to the Credit Agreement,(the “Second Credit Agreement Amendment”). Pursuant to the Second Credit Agreement Amendment, (i) effective as of December 31, 2012, the interest rate on the Loan was increased from 12% per annum to 13% per annum, (ii) the maturity date of the Loan was shortened from December 15, 2015 to June 30, 2015, (iii) Hollywood Media consented to Key Brand amending and restating Key Brand’s senior secured credit agreement to replace Key Brand’s prior senior lender, JPMorgan Chase Bank, N.A., with Key Brand’s new senior lender, Terido LLP (with the terms and conditions of such senior secured credit agreement remaining substantially the same), (iv) subject to the terms and conditions of the Terido Intercreditor Agreement described below, the net proceeds from any indebtedness incurred by Key Brand that was not otherwise permitted under Key Brand’s amended and restated senior secured credit agreement (other than from the proceeds of a refinancing of such amended and restated senior secured credit agreement) was to be used to prepay the Loan, (v) the prior consent of Hollywood Media was required for any amendment to Key Brand’s amended and restated senior secured credit agreement that would have been adverse to Hollywood Media in any material respect, and (vi) Key Brand was to provide Hollywood Media with additional and more frequent financial reporting. Except as described in this paragraph, the terms and conditions of the Credit Agreement and the Loan remained substantially the same. | ||||||||||
In connection with the Second Credit Agreement Amendment and Key Brand’s amended and restated senior secured credit agreement, Hollywood Media and Key Brand entered into that certain Subordination and Intercreditor Agreement, dated December 31, 2012 (the “Terido Intercreditor Agreement”), with Terido LLP, as administrative agent for the senior secured lenders of Key Brand, which defined the rights and obligations of the senior secured lenders and Hollywood Media as subordinated lender, including, without limitation, the rights of payment and the subordination of the security interests of Hollywood Media. The terms and conditions of the Terido Intercreditor Agreement were substantially similar to the terms and conditions of the prior JPM Intercreditor Agreement. | ||||||||||
On December 31, 2012, in connection with the Second Credit Agreement Amendment, the Warrant was amended to (i) shorten the earliest date that Hollywood Media could put the Warrant to Theatre Direct from December 16, 2017 to June 30, 2015, (ii) increase the minimum price that Hollywood Media could put the Warrant to Theatre Direct from $1,000,000 to $3,000,000, and (iii) increase the minimum price that Theatre Direct could redeem the Warrant from Hollywood Media from $1,000,000 to $3,000,000. Except as described in the preceding sentence, the terms and conditions of the Warrant remained substantially the same. Prior to the redemption of the Warrant (described below), the Warrant was marked to market each reporting period to reflect changes in fair value. The fair value of the Warrant was $700,000 on December 31, 2012. As described below, on August 8, 2013, Hollywood Media received a total of $16,611,738 consisting of $13,861,738 from the prepayment of the Loan and $2,750,000 for the redemption in full of the Warrant. | ||||||||||
In connection with the Second Credit Agreement Amendment, the Terido Intercreditor Agreement and the amendment to the Warrant described above, on December 31, 2012, Key Brand paid Hollywood Media an amendment fee of $50,000 and reimbursed Hollywood Media for all out-of-pocket costs and expenses incurred in documenting such agreements. | ||||||||||
On December 31, 2012, Hollywood Media received a scheduled payment under the Loan in the amount of $1,002,128, which included a principal payment of $538,462, an interest payment of $203,000 on the $7,000,000 portion of the Loan and $260,666 of interest on the $8,500,000 portion of the Loan. The principal payment of $538,462, combined with accretion of discount of $288,585, reduced the value of the $7,000,000 portion of the Loan from $4,500,000 to $4,250,123 as of December 31, 2012. Accretion of discount, net of the reversal of previously recorded allowance for bad debt, was $1,429,315 on the $8,500,000 portion of the Loan during the three months ended December 31, 2012. For the six months ended June 30, 2013, Hollywood Media received scheduled payments under the Loan in the amount of $2,248,977, which included principal payments of $1,292,308, interest payments of $401,100 on the $7,000,000 portion of the Loan and $555,569 of interest on the $8,500,000 portion of the Loan. The principal payments of $1,292,308, combined with accretion of discount of $666,126, reduced the value of the $7,000,000 portion of the Loan from $4,250,123 at December 31, 2012 to $3,623,941 at June 30, 2013. The uncollected face amount (principal) of the $7,000,000 portion of the Loan was $6,461,538 at December 31, 2012. Accretion of discount was $702,608 and $118,361 on the $8,500,000 portion of the Loan during the nine and three months ended September 30, 2013, respectively. | ||||||||||
On August 8, 2013, Hollywood Media entered into the transaction agreement (the “Transaction Agreement”) by and among Key Brand, Theatre Direct, and Hollywood Media for the prepayment by Key Brand in full of the amount owed to Hollywood Media pursuant to the Loan under the Credit Agreement. Pursuant to the Transaction Agreement, Key Brand paid to Hollywood Media on August 8, 2013 in cash the amount of $13,861,738, which constituted the outstanding principal plus accrued interest through August 8, 2013 of the Loan. The Loan was scheduled to mature on June 30, 2015. | ||||||||||
In addition, pursuant to the Transaction Agreement, Theatre Direct redeemed the Warrant. The redemption price for the Warrant was $2,750,000 and was paid on August 8, 2013 to Hollywood Media. The Warrant provided, among other things, that Hollywood Media could sell the Warrant to Theatre Direct for a floor amount of $3,000,000 beginning on June 30, 2015. | ||||||||||
Accordingly, Hollywood Media received on August 8, 2013 a total of $16,611,738 consisting of $13,861,738 from the prepayment of the Loan and $2,750,000 from the redemption of the Warrant. The gain of $9,243,789 resulting from the Transaction Agreement is included in “Other, net” in the accompanying unaudited condensed consolidated statements of operations for the nine and three months ended September 30, 2013, respectively. | ||||||||||
Hollywood.com Business | ||||||||||
On August 21, 2008, Hollywood Media entered into a purchase agreement (the “R&S 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 wholly-owned by Mitchell Rubenstein, Hollywood Media’s Chief Executive Officer and Chairperson of the Board, and Laurie S. Silvers, Hollywood Media’s President, Secretary and Vice-Chairperson of the Board. Pursuant to the R&S Purchase Agreement, Hollywood Media sold the Hollywood.com Business to R&S Investments for a potential purchase price of $10,000,000 cash, which included $1,000,000 that was paid to Hollywood Media at closing and potential earnout payments totaling $9,000,000, of which $1,892,692 had been paid as of August 2012. Hollywood Media recognized $460,037 and $155,538 in earnout gain during the nine and three months ended September 30, 2012, which is included in “Gain on sale of discontinued operations, net of income taxes” in our accompanying unaudited condensed consolidated statements of operations. Hollywood Media does not have a significant continuing involvement in the Hollywood.com Business operations. | ||||||||||
