-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 Q1RKIb27Ttlsc8Z71Ei4irpe5o4+/Hp19wYvdADH2Ae32ILecEDWZOjTlHzZLCdO
 N7YyTK/S3LE5AHjQRