Hollywood News Site, TheWrapNews.com Raises $500,000; Launching January 2009

“We’re very excited about the opportunity that the Web has presented us at a time when newspapers are struggling,” stated Sharon Waxman, founder of The Wrap News. “The Wrap News will fill a gaping space on the entertainment landscape for smart, sophisticated news and analysis, enhanced by the contributions of an incredibly talented community – entertainment and media insiders and those who are passionate about those worlds.”

The Wrap News is an upcoming Hollywood gossip and social networking site preparing to launch in January 2009.  Although the site is not open yet, they have received $500,000 in seed funding from several undisclosed investors.

Sharon Waxman is a former Hollywood correspondent at The New York Times Company (NYSE:NYT).  The Wrap News has offices in New York and L.A.

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