On August 28, 2012, (1) Hollywood Media and R&S Investments entered into an Agreement (the “R&S Agreement”) regarding 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”). 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 a Special Committee of Hollywood Media’s Board of Directors comprised solely of independent directors (the “Special Committee”). | ||||||||||
Pursuant to the R&S Agreement, in exchange for R&S Investments paying Hollywood Media $2,950,000 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, in connection with the transaction consummated under the R&S Agreement and in addition to the Buyout Amount, the next $280,000 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) and is a reduction to “Derivative Liabilities” in the accompanying unaudited condensed consolidated balance sheets. | ||||||||||
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 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) and is a reduction to “Derivative Liabilities” in the accompanying unaudited condensed consolidated balance sheets. | ||||||||||
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 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 which was paid by R&S Investments was fair from a financial point of view to Hollywood Media. | ||||||||||
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. | ||||||||||
As of the closing of the transactions contemplated by the Share Purchase Agreement, (1) Jeffrey Spector, a director of Buyer, was 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) and (2) Janette Erskine, a director of Buyer, was 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 for the nine months ended September 30, 2012. The current portion of the discounted amount of the non-interest bearing loan is included in “Notes receivable, current” and the long-term portion of the non-interest bearing loan is included in “Notes receivable, less current portion” in our accompanying unaudited 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. | ||||||||||
Results from Discontinued Operations | ||||||||||
The net income from discontinued operations has been classified in the accompanying unaudited condensed consolidated statements of operations as “Income from discontinued operations” and includes the gain on sale of the Hollywood.com Business and the Cinemasource UK Limited Business. Summarized results of discontinued operations include the operating loss from the Cinemasource UK Limited Business and through their respective dates of disposition, for the nine and three months ended September 30, 2013 and 2012, respectively. | ||||||||||
Nine Months Ended September 30, | Three Months Ended September 30, | |||||||||
2013 | 2012 | 2013 | 2012 | |||||||
(unaudited) | (unaudited) | (unaudited) | (unaudited) | |||||||
Net Revenues: | $ | - | $ | 701,857 | $ | - | $ | - | ||
Gain on sale of discontinued operations | - | 3,943,373 | - | 2,967,402 | ||||||
Income tax expense | - | (1,498,482) | - | (1,127,614) | ||||||
Gain on sale of discontinued operations, net | ||||||||||
of income taxes | - | 2,444,891 | - | 1,839,788 | ||||||
Income from discontinued operations | - | 22,584 | - | - | ||||||
Income from discontinued | ||||||||||
operations | $ | - | $ | 2,467,475 | $ | - | $ | 1,839,788 | ||
Stock_Repurchase_Program
Stock Repurchase Program | 9 Months Ended |
Sep. 30, 2013 | |
Stock Repurchase Program [Abstract] | |
Stock Repurchase Program | (4)STOCK REPURCHASE PROGRAM: |
During the first and second quarter of 2013, 510,700 shares and 10,800 shares, respectively, of Hollywood Media’s common stock were purchased under the repurchase program for $749,966 and $16,063, respectively. No shares were repurchased during the third quarter of 2013. No shares were repurchased during the first three quarters of 2012. For additional information relating to the stock repurchase program, see Part II, Item 2 of this Quarterly Report on Form 10-Q and “Liquidity and Capital Resources” in Part I, Item 2 of this Quarterly Report on Form 10-Q. As of September 30, 2013, the maximum approximate dollar value of shares that could be purchased under the Repurchase Program was $1,907,232 (calculated by subtracting (i) the total paid for all shares purchased under the Repurchase Program from inception through September 30, 2013 which was $8,092,768 from (ii) the $10,000,000 potential maximum dollar value of repurchases approved under the life of the Repurchase Program). | |
Fair_Value_Measurements
Fair Value Measurements | 9 Months Ended | ||||||
Sep. 30, 2013 | |||||||
Fair Value Measurements [Abstract] | |||||||
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 and accounts receivable. 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. In connection with the buyout of the obligation of R&S Investments, LLC to pay to Hollywood Media the Hollywood.com earnout under the R&S Purchase Agreement, the Rubenstein Silvers Letter Agreement reduced the amount of distributions payable to Mr. Rubenstein and Ms. Silvers. 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 unaudited condensed consolidated statements of operations. See Note 3, “Discontinued Operations” to these unaudited condensed consolidated financial statements for information on the Buyout Amount and its reduction of the derivative liability. At September 30, 2013 and December 31, 2012, the fair value of the derivative liability was $60,000. | |||||||
Warrant in Theatre Direct | |||||||
In conjunction with the Broadway Sale, the Company received a warrant 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 (which was later shortened to June 30, 2015 as referenced below), to put the warrant to Key Brand for the greater of (i) fair market value of the shares and (ii) $1.0 million (which was later increased to $3.0 million as referenced below). Prior to the redemption of the Warrant, the Warrant was revalued on a recurring basis. | |||||||
On December 31, 2012, in connection with the Second Credit Agreement Amendment, the Warrant was amended to (i) shorten the earliest date that Hollywood Media can put the Warrant to Theatre Direct from December 16, 2017 to June 30, 2015, (ii) increase the minimum price that Hollywood Media can put the Warrant to Theatre Direct from $1,000,000 to $3,000,000, and (iii) increase the minimum price that Theatre Direct can redeem the Warrant from Hollywood Media from $1,000,000 to $3,000,000. After estimating future cash flows adjusted for risk factors it was determined that the fair value of the Warrant was $700,000 at December 31, 2012. | |||||||
On August 8, 2013, pursuant to the Transaction Agreement, Theatre Direct redeemed the Warrant. The redemption price for the Warrant was $2,750,000 and was paid on August 8, 2013 to Hollywood Media. Pursuant to the Transaction Agreement, on August 8, 2013, Hollywood Media received a total of $16,611,738 consisting of $13,861,738 from the prepayment of the Loan and $2,750,000 from the redemption in full of the Warrant. For additional information about this transaction, see Note 3 “Discontinued Operations.” | |||||||
The estimate of fair value of the Warrant employed using a multiples approach and discounted cash flow analysis and assumed the Warrant was to be monetized as of the valuation date. The value of the Warrant was then adjusted to reflect a range of outcomes and assigned probability weights, and the Warrant's put and call rights of Hollywood Media and Key Brand. Prior to the redemption of the Warrant, the key assumptions used to determine the fair value of the Warrant during fiscal 2013 and fiscal 2012 were: implied multiples used in the business enterprise value income and market approaches ranging from 3.25 to 4.0; and a discount rate of 25%, based on the Company’s best estimate of the equity cost of capital adjusted for risks associated with the Warrant. | |||||||
