Exclusive: Entertainment News Company TheWrap Acquires ItsOnTheGrid.com

TheWrap, a venture capital-backed news organization focused on the business of entertainment and media, has acquired ItsOnTheGrid.com (IOTG), TechCrunch has learned.

TheWrap made the acquisition for an undisclosed amount of cash and stock.

IOTG is a subscription-based, web-enabled database that provides up-to-date information on the feature film development business, targeting entertainment industry professionals as well as aspiring filmmakers and screenwriters. The delivered information comes from industry insiders, combined with aggregation of real-time data from various public sources.

The company was originally founded by a group of motion picture literary managers who needed a tool to collectively track development information and cover the various studios, other buyers and production companies across Hollywood.

Sharon Waxman, the former New York Times journalist who founded TheWrap back in 2009, says the acquisition enables the news company to combine IOTG with its own core content and events businesses and move TheWrap closer to the essential multi-platform media company for the entertainment sector it aims to become.

ItsontheGrid.com founder and president Jason Scoggins joins TheWrap as Chief Product Officer and general manager of IOTG, overseeing the database and a ‘host of new products’ that will roll out during the course of 2011.

A press release announcing the purchase will be distributed later today.