Acquisition Will Deepen TheWrap’s Position as Leading Multi-Platform Media Company Serving the Entertainment Industry
(Santa Monica, CA) – January 18, 2011 –The Wrap News, Inc., the leading news organization covering the business of entertainment and media, is pleased to announce the acquisition of ItsontheGrid.com (IOTG), a web-based subscription service that provides the most comprehensive and up-to-date snapshot of the movie industry available today.
The acquisition was made for an undisclosed amount of cash and stock.
Founded by literary manager Jason Scoggins, ItsontheGrid.com aggregates information from entertainment industry insiders combined with real-time data from a variety of public sources.
“This acquisition marks a milestone in TheWrap’s next phase of growth as we continue to build the essential multi-platform media company for the entertainment sector,” said Sharon Waxman, CEO and founder of TheWrap News Inc. “Jason brings an unrivaled understanding of the needs of entertainment professionals, and will help TheWrap more deeply serve the industry and those who aspire to enter the movie business.”
IOTG is the only publicly-available source of actionable film development information, including studio writing and directing assignments and spec script information, making it an essential working tool for 21st century entertainment industry professionals as well as aspiring writers, directors, actors and executives.
ItsontheGrid.com Founder and President Jason Scoggins joins TheWrap News Inc. as Chief Product Officer and general manager of ItsontheGrid.com, overseeing the database and a host of new products that will roll out in the coming year.
“Joining forces with TheWrap represents the ideal evolution for ItsontheGrid.com,” said Scoggins. “TheWrap has demonstrated its commitment to supporting the entertainment community and it’s an honor to join them in building a 360-degree media company that’s poised for powerful growth.”
ItsontheGrid.com represents a seamless complement to the 24/7, award-winning news coverage at TheWrap.com, including its calendar of educational and networking events for entertainment industry insiders and power players.
In the coming months, TheWrap News Inc. will be rolling out products supported by ItsontheGrid.com that provide advertisers with an innovative channel to connect with entertainment industry professionals.
TheWrap.com, founded by award-winning journalist Sharon Waxman in 2009, has established itself as the leading voice in entertainment business news, reaching over 1 million unique visitors per month. Winner of the National Entertainment Journalism Award for news in 2009 and the Journalism Award for 2010 from the Caucus of Producers, Writers and Directors, TheWrap.com delivers high-profile newsbreaks, investigative stories, and authoritative analyses as a reliable and independent source for media and industry professionals.