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 circumstances such as impairment review. The Company's goodwill is tested for impairment on an annual basis, on the first day of the fourth fiscal quarter or more often if an event occurs or circumstances change that would indicate a potential impairment exists. 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 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 September 30, 2013: | |||||||
Level 1 | Level 2 | Level 3 | |||||
Derivative liabilities | 0 | 0 | $ 60,000 | ||||
Goodwill | 0 | 0 | $ 6,200,000 | ||||
There were no transfers between the levels of the fair value hierarchy during the quarter ended September 30, 2013. | |||||||
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, 2012 to September 30, 2013: | |||||||
Compensation | |||||||
derivative | |||||||
liabilities | |||||||
Balance at December 31, 2012 | $ | 60,000 | |||||
Change in fair value included in earnings | - | ||||||
Balance at September 30, 2013 | $ | 60,000 | |||||
The following table presents a reconciliation of the Warrant measured at fair value on a recurring basis using significant unobservable input (Level 3) from December 31, 2012 to September 30, 2013: | |||||||
Warrant | |||||||
Balance at December 31, 2012 | $ | 700,000 | |||||
Gain on redemption of Warrant included in "Other, net" | |||||||
2,050,000 | |||||||
Warrant redemption | (2,750,000) | ||||||
Balance at September 30, 2013 | $ | - | |||||
On August 8, 2013, the Warrant was redeemed in full for $2,750,000. For additional information about the redemption of the Warrant, see Note 3 “Discontinued Operations” to these unaudited condensed consolidated financial statements. | |||||||
Segment_Reporting
Segment Reporting | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Segment Reporting [Abstract] | |||||||||||||
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” to these unaudited condensed consolidated financial statements 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 seeks to license 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 included Hollywood Media’s investment in Project Hollywood, LLC ("Project Hollywood"). On August 28, 2012 Hollywood Media assigned to Baseline Holdings LLC all of Hollywood Media’s membership interest in Project Hollywood in exchange for total consideration of $1,800,000. See Note 9, “Related Party Transactions” to these unaudited condensed consolidated financial statements for more information on the assignment of Hollywood Media’s membership interest in Project Hollywood. | |||||||||||||
There are no intersegment sales or transfers. | |||||||||||||
As of September 30, 2013, 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. | |||||||||||||
Nine Months Ended September 30, | Three Months Ended September 30, | ||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||
(unaudited) | (unaudited) | (unaudited) | (unaudited) | ||||||||||
Net Revenues: | |||||||||||||
Intellectual Properties | $ | 323,445 | $ | 429,082 | $ | 139,984 | $ | 96,035 | |||||
Other | - | - | - | - | |||||||||
$ | 323,445 | $ | 429,082 | $ | 139,984 | $ | 96,035 | ||||||
Operating Loss: | |||||||||||||
Intellectual Properties | $ | (194,599) | $ | (78,896) | $ | (62,402) | $ | (55,515 | ) | ||||
Other | (3,640,508) | (3,456,034) | (1,205,778) | (1,002,961 | ) | ||||||||
$ | (3,835,107) | $ | (3,534,930) | $ | (1,268,180) | $ | (1,058,476 | ) | |||||
Capital Expenditures: | |||||||||||||
Intellectual Properties | $ | 2,489 | $ | - | $ | - | $ | - | |||||
Other | 133,378 | 36,222 | 88,668 | - | |||||||||
$ | 135,867 | $ | 36,222 | $ | 88,668 | $ | - | ||||||
Depreciation and | |||||||||||||
Amortization Expense: | |||||||||||||
Intellectual Properties | $ | 855 | $ | 3,336 | $ | 349 | $ | 1,112 | |||||
Other | 58,044 | 109,696 | 16,462 | 36,756 | |||||||||
$ | 58,899 | $ | 113,032 | $ | 16,811 | $ | 37,868 | ||||||
September 30, | December 31, | ||||||||||||
2013 | 2012 | ||||||||||||
(unaudited) | |||||||||||||
Segment Assets: | |||||||||||||
Ad Sales | $ | 6,197,998 | $ | 6,197,998 | |||||||||
Intellectual Properties | 310,852 | 893,961 | |||||||||||
Other | 27,198,763 | 19,523,863 | |||||||||||
$ | 33,707,613 | $ | 26,615,822 | ||||||||||
Certain_Commitments_and_Contin
Certain Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2013 | |
Certain Commitments and Contingencies [Abstract] | |
Certain Commitments and Contingencies | |
(7) CERTAIN COMMITMENTS AND CONTINGENCIES: | |
Litigation | |
On October 27, 2011, the Company and 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 the MovieTickets.com Joint Venture 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. 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 to the MovieTickets.com Joint Venture and its joint venturers, Hollywood Media and National Amusements, Inc. | |
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. | |
Movieticketscom
Movietickets.com | 9 Months Ended |
Sep. 30, 2013 | |
Movietickets.com [Abstract] | |
Movietickets.com | (8) MOVIETICKETS.COM: |
Hollywood Media owns 26.2% of the equity in MovieTickets.com, Inc. as of September 30, 2013 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 “Earnings of Unconsolidated Investees” in the accompanying unaudited condensed consolidated statements of operations. | |
Hollywood Media recorded its 26.2% share of net loss of $252,855 and $180,740 under “Earnings of unconsolidated investees” in the accompanying unaudited condensed consolidated statement of operations for the nine and three months ended September 30, 2012, respectively. Hollywood Media did not record $33,035 of its share of losses from MovieTickets.com for 2012 and $482,703 for the nine months ended September 30, 2013 for a total of $515,738, because accumulated dividends and net losses from 2013 and prior years exceed the Company’s investment in MovieTickets.com as of September 30, 2013. There were no dividends declared or received during the nine and three months ended September 30, 2013 or during the nine and three months ended September 30, 2012. | |
Related_Party_Transactions
Related Party Transactions | 9 Months Ended | |||
Sep. 30, 2013 | ||||
Related Party Transactions [Abstract] | ||||
Related Party Transactions | (9) RELATED PARTY TRANSACTIONS: | |||
Hollywood Media recorded $412,684 and $85,926 in earn-out gain from R&S Investments, LLC (“R&S Investments”) during the nine and three months ended September 30, 2012, respectively, which is included in “Gain on sale of discontinued operations, net of income taxes” in our accompanying unaudited condensed consolidated statements of operations. As of September 30, 2013, the Company had $21,883 included in “Related Party Receivable” in our accompanying unaudited condensed consolidated balance sheet which primarily consisted of expense reimbursements from R&S Investments. As of December 31, 2012, the Company had $37,287 included in “Related Party Receivable” in our accompanying consolidated balance sheet which primarily consisted of expense reimbursements from R&S Investments. During the year ended December 31, 2012, Hollywood Media received such earn-out amounts and expense reimbursements in accordance with the payment terms. | ||||
