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HOLL > SEC Filings for HOLL > Form 8-K on 22-Nov-2013All Recent SEC Filings

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Form 8-K for HOLLYWOOD MEDIA CORP


22-Nov-2013

Other Events


Item 8.01 Other Events.

On November 22, 2013, the Board of Directors (the "Board") of Hollywood Media Corp. (the "Company") amended the Company's stock repurchase program (the "Repurchase Program") that was originally approved by the Board in 2007 to provide an additional $3 million for share repurchases under the Repurchase Program (for a total of $13 million for share repurchases under the life of the Repurchase Program).

Pursuant to the Repurchase Program, the Company is authorized to repurchase shares of its common stock from time to time on the open market or in negotiated transactions. The repurchases are to be funded from available cash and cash equivalents, and the timing and amount of any shares repurchased is determined by the Company's management based on its evaluation of financial and market conditions, legal requirements and other factors. The Repurchase Program has no time limit and may be suspended for periods or discontinued at any time, and there is no guarantee as to the number of shares or the amount of cash to be utilized for repurchases. Shares repurchased under the Repurchase Program will become authorized but unissued shares of the Company's common stock.

Since the inception of the Repurchase Program in 2007, the Company has paid $8,464,738.31 for shares repurchased under the Repurchase Program. As of November 22, 2013 (following the amendment to the Repurchase Program), the maximum approximate dollar value of shares that may be repurchased under the Repurchase Program is $4,535,261.69 (calculated by subtracting (i) the $8,464,738.31 paid for all shares repurchased under the Repurchase Program from inception through November 22, 2013 from (ii) the $13,000,000 potential maximum dollar value of repurchases approved under the life of the Repurchase Program).

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