Boca Raton, Fla. - Hollywood Media Corp. (NASD: HOLL) announced on Wednesday that it has sold off its Hollywood.com and Hollywood.com Television businesses to R&S Investments, an entity owned by Hollywood Media's chairman Mitchell Rubinstein and president Laurie Silvers, for $10 million.

The purchase price includes $1 million in cash, and earn-outs expected to total $9 million.

Florida-based Hollywood Media said that the assets sold represented 4% of its total revenue over the past year, while generating a net loss of about $2.5 million.

Following the sale, Hollywood Media will still control its Broadway ticketing business and U.K.-based movie ticket seller CinemasOnline, and also hold a minority interest in U.S.-based MovieTickets.com.

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