Pursuant to the R&S Agreement dated August 28, 2012, in exchange for 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. Accordingly, the earnout receivable from R&S Investments, LLC was $0 as of December 31, 2012 and September 30, 2013. See Note 3, “Discontinued Operations” to these unaudited condensed consolidated financial statements for more information on the R&S Agreement, the Buyout Amount and this transaction. | ||||
On October 27, 2011, following Project Hollywood’s acquisition of all of the membership interests of Baseline LLC, Hollywood Media acquired a 21.74% ownership interest in Project Hollywood for $1.25 million, which was contributed to Project Hollywood and which was based on the same per membership unit price paid by Baseline Holdings LLC for its 78.26% ownership interest in Project Hollywood . 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 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 September 30, 2012. | ||||
Distributions of $182,617 to Hollywood Media reduced Hollywood Media’s investment in Project Hollywood during the nine months ended September 30, 2012. | ||||
On August 28, 2012, Hollywood Media entered into an Assignment and Assumption of Membership Interest and Waiver (the “Assignment”) with Baseline Holdings LLC (“Baseline Holdings”), Project Hollywood, Mitchell Rubenstein and Laurie S. Silvers. Baseline Holdings is wholly-owned by Mr. Rubenstein, Hollywood Media’s Chief Executive Officer and Chairperson of the Board, and Ms. Silvers, Hollywood Media’s President, Secretary and Vice-Chairperson of the Board. 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 comprised solely of 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 (the “Project Hollywood Purchase Price”). The Project Hollywood Purchase Price has been paid as follows: (1) $1,230,500 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 to Hollywood Media pursuant to the $8,500,000 portion of the Loan (as of August 28, 2012, Mr. Rubenstein had the right to receive 4.76% of the principal, or $404,600, and interest on account of the $8,500,000 portion of the Loan), and (3) Ms. Silvers waived her right to receive any future principal and interest owed by Key Brand to Hollywood Media pursuant to the $8,500,000 portion of the Loan (as of August 28, 2012, Ms. Silvers has the right to receive 1.94% of the principal, or $164,900, and interest on account of the $8,500,000 portion of the Loan). Hollywood Media recorded the fair value of the waivers by Mr. Rubenstein and Ms. Silvers in the long term portion of “Other Assets” in the accompanying unaudited condensed consolidated December 31, 2012 balance sheet. On August 8, 2013, Hollywood Media received a total of $16,611,738 from Key Brand which included $13,861,738 for the prepayment in full of the Loan, and, as a result, the fair value of the aforementioned waivers was $0 at September 30, 2013. For more information about this transaction, see Note 3, “Discontinued Operations” to these unaudited condensed consolidated financial statements. As described above, Hollywood Media acquired its membership interest in Project Hollywood on October 27, 2011 for $1,250,000. | ||||
As a result of the waivers of Mr. Rubenstein and Ms. Silvers described in the preceding paragraph, after August 28, 2012, Hollywood Media retained all payments of principal and interest made by Key Brand under the Loan. As of August 28, 2012, the principal balance due under the Loan was $8,500,000. As of October 5, 2012, the principal balance due under the Loan increased to $15,500,000 as a result of the achievement of the revenue threshold for the Second $7 Million Earnout in the Purchase 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. | ||||
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 (as amended, the “Rubenstein Employment Agreement”) and (ii) Hollywood Media and Laurie S. Silvers entered into an amendment to her amended and restated employment agreement (as amended the “Silvers Employment Agreement”) which amendments provided 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 continued in accordance with then existing terms. | |||
• | After this ninety-day period, Mr. Rubenstein and Ms. Silvers base salaries were 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 (referred to herein as the “Deferred Change in Control Payments”). | |||
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. See Note 3, “Discontinued Operations” to these unaudited condensed consolidated financial statements for more information on 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. | ||||
Pursuant to the R&S Agreement, in exchange for R&S Investments paying Hollywood Media $2,950,000 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, in connection with the transaction consummated under the R&S Agreement and in addition to the Buyout Amount, the next $280,000 of the 5% Distribution 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) and is a reduction to “Derivative Liabilities” in the accompanying unaudited condensed consolidated balance sheets. | ||||
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 of the 5% Distribution 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) and is a reduction to “Derivative Liabilities” in the accompanying unaudited condensed consolidated balance sheets. | ||||
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 Investment shall pay to Hollywood Media $3,500,000 or, if less, the amount received by R&S Investments in connection with such transaction. | ||||
Regardless of whether Mr. Rubenstein or Ms. Silvers continued to provide services to Hollywood Media after the first anniversary of the sale of Theatre Direct, one-half of the Deferred Change in Control Payments were to be paid to Mr. Rubenstein and/or Ms. Silvers, as applicable, upon the receipt by Hollywood Media of payments from Key Brand pursuant to the $8,500,000 credit agreement (the “Credit Agreement”) entered into in connection with the sale of Theatre Direct, on a pro rata basis, and one-half of such payments were be paid to Mr. Rubenstein and/or Ms. Silvers, as applicable, upon the receipt by Hollywood Media of payments under the First $7 Million Earnout under the Purchase Agreement entered into in connection with the sale of Theatre Direct, on a pro rata basis. | ||||
As described above, on August 28, 2012, Hollywood Media entered into “the Assignment” with Baseline Holdings, Project Hollywood, Mr. Rubenstein and Ms. Silvers. Baseline Holdings is wholly-owned by Mr. Rubenstein and Ms. Silvers. 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 (the “Project Hollywood Purchase Price”), which interest Hollywood Media had acquired on October 27, 2011 for $1,250,000. The Project Hollywood Purchase Price was paid as follows: (1) $1,230,500 in cash (which was paid by Baseline Holdings to Hollywood Media), (2) Mr. Rubenstein waived his right to receive any future principal and interest owed to Hollywood Media pursuant to the Loan under the Credit Agreement (as of August 28, 2012, Mr. Rubenstein had the right to receive 4.76% of the principal, or $404,600, and interest on account of the Loan under the Credit Agreement), and (3) Ms. Silvers waived her right to receive any future principal and interest owed to Hollywood Media under the Loan under the Credit Agreement (as of August 28, 2012, Ms. Silvers has the right to receive 1.94% of the principal, or $164,900, and interest on account of the Loan under the Credit Agreement). Hollywood Media recorded the fair value of the waivers by Mr. Rubenstein and Ms. Silvers in the long term portion of “Other Assets” in the accompanying unaudited condensed consolidated December 31, 2012 balance sheet. On August 8, 2013, Hollywood Media received a total of $16,611,738 from Key Brand which included $13,861,738 for the prepayment in full of the Loan, and, as a result, the fair value of the aforementioned waivers was $0 at September 30, 2013. For more information about this transaction, see Note 3, “Discontinued Operations” to these unaudited condensed consolidated financial statements. | ||||
