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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 AdcmyNQRZvs0DJcWosnOnJTXnUPpeotU0dApiqy7FvlorvirQOuXIvFCuHqbyiEv
 QltDyy6HBv+69r0deH5Xvg==

<SEC-DOCUMENT>0001144204-09-052462.txt : 20091009
<SEC-HEADER>0001144204-09-052462.hdr.sgml : 20091009
<ACCEPTANCE-DATETIME>20091009204930
ACCESSION NUMBER:		0001144204-09-052462
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20091007
FILED AS OF DATE:		20091009
DATE AS OF CHANGE:		20091009

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Aaron Ian
		CENTRAL INDEX KEY:			0001426773

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-10039
		FILM NUMBER:		091115123

	MAIL ADDRESS:	
		STREET 1:		14242 VENTURA BOULEVARD
		STREET 2:		3RD FLOOR
		CITY:			SHERMAN OAKS
		STATE:			CA
		ZIP:			91423

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Mandalay Media, Inc.
		CENTRAL INDEX KEY:			0000317788
		STANDARD INDUSTRIAL CLASSIFICATION:	PATENT OWNERS & LESSORS [6794]
		IRS NUMBER:				222267658
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		2121 AVENUE OF THE STARS
		STREET 2:		SUITE 2550
		CITY:			LOS ANGELES,
		STATE:			CA
		ZIP:			90067
		BUSINESS PHONE:		(310) 601-2500

	MAIL ADDRESS:	
		STREET 1:		2121 AVENUE OF THE STARS
		STREET 2:		SUITE 2550
		CITY:			LOS ANGELES,
		STATE:			CA
		ZIP:			90067

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Mediavest, Inc.
		DATE OF NAME CHANGE:	20050809

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	EB2B COMMERCE INC /NY/
		DATE OF NAME CHANGE:	20010323

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	DYNAMICWEB ENTERPRISES INC
		DATE OF NAME CHANGE:	19960624
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>v162586_ex.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0303</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2009-10-07</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0000317788</issuerCik>
        <issuerName>Mandalay Media, Inc.</issuerName>
        <issuerTradingSymbol>MNDL.OB</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001426773</rptOwnerCik>
            <rptOwnerName>Aaron Ian</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O TWISTBOX ENTERTAINMENT, INC.,</rptOwnerStreet1>
            <rptOwnerStreet2>14242 VENTURA BOULEVARD, 3RD FLOOR</rptOwnerStreet2>
            <rptOwnerCity>SHERMAN OAKS</rptOwnerCity>
            <rptOwnerState>CA</rptOwnerState>
            <rptOwnerZipCode>91423</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>1</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle>See Remarks</officerTitle>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock, $.0001 par value per share</value>
            </securityTitle>
            <transactionDate>
                <value>2009-10-07</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>F</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>69700</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>.50</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>1284595</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <remarks>Mr. Aaron resigned as a director of Mandalay Media, Inc. (the &quot;Company&quot;) and as the President and Chief Executive Officer of
 Twistbox Entertainment, Inc., a wholly-owned subsidiary of the Company, effective as of October 7, 2009.</remarks>

    <ownerSignature>
        <signatureName>/s/ Ian Aaron</signatureName>
        <signatureDate>2009-10-09</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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