FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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(Print or Type Responses)

1. Name and Address of Reporting Person *   WAXMAN SPENCER M. 2. Date of Event Requiring Statement (Month/Day/Year) 12/18/2008 3. Issuer Name and Ticker or Trading Symbol HOLLYWOOD MEDIA CORP [HOLL] (Last) (First) (Middle) C/O SHANNON RIVER PARTNERS, 800 THIRD AVENUE 30TH FLOOR 4. Relationship of Reporting Person(s) to Issuer (Check all applicable) __X__ Director _____ 10% Owner _____ Officer (give title below) _____ Other (specify below) 5. If Amendment, Date Original Filed(Month/Day/Year) (Street) NEW YORK, NY 10022 6. Individual or Joint/Group Filing(Check Applicable Line) _X_ Form filed by One Reporting Person ___ Form filed by More than One Reporting Person (City) (State) (Zip) Table I - Non-Derivative Securities Beneficially Owned

1.Title of Security (Instr. 4) 2. Amount of Securities Beneficially Owned (Instr. 4) 3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5) 4. Nature of Indirect Beneficial Ownership (Instr. 5) Common Stock 3,123,860 I See footnote (1)

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.			SEC 1473 (7-02)
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Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Reporting Owners

Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
WAXMAN SPENCER M. C/O SHANNON RIVER PARTNERS 800 THIRD AVENUE 30TH FLOOR NEW YORK, NY 10022	  X	Â	Â	Â

Signatures

/s/ Spencer M. Waxman		12/29/2008
**Signature of Reporting Person		Date

Explanation of Responses:

*	If the form is filed by more than one reporting person, see Instruction 5(b)(v).
**	Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1)	These shares of the Issuer's common stock, par value $.01 per share ("Shares"), are held in the accounts of various private investment funds and separately managed accounts, for which Shannon River Fund Management Co. LLC and Shannon River Global Management LLC (the "Investment Managers") serve as the Investment Managers. Mr. Spencer Waxman, as the managing member of the Investment Managers, has an indirect beneficial ownership in these Shares.
  Remarks: The filing of this Form 3 shall not be construed as an admission that the Investment Managers or Mr. Waxman, are or were for  the purposes of Section 16(a) of the Securities Exchange Act of 1934, as amended, or otherwise the beneficial owner of any  of the Shares purchased by the Funds. Pursuant to Rule 16a-1, both the Investment Managers and Mr. Waxman disclaim such  beneficial ownership.

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