On October 1, 2012, Hollywood Media received the First $7 Million Earnout under the Purchase Agreement entered into in connection with the sale of Theatre Direct. In connection with the Deferred Change in Control Payments due to Mr. Rubenstein and Ms. Silvers in connection with the sale of Theatre Direct, Mr. Rubenstein received $405,300 of such earnout payment and Ms. Silvers received $165,200 of such earnout payment on October 5, 2012. | ||||
Tekno Books Advertising | ||||
On March 5, 2013 and May 1, 2013, in connection with the reorientation process of Tekno Books from print to digital distribution, Hollywood Media entered into advertising agreements with MovieTickets.com for a total of $819,000 whereby Hollywood Media paid this amount for advertisements starting in the third quarter of 2013 which will be expensed as the advertisements run. Of this amount, $170,000 is an advance against a fee of $1 per digital book to MovieTickets.com for books sold via MovieTickets.com. The $819,000 is included in “Prepaid expenses” in the accompanying unaudited condensed consolidated balance sheet at September 30, 2013. | ||||
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policy) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Summary of Significant Accounting Policies [Abstract] | |||||||||
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% and 26.2% ownership interests in NetCo Partners and MovieTickets.com, respectively, are accounted for under the equity method of accounting. | |||||||||
Income (Loss) per Common Share | Income (Loss) per Common Share | ||||||||
Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic No. 260, “Earnings Per Share” (ASC 260), requires companies to present basic and diluted earnings per share (“EPS”). Income (loss) per common share is computed by dividing net income (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 nine and three months ended September 30, 2013 and such shares were excluded from the calculation of basic and diluted income (loss) per share for the nine and three months ended September 30, 2013 because their impact was anti-dilutive to the income (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 September 30, 2013 and 2012, respectively. | |||||||||
For the Nine Months | For the Three Months | ||||||||
Ended September 30, | Ended September 30, | ||||||||
2013 | 2012 | 2013 | 2012 | ||||||
Basic weighted average shares outstanding | 22,688,135 | 23,179,066 | 22,640,966 | 23,179,066 | |||||
Effect of dilutive unvested restricted stock | - | - | - | - | |||||
Dilutive weighted average shares outstanding | 22,688,135 | 23,179,066 | 22,640,966 | 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 | 75,000 | 75,000 | 75,000 | |||||
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, “Segment Reporting.” | |||||||||
Derivative Instruments | Derivative Instruments | ||||||||
The Company records derivative instruments at fair value in our accompanying condensed consolidated balance sheet 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 derivative liability financial instruments as hedge instruments. | |||||||||
Recent Accountng Pronouncements | Recent Accounting Pronouncements | ||||||||
In October 2012, the FASB issued ASU 2012-04, ''Technical Corrections and Improvements" in Accounting Standards Update No. 2012-04. The amendments in this update cover a wide range of Topics in the Accounting Standards Codification. These amendments include technical corrections and improvements to the Accounting Standards Codification and conforming amendments related to fair value measurements. The amendments in this update will be effective for fiscal periods beginning after December 15, 2012. The adoption of ASU 2012-04 did not have a material impact on our financial position or results of operations. | |||||||||
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Summary of Significant Accounting Policies [Abstract] | |||||||||
Schedule of Antidilutive Securities Excluded from Computation of Earnings per Share | |||||||||
For the Nine Months | For the Three Months | ||||||||
Ended September 30, | Ended September 30, | ||||||||
2013 | 2012 | 2013 | 2012 | ||||||
Basic weighted average shares outstanding | 22,688,135 | 23,179,066 | 22,640,966 | 23,179,066 | |||||
Effect of dilutive unvested restricted stock | - | - | - | - | |||||
Dilutive weighted average shares outstanding | 22,688,135 | 23,179,066 | 22,640,966 | 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 | 75,000 | 75,000 | 75,000 | |||||
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 9 Months Ended | |||||||||
Sep. 30, 2013 | ||||||||||
Discontinued Operations [Abstract] | ||||||||||
Summarized Results of Discontinued Operations | ||||||||||
Nine Months Ended September 30, | Three Months Ended September 30, | |||||||||
2013 | 2012 | 2013 | 2012 | |||||||
(unaudited) | (unaudited) | (unaudited) | (unaudited) | |||||||
Net Revenues: | $ | - | $ | 701,857 | $ | - | $ | - | ||
Gain on sale of discontinued operations | - | 3,943,373 | - | 2,967,402 | ||||||
Income tax expense | - | (1,498,482) | - | (1,127,614) | ||||||
Gain on sale of discontinued operations, net | ||||||||||
of income taxes | - | 2,444,891 | - | 1,839,788 | ||||||
Income from discontinued operations | - | 22,584 | - | - | ||||||
Income from discontinued | ||||||||||
operations | $ | - | $ | 2,467,475 | $ | - | $ | 1,839,788 | ||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 9 Months Ended | ||||||
Sep. 30, 2013 | |||||||
Fair Value Measurements [Abstract] | |||||||
Derivative Assets, 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 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 September 30, 2013: | ||||||
Level 1 | Level 2 | Level 3 | |||||
Derivative liabilities | 0 | 0 | $ 60,000 | ||||
Goodwill | 0 | 0 | $ 6,200,000 | ||||
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, 2012 to September 30, 2013: | ||||||
Compensation | |||||||
derivative | |||||||
liabilities | |||||||
Balance at December 31, 2012 | $ | 60,000 | |||||
Change in fair value included in earnings | - | ||||||
Balance at September 30, 2013 | $ | 60,000 | |||||
Reconciliation of the Warrant Measured at Fair Value on a Recurring Basis | The following table presents a reconciliation of the Warrant measured at fair value on a recurring basis using significant unobservable input (Level 3) from December 31, 2012 to September 30, 2013: | ||||||
Warrant | |||||||
Balance at December 31, 2012 | $ | 700,000 | |||||
Gain on redemption of Warrant included in "Other, net" | |||||||
2,050,000 | |||||||
Warrant redemption | (2,750,000) | ||||||
Balance at September 30, 2013 | $ | - | |||||
Segment_Reporting_Tables
Segment Reporting (Tables) | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Segment Reporting [Abstract] | |||||||||||||
Financial Information Regarding Reportable Segments | The following table illustrates the financial information regarding Hollywood Media’s reportable segments. | ||||||||||||
Nine Months Ended September 30, | Three Months Ended September 30, | ||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||
