Tim Doyle, formerly of Variety and Maria Russo, formerly of The Los Angeles Times, are the lead editors of Sharon Waxman's new Hollywood news website, which officially launched today. A news release says the contributors to The Wrap include Kim Masters, who recently departed National Public Radio; Andrew Gumbel, the author and correspondent for British newspapers; Nicole LaPorte, a former film reporter for Variety who has just completed a book about DreamWorks; Mark Lisanti, former editor of Defamer; Johanna Neuman, who covered Washington for The Los Angeles Times and USA Today; and Peter Mehlman, a former co-executive producer of Seinfeld and leading television writer and producer. Waxman's release says the interim COO is Kevin Davis, former COO of Hollywood.Com, and that financial backing has come from Maveron, a Seattle venture capital firm co-founded by Starbucks CEO Howard Schultz and Dan Levitan. Other investors include "private individuals independent of the entertainment industry."

Waxman says in her welcome piece:

A year ago I left The New York Times with a sinking feeling about what was happening to professional journalism. Today we launch with great optimism what I hope will become an exciting new space to cover Hollywood in the digital age.

Here's some coverage by Jon Friedman at MarketWatch.

Also: LA Observed's Eric Estrin is a contributing editor