Item 1.01 Entry into a Material Definitive Agreement.

On September 30, 2009, Hollywood Media Corp. ("Hollywood Media") and R&S Investments, LLC ("Purchaser") entered into an Amendment to Purchase Agreement (the "Amendment"), which amends the Purchase Agreement dated as of August 21, 2008 (the "Purchase Agreement") between Hollywood Media and Purchaser. Pursuant to the Purchase Agreement, Purchaser purchased Hollywood Media's subsidiaries Hollywood.com, Inc. and Totally Hollywood TV, LLC (collectively, the "Companies").

Pursuant to the Amendment: (i) Hollywood Media and Purchaser have amended the definition of gross revenue of the Companies that is used to calculate the earnout payments under the Purchase Agreement to clarify that billed but uncollected amounts are not included in the calculation of gross revenue until such amounts are collected; and (ii) in order to allow sufficient time to determine the amount of the earnout payments under the Purchase Agreement, Purchaser shall have a thirty day grace period on the due date for all such earnout payments.

The remainder of the Purchase Agreement remains unchanged and continues in full force and effect.

The above summary of the material changes implemented by the Amendment is qualified in its entirety by reference to the Amendment to Purchase Agreement, dated September 30, 2009, by and between Hollywood Media Corp. and R&S Investments, LLC, a copy of which is attached hereto as Exhibit 10.1 to this Current Report on Form 8-K and which is incorporated by reference in this Item 1.01 in its entirety.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

10.1 Amendment to Purchase Agreement dated September 30, 2009 between Hollywood Media Corp. and R&S Investments, LLC

---