(unaudited) | (unaudited) | (unaudited) | (unaudited) | ||||||||||
Net Revenues: | |||||||||||||
Intellectual Properties | $ | 323,445 | $ | 429,082 | $ | 139,984 | $ | 96,035 | |||||
Other | - | - | - | - | |||||||||
$ | 323,445 | $ | 429,082 | $ | 139,984 | $ | 96,035 | ||||||
Operating Loss: | |||||||||||||
Intellectual Properties | $ | (194,599) | $ | (78,896) | $ | (62,402) | $ | (55,515 | ) | ||||
Other | (3,640,508) | (3,456,034) | (1,205,778) | (1,002,961 | ) | ||||||||
$ | (3,835,107) | $ | (3,534,930) | $ | (1,268,180) | $ | (1,058,476 | ) | |||||
Capital Expenditures: | |||||||||||||
Intellectual Properties | $ | 2,489 | $ | - | $ | - | $ | - | |||||
Other | 133,378 | 36,222 | 88,668 | - | |||||||||
$ | 135,867 | $ | 36,222 | $ | 88,668 | $ | - | ||||||
Depreciation and | |||||||||||||
Amortization Expense: | |||||||||||||
Intellectual Properties | $ | 855 | $ | 3,336 | $ | 349 | $ | 1,112 | |||||
Other | 58,044 | 109,696 | 16,462 | 36,756 | |||||||||
$ | 58,899 | $ | 113,032 | $ | 16,811 | $ | 37,868 | ||||||
September 30, | December 31, | ||||||||||||
2013 | 2012 | ||||||||||||
(unaudited) | |||||||||||||
Segment Assets: | |||||||||||||
Ad Sales | $ | 6,197,998 | $ | 6,197,998 | |||||||||
Intellectual Properties | 310,852 | 893,961 | |||||||||||
Other | 27,198,763 | 19,523,863 | |||||||||||
$ | 33,707,613 | $ | 26,615,822 | ||||||||||
Summary_of_Significant_Account3
Summary of Significant Accounting Policies (Narrative) (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
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 | 75,000 | 75,000 | 75,000 |
Unvested shares | ||||
NetCo Partners [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Ownership interests in equity method investment | 50.00% | 50.00% | ||
MovieTickets.Com [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Ownership interests in equity method investment | 26.20% | 26.20% |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies (Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share) (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Summary of Significant Accounting Policies [Abstract] | ||||
Basic weighted average shares outstanding | 22,640,966 | 23,179,066 | 22,688,135 | 23,179,066 |
Effect of dilutive unvested restricted stock | ||||
Dilutive weighted average shares outstanding | 22,640,966 | 23,179,066 | 22,688,135 | 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 | 75,000 | 75,000 | 75,000 |
Discontinued_Operations_Narrat
Discontinued Operations (Narrative) (Details) (USD $) | 0 Months Ended | 3 Months Ended | 6 Months Ended | 9 Months Ended | 9 Months Ended | 0 Months Ended | 12 Months Ended | 9 Months Ended | 0 Months Ended | 1 Months Ended | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | 0 Months Ended | 3 Months Ended | 9 Months Ended | 0 Months Ended | |||||||||||||||||||||
Aug. 08, 2013 | Sep. 30, 2012 | Jun. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Aug. 28, 2009 | Dec. 31, 2012 | Sep. 30, 2013 | Oct. 05, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 23, 2009 | Mar. 22, 2011 | Dec. 15, 2010 | Dec. 31, 2010 | Dec. 31, 2012 | Jun. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Oct. 05, 2012 | Oct. 02, 2012 | Dec. 15, 2010 | Oct. 05, 2012 | Oct. 02, 2012 | Apr. 22, 2012 | Dec. 15, 2010 | Dec. 31, 2012 | Sep. 30, 2013 | Jun. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Aug. 21, 2008 | Aug. 31, 2012 | Aug. 28, 2012 | Aug. 28, 2009 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Aug. 28, 2012 | Aug. 28, 2009 | Aug. 28, 2012 | Aug. 28, 2009 | Aug. 08, 2013 | Dec. 31, 2012 | |
Stock Purchase Agreement [Member] | First Earn-Out [Member] | Second Credit Agreement Amendment [Member] | Second Credit Agreement Amendment [Member] | Second Credit Agreement Amendment [Member] | Minimum [Member] | Minimum [Member] | Mitchell Rubenstein [Member] | Broadway [Member] | Broadway [Member] | Broadway [Member] | Broadway [Member] | Broadway [Member] | Broadway [Member] | Broadway [Member] | Broadway [Member] | Broadway [Member] | Broadway [Member] | Broadway [Member] | Broadway [Member] | Broadway [Member] | Broadway [Member] | Broadway [Member] | Broadway [Member] | Broadway [Member] | Broadway [Member] | Broadway [Member] | Hollywood.Com [Member] | Hollywood.Com [Member] | R&S Investments, LLC [Member] | R&S Investments, LLC [Member] | R&S Investments, LLC [Member] | R&S Investments, LLC [Member] | R&S Investments, LLC [Member] | R&S Investments, LLC [Member] | R&S Investments, LLC [Member] | R&S Investments, LLC [Member] | R&S Investments, LLC [Member] | R&S Investments, LLC [Member] | Theatre Direct [Member] | Theatre Direct [Member] | |||||||
item | Cinemasource UK Limited [Member] | First Earn-Out [Member] | First Earn-Out [Member] | Second Earn-Out [Member] | Second Earn-Out [Member] | Second Earn-Out [Member] | Second Earn-Out [Member] | Second Earn-Out [Member] | Second Earn-Out [Member] | Second Earn-Out [Member] | Second Earn-Out [Member] | Second Earn-Out [Member] | Mitchell Rubenstein [Member] | Mitchell Rubenstein [Member] | Laurie S. Silvers [Member] | Laurie S. Silvers [Member] | |||||||||||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||
Cash received from sale of subsidary | $20,530,102 | $10,000,000 | $2,950,000 | $2,950,000 | |||||||||||||||||||||||||||||||||||||||||||
Estimated working capital adjustment | 530,102 | ||||||||||||||||||||||||||||||||||||||||||||||
Note receivable | 8,500,000 | 15,500,000 | |||||||||||||||||||||||||||||||||||||||||||||
Note receivable, interest rate | 12.00% | 13.00% | |||||||||||||||||||||||||||||||||||||||||||||
Note receivable, maturity date | 30-Jun-15 | 15-Dec-15 | 30-Jun-15 | ||||||||||||||||||||||||||||||||||||||||||||
Key Brand's obligation under senior credit agreement | 15,000,000 | 50,000 | |||||||||||||||||||||||||||||||||||||||||||||
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 | 7,000,000 | 7,000,000 | 7,000,000 | 7,000,000 | 1,892,692 | ||||||||||||||||||||||||||||||||||||||||
Target revenue | 150,000,000 | 123,000,000 | |||||||||||||||||||||||||||||||||||||||||||||
Principal amount of loan | 8,500,000 | 8,500,000 | |||||||||||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||||||||
Fair value of earn-out | 3,623,941 | 4,250,123 | 4,500,000 | 4,500,000 | |||||||||||||||||||||||||||||||||||||||||||
Scheduled payment received | 2,248,977 | 1,002,128 | |||||||||||||||||||||||||||||||||||||||||||||
Interest accretion | 1,429,315 | 666,126 | 288,585 | 118,361 | 702,608 | ||||||||||||||||||||||||||||||||||||||||||
Amount allocated to principal | 1,292,308 | 538,462 | |||||||||||||||||||||||||||||||||||||||||||||
Interest income | 401,100 | 203,000 | 555,569 | 260,666 | |||||||||||||||||||||||||||||||||||||||||||
Value of warrant at exercise date | 1,000,000 | 1,000,000 | 3,000,000 | 3,000,000 | |||||||||||||||||||||||||||||||||||||||||||
Fair value of warrant | 700,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Gain in earn-out | 85,926 | 155,538 | 412,684 | 460,037 | |||||||||||||||||||||||||||||||||||||||||||
Contractual sales price for divestiture | 1,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Income from discontinued operations | 1,839,788 | 2,444,891 | |||||||||||||||||||||||||||||||||||||||||||||
Retained amount previously paid to third party as consideration for purchase of investments | 280,000 | 280,000 | 280,000 | 280,000 | |||||||||||||||||||||||||||||||||||||||||||
Percentage of distributions received from investment owed to third party | 5.00% | 5.00% | 5.00% | 5.00% | 5.00% | ||||||||||||||||||||||||||||||||||||||||||
