The Wrap News, a not-yet-launched news site covering the Hollywood trade, has received $500K in seed funding, from undisclosed investors. The news site is slated to only launch in Jan 2009, but seems strange in these days to wait so long for a blog-format based news site…after all the founder Sharon Waxman has been blogging a bit on her personal site for a while. Waxman is the former Hollywood correspondent for New York Times (NYSE: NYT), and is also recruiting a team for added coverage. She intends to compete with the likes of Variety, Hollywood Reporter, and more directly with the one-person blogging machine of Nikki Finke.