Hollywood Media Corp. said Wednesday that it has sold its Hollywood.com Web site and Hollywood.com Television businesses for $10 million to R&S Investments, an entity owned by Hollywood Media CEO Mitchell Rubenstein and president Laurie Silvers. If R&S sells the assets in the next three years, Hollywood Media receives 5% of the proceeds above $10 million.
Funding for Brand.net
Brand.net said that it raised $10 million in a second round of funding from Norwest Venture Partners and InterWest Partners. Brand.net is an online advertising network run by several former Yahoo executives, including Brand.net CEO Elizabeth Blair.
Radio One gains
Shares of Radio One, which operates radio stations targeting black audiences, soared 26% on Tuesday after the company said it received approval to transfer the listing of its Class A shares from the Nasdaq Global Market to the Nasdaq Capital Market. The shares, though, lost some of their gains Wednesday, falling 7% to $1.66.
Amazon books deaL
Amazon.com has bought Shelfari, a social network for book lovers, the online retailer said without disclosing a purchase price. Shelfari, which launched in 2006, had been partly funded by Amazon. Shelfari co-founder and CEO Josh Hug said the acquisition will benefit the social network's members, noting Amazon's resources and experience building large platforms.