Contingent consideration, potential cash payment from sold investment | 3,500,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Share purchase agreement, purchase price of shares | 250,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Share purchase agreement, quarterly installments amount | 12,500 | ||||||||||||||||||||||||||||||||||||||||||||||
Share purchase agreement, installments period | 5 years | ||||||||||||||||||||||||||||||||||||||||||||||
Number of installments | 20 | ||||||||||||||||||||||||||||||||||||||||||||||
Interest rate | 12.00% | ||||||||||||||||||||||||||||||||||||||||||||||
Imputed interest rate | 16.50% | ||||||||||||||||||||||||||||||||||||||||||||||
Non-interest bearing loan, discounted amount | 168,014 | 2,500,000 | 2,500,000 | ||||||||||||||||||||||||||||||||||||||||||||
Gain on sale of business | 689,762 | 649,215 | |||||||||||||||||||||||||||||||||||||||||||||
Percentage of purchased shares | 80.00% | 80.00% | |||||||||||||||||||||||||||||||||||||||||||||
Outstanding amount on loan | 6,461,538 | ||||||||||||||||||||||||||||||||||||||||||||||
Aggregate proceeds received per agreement | 16,611,738 | 16,611,738 | |||||||||||||||||||||||||||||||||||||||||||||
Proceeds from loan receivable including accrued interest | 13,861,738 | 13,861,738 | |||||||||||||||||||||||||||||||||||||||||||||
Proceeds from issuance of warrants | 2,750,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Warrant floor redemption price | $3,000,000 |
Discontinued_Operations_Summar
Discontinued Operations (Summarized Results of Discontinued Operations) (Details) (USD $) | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Discontinued Operations [Abstract] | |||
Net Revenues: | $701,857 | ||
Gain on sale of discontinued operations | 2,967,402 | 3,943,373 | |
Income tax expense | -1,127,614 | -1,498,482 | |
Gain on sale of discontinued operations, net of income taxes | 1,839,788 | 2,444,891 | |
Income from discontinued operations | 22,584 | ||
Income from discontinued operations | $1,839,788 | $2,467,475 |
Stock_Repurchase_Program_Narra
Stock Repurchase Program (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 251 Months Ended | ||||
Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Mar. 31, 1993 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2013 | |
Stock Repurchase Program [Abstract] | |||||||
Authorized cash and cash equivalents to repurchase shares | $10,000,000 | $1,907,232 | |||||
Shares purchased and cancelled, shares | 0 | 10,800 | 510,700 | 0 | |||
Dollar value of shares repurchased | 8,092,768 | ||||||
Payments For Repurchase Of Common Stock | $16,063 | $749,966 | $766,029 |
Fair_Value_Measurements_Narrat
Fair Value Measurements (Narrative) (Details) (USD $) | 0 Months Ended | 9 Months Ended | 12 Months Ended | 0 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | ||||||
Aug. 08, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Aug. 08, 2013 | Dec. 23, 2009 | Dec. 29, 2009 | Dec. 23, 2009 | Dec. 29, 2009 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | |
Theatre Direct [Member] | Mitchell Rubenstein [Member] | Mitchell Rubenstein [Member] | Laurie S. Silvers [Member] | Laurie S. Silvers [Member] | Second Credit Agreement Amendment [Member] | Second Credit Agreement Amendment [Member] | Maximum [Member] | Maximum [Member] | Minimum [Member] | Minimum [Member] | ||||
MovieTickets.Com [Member] | MovieTickets.Com [Member] | |||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||||||||
Derivative liabilities | $60,000 | $60,000 | ||||||||||||
Percentage of compensation arrangement that would be received by related parties | 5.00% | 5.00% | 5.00% | |||||||||||
Percentage of proceeds from sale of business to related party | 5.00% | 5.00% | ||||||||||||
Interest rate, notes payable and non-interest bearing loan receivable, per annum | 16.50% | |||||||||||||
Multiplier used in determining warrant value | 4 | 4 | 3.25 | 3.25 | ||||||||||
Discount rate | 25.00% | 25.00% | ||||||||||||
Value of warrant at exercise date | 1,000,000 | 1,000,000 | 3,000,000 | 3,000,000 | ||||||||||
Fair value of warrant | 700,000 | |||||||||||||
Aggregate proceeds received per agreement | 16,611,738 | 16,611,738 | ||||||||||||
Proceeds from loan receivable including accrued interest | 13,861,738 | 13,861,738 | ||||||||||||
Proceeds from issuance of warrants | $2,750,000 |
Fair_Value_Measurements_Deriva
Fair Value Measurements (Derivative Assets, Liabilities and Warrant on Recurring Basis and Goodwill on Non-Recurring Basis within Fair Value Hierarchy Utilized to Measure Fair Value) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative liabilities | $60,000 | $60,000 |
Goodwill | 6,200,000 | 6,200,000 |
Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative liabilities | 0 | |
Goodwill | 0 | |
Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative liabilities | 0 | |
Goodwill | 0 | |
Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative liabilities | 60,000 | |
Goodwill | $6,200,000 |
Fair_Value_Measurements_Reconc
Fair Value Measurements (Reconciliation of Compensation Derivative Liabilities Measured at Fair Value on Recurring Basis Using Significant Unobservable Input (Level 3)) (Details) (USD $) | 9 Months Ended |
Sep. 30, 2013 | |
Fair Value Measurements [Abstract] | |
Beginning balance | $60,000 |
Change in fair value included in earnings | |
Ending balance | $60,000 |
Fair_Value_Measurements_Reconc1
Fair Value Measurements (Reconciliation of the Warrant Measured at Fair Value on a Recurring Basis) (Details) (USD $) | 9 Months Ended |
Sep. 30, 2013 | |
Fair Value Measurements [Abstract] | |
Beginning balance | $700,000 |
Gain on redemption of Warrant included in "Other, net" | 2,050,000 |
Warrant redemption | -2,750,000 |
Ending balance |
Segment_Reporting_Narrative_De
Segment Reporting (Narrative) (Details) (Project Hollywood LLC [Member], USD $) | Aug. 28, 2012 |
Project Hollywood LLC [Member] | |
Schedule Of Equity Method Investments [Line Items] | |
Contractual sales price for divestiture | $1,800,000 |
Segment_Reporting_Financial_In
Segment Reporting (Financial Information Regarding Reportable Segments) (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | |
Segment Reporting Information [Line Items] | |||||
Net Revenues | $139,984 | $96,035 | $323,445 | $429,082 | |
Operating Income (Loss) | -1,268,180 | -1,058,476 | -3,835,107 | -3,534,930 | |
Capital Expenditures | 88,668 | 135,867 | 36,222 | ||
Depreciation and Amortization Expense | 16,811 | 37,868 | 58,899 | 113,032 | |
Assets | 33,707,613 | 33,707,613 | 26,615,822 | ||
Ad Sales [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net Revenues | 0 | 0 | 0 | 0 | |
Operating Income (Loss) | 0 | 0 | 0 | 0 | |
Capital Expenditures | 0 | 0 | 0 | 0 | |
Depreciation and Amortization Expense | 0 | 0 | 0 | 0 | |
Assets | 6,197,998 | 6,197,998 | 6,197,998 | ||
Intellectual Properties [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net Revenues | 139,984 | 96,035 | 323,445 | 429,082 | |
Operating Income (Loss) | -62,402 | -55,515 | -194,599 | -78,896 | |
Capital Expenditures | 2,489 | ||||
Depreciation and Amortization Expense | 349 | 1,112 | 855 | 3,336 | |
Assets | 310,852 | 310,852 | 893,961 | ||
Other [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Operating Income (Loss) | -1,205,778 | -1,002,961 | -3,640,508 | -3,456,034 | |
Capital Expenditures | 88,668 | 133,378 | 36,222 | ||
Depreciation and Amortization Expense | 16,462 | 36,756 | 58,044 | 109,696 | |
Assets | 27,198,763 | 27,198,763 | 19,523,863 | ||
