Monday, January 26, 2009

Maveron Backs Hollywood News Publication

Seattle-based venture capital firm Maveron is backing a new startup focused on entertainment news and media. According to Hollywood-based TheWrap.com, it will provide news coverage of the business of entertainment and media. The new site was founded by former Hollywood correspondent for The New York Times, Sharon Waxman. The firm said it has received investments from Maveron, along with other private individuals independent of the entertainment industry. Amount of the investment was not disclosed. Maveron's Levitan said in a statement that TheWrap was creating an "exciting new business model for information in the age of the Web."