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The Wrap Lines up Funding, Partners, THR Lands Publisher

The Wrap Lines up Funding, Partners, THR Lands Publisher

Thompson on Hollywood
Thompson on Hollywood

Editor-in-chief Sharon Waxman’s 15-month-old trade site The Wrap will be covering entertainment news for a little while longer.

The Wrap has raised a $2-million B round of capital investment, Waxman reports on her blog. Investors include venture capital firm Maveron and a “majority of the site’s first round investors”:

The B round investment will be used to accelerate the continued expansion of and to provide flexibility to take advantage of new market opportunities. This latest investment follows’s Series A funding in January 2009 from Maveron and a group of private investors. “We’re extremely pleased with the growth has demonstrated since its launch,” said Ben Choi, Maveron Principal and board member.  “This new investment and our continued support is a direct result of that success and Sharon’s leadership.”

Waxman has also forged partnerships with CNN’s Reliable Sources (where she will appear regularly) and public radio station KPCC FM to share content between the news organizations.

Meanwhile OK! magazine publisher Lori Burgess will replace departed publisher of The Hollywood Reporter Eric Mika, announced THR. This supports what I have heard, that THR’s new owners, led by Richard Beckman, CEO of e5 Global Media, are pursuing a consumer-friendly glossy magazine play. This makes no sense to me. Variety tried it with V Life, to disastrous results. Premiere was not able to stay in business at the top of its movie market niche, and Movieline is now an online entity. While Entertainment Weekly’s ads are snapping back as the economy improves, that mag relies on a strong web presence. Moving toward the web would seem the right play for THR–taking advantage of Variety’s pay wall. Burgess does not signal that change in direction.

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Big surprise — Maveron is propping up its initial investment with some extra cash, with the hope that they eventually sell the sucker and get something back. I sincerely doubt there will be a round after this one.

However, it is funny how this zaps Nikki. I’m sure Waxman is having a laugh about it. The psychodrama continues.

PS When will these journalists retreat back into the shadows and start covering the news? LOL

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