Intersegment Elimination [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net Revenues | 0 | 0 | 0 | 0 | |
Assets | $0 | $0 | $0 | $0 |
Certain_Commitments_and_Contin1
Certain Commitments and Contingencies (Narrative) (Details) | Sep. 30, 2013 |
National Amusements Equity Interest In MovieTickets.Com [Member] | |
Commitments And Contingent Liabilities [Line Items] | |
Ownership interests in equity method investment | 26.20% |
AMC Entertainment Inc Equity Interest In MovieTickets.Com [Member] | |
Commitments And Contingent Liabilities [Line Items] | |
Ownership interests in equity method investment | 26.20% |
MovieTickets.Com [Member] | |
Commitments And Contingent Liabilities [Line Items] | |
Ownership interests in equity method investment | 26.20% |
Movieticketscom_Narrative_Deta
Movietickets.com (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 21 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | |
MovieTickets.Com [Member] | MovieTickets.Com [Member] | MovieTickets.Com [Member] | MovieTickets.Com [Member] | MovieTickets.Com [Member] | MovieTickets.Com [Member] | MovieTickets.Com [Member] | |
Schedule of Equity Method Investments [Line Items] | |||||||
Ownership interests in equity method investment | 26.20% | ||||||
Percentage of net income Hollywood Media received from MovieTickets.com | 26.20% | ||||||
Equity in earnings (losses) of unconsolidated investees | ($180,740) | ($252,855) | |||||
Losses not recorded | 482,703 | 515,738 | 33,035 | ||||
Dividends declared | 0 | 0 | 0 | 0 | 0 | ||
Dividends received | $0 | $0 | $0 | $0 |
Related_Party_Transactions_Nar
Related Party Transactions (Narrative) (Details) (USD $) | 0 Months Ended | 9 Months Ended | 0 Months Ended | 3 Months Ended | 9 Months Ended | 0 Months Ended | 9 Months Ended | 0 Months Ended | 0 Months Ended | 0 Months Ended | 0 Months Ended | 0 Months Ended | 0 Months Ended | 1 Months Ended | 0 Months Ended | ||||||||||||||||||||||||||||||||
Aug. 08, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Aug. 28, 2012 | Aug. 28, 2009 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Aug. 28, 2012 | Oct. 27, 2011 | Sep. 30, 2012 | Oct. 27, 2011 | Oct. 27, 2011 | Sep. 30, 2013 | 1-May-13 | Mar. 05, 2013 | Dec. 23, 2009 | Oct. 05, 2009 | Aug. 28, 2012 | Aug. 28, 2009 | Aug. 28, 2012 | Sep. 30, 2013 | Dec. 29, 2009 | Dec. 23, 2009 | Oct. 05, 2009 | Aug. 28, 2012 | Aug. 28, 2009 | Aug. 28, 2012 | Sep. 30, 2013 | Dec. 29, 2009 | 1-May-13 | Mar. 05, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 15, 2010 | Dec. 31, 2012 | Oct. 05, 2012 | Aug. 21, 2008 | Aug. 31, 2012 | Aug. 28, 2009 | Oct. 02, 2012 | Dec. 15, 2010 | Oct. 05, 2012 | Oct. 02, 2012 | Dec. 15, 2010 | |
R&S Investments, LLC [Member] | R&S Investments, LLC [Member] | R&S Investments, LLC [Member] | R&S Investments, LLC [Member] | R&S Investments, LLC [Member] | R&S Investments, LLC [Member] | Project Hollywood LLC [Member] | Project Hollywood LLC [Member] | Project Hollywood LLC [Member] | Project Hollywood LLC [Member] | Project Hollywood LLC [Member] | MovieTickets.Com [Member] | MovieTickets.Com [Member] | MovieTickets.Com [Member] | Mitchell Rubenstein [Member] | Mitchell Rubenstein [Member] | Mitchell Rubenstein [Member] | Mitchell Rubenstein [Member] | Mitchell Rubenstein [Member] | Mitchell Rubenstein [Member] | Mitchell Rubenstein [Member] | Laurie S. Silvers [Member] | Laurie S. Silvers [Member] | Laurie S. Silvers [Member] | Laurie S. Silvers [Member] | Laurie S. Silvers [Member] | Laurie S. Silvers [Member] | Laurie S. Silvers [Member] | Digital Book [Member] | Digital Book [Member] | Earn-out receivable [Member] | Earn-out receivable [Member] | Broadway [Member] | Broadway [Member] | Broadway [Member] | Hollywood.Com [Member] | Hollywood.Com [Member] | First Earn-Out [Member] | First Earn-Out [Member] | First Earn-Out [Member] | Second Earn-Out [Member] | Second Earn-Out [Member] | Second Earn-Out [Member] | |||||
Baseline Holdings [Member] | Annual [Member] | R&S Investments, LLC [Member] | R&S Investments, LLC [Member] | Project Hollywood LLC [Member] | Project Hollywood LLC [Member] | MovieTickets.Com [Member] | R&S Investments, LLC [Member] | R&S Investments, LLC [Member] | Project Hollywood LLC [Member] | Project Hollywood LLC [Member] | MovieTickets.Com [Member] | MovieTickets.Com [Member] | MovieTickets.Com [Member] | R&S Investments, LLC [Member] | R&S Investments, LLC [Member] | Broadway [Member] | Broadway [Member] | Broadway [Member] | Broadway [Member] | Broadway [Member] | |||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||
Gain in earn-out | $85,926 | $155,538 | $412,684 | $460,037 | |||||||||||||||||||||||||||||||||||||||||||
Ownership interests in equity method investment | 21.74% | 20.65% | 78.26% | ||||||||||||||||||||||||||||||||||||||||||||
Related party receivable | 21,883 | 37,287 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||
Cash paid for acquisition | 1,250,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Note receivable | 8,500,000 | 15,500,000 | |||||||||||||||||||||||||||||||||||||||||||||
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 | 182,617 | ||||||||||||||||||||||||||||||||||||||||||||||
Contractual sales price for divestiture | 1,800,000 | 1,000,000 | |||||||||||||||||||||||||||||||||||||||||||||
Cash received from sale of subsidary | 2,950,000 | 2,950,000 | 1,230,500 | 20,530,102 | 10,000,000 | ||||||||||||||||||||||||||||||||||||||||||
Income from discontinued operations | 22,584 | ||||||||||||||||||||||||||||||||||||||||||||||
Annual salary after 90 day period | 1 | ||||||||||||||||||||||||||||||||||||||||||||||
Principal amount of loan | 8,500,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Aggregate proceeds received per agreement | 16,611,738 | ||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from loan receivable including accrued interest | 13,861,738 | ||||||||||||||||||||||||||||||||||||||||||||||
Amended and restated employment agreements, description | After this ninety-day period, Mr. Rubenstein and Ms. Silvers base salaries were 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").B 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.B 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 | 332,189 | |||||||||||||||||||||||||||||||||||||||||||||
Related party entitlement from earn-out payment received | 405,300 | 165,200 | |||||||||||||||||||||||||||||||||||||||||||||
Earn-out payment amount | 1,892,692 | 7,000,000 | 7,000,000 | 7,000,000 | 7,000,000 | 7,000,000 | 7,000,000 | ||||||||||||||||||||||||||||||||||||||||
Amount of right to company's receivable being waived | 404,600 | 0 | 164,900 | 0 | |||||||||||||||||||||||||||||||||||||||||||
Percentage of right to company's receivable being waived | 4.76% | 1.94% | |||||||||||||||||||||||||||||||||||||||||||||
Retained amount previously paid to third party as consideration for purchase of investments | 280,000 | 280,000 | 280,000 | 280,000 | |||||||||||||||||||||||||||||||||||||||||||
Percentage of compensation arrangement that would be received by related parties | 5.00% | 5.00% | 5.00% | 5.00% | 5.00% | 5.00% | 5.00% | ||||||||||||||||||||||||||||||||||||||||
Percentage of proceeds from sale of business to related party | 5.00% | 5.00% | |||||||||||||||||||||||||||||||||||||||||||||
Advertising agreement amount, aggregate amount | 819,000 | 819,000 | |||||||||||||||||||||||||||||||||||||||||||||
Prepaid expenses | 1,102,064 | 329,915 | 819,000 | 170,000 | 170,000 | ||||||||||||||||||||||||||||||||||||||||||
Contingent consideration, potential cash payment from sold investment | $3,500,000 |