The Wrap

The Wrap. The Wrap is an American digital media company and entertainment news website founded in 2009 by veteran journalist Sharon Waxman. Focused on the business of entertainment, it provides breaking news, industry analysis, and in-depth reporting on Hollywood, film, television, and streaming media. The outlet is known for its coverage of media mergers, box office performance, and the intersection of entertainment with technology and finance.

History

The Wrap was launched in January 2009 by former New York Times and Washington Post reporter Sharon Waxman, who sought to create a digitally-native news source for the entertainment industry during a period of major disruption for traditional media. Its founding came amidst the rise of streaming services like Netflix and significant shifts in advertising revenue. The company quickly established itself with scoops on studio developments and talent deals, expanding its editorial team with hires from legacy outlets like Variety and The Hollywood Reporter. In 2014, it acquired its competitor, the awards site Thompson on Hollywood, from IndieWire, absorbing its editorial assets. The Wrap has since grown its conference division, notably launching the annual media and technology summit TheGrill.

Content and coverage

The Wrap's editorial coverage is centered on the financial and corporate machinations of the global entertainment sector. Its reporting includes breaking news on film and television production, executive appointments at major studios like Disney and Warner Bros. Discovery, and analysis of box office trends for franchises such as the Marvel Cinematic Universe. The site maintains dedicated verticals for television industry news, streaming platform strategies from companies like Apple TV+ and Amazon MGM Studios, and film festival coverage from Cannes and the Toronto International Film Festival. It also produces deep-dive investigative reports, talent interviews, and regular columns on the intersection of entertainment with Silicon Valley and Washington, D.C., particularly regarding antitrust regulations and intellectual property law.

Business model and financials

The Wrap operates on a diversified revenue model that includes digital advertising, sponsored content, paid industry subscriptions, and live events. Its subscription service, WrapPRO, offers premium analysis, data tools, and exclusive reporting tailored to entertainment professionals and investors. The company generates significant income through its executive conference series, most notably TheGrill, which attracts speakers from Netflix, Sony Pictures, and NBCUniversal. While privately held and not disclosing detailed financials, The Wrap has secured venture capital funding from investors including Rincon Venture Partners and Mucker Capital. Its business strategy focuses on monetizing high-value industry intelligence rather than pursuing mass audience scale, competing directly with the subscription services of Puck and The Ankler.

Reception and impact

Within the entertainment and media industries, The Wrap is regarded as a credible and agile news source, frequently cited by major outlets like CNN, Bloomberg News, and The Associated Press for its breaking stories. It has received recognition for its journalism, including awards from the National Arts & Entertainment Journalism Awards and the Los Angeles Press Club. The outlet's impact is noted in its early and consistent coverage of the streaming wars, the consolidation of media conglomerates, and the business implications of movements like #MeToo in Hollywood. Its WrapPRO service is considered an influential tool for executives and analysts, while its events have become notable networking and discussion forums for leaders from Paramount Global and Comcast.

Controversies and criticism

The Wrap has faced criticism, particularly in its earlier years, for perceived conflicts of interest related to its event sponsorship and advertising relationships with the same companies it covers. Some industry observers have accused it of a sensationalist tone in certain headlines to drive web traffic. The outlet was also involved in a notable legal dispute in 2015 with actress Catherine Oxenberg over an article related to the NXIVM case, which was later settled. Like many digital media companies, it has navigated challenges related to maintaining editorial independence while building a business model heavily reliant on industry access and partnerships, drawing comparisons to the pressures faced by trade publications such as Deadline Hollywood.

Category:American news websites Category:Entertainment journalism Category:Companies based in Los Angeles Category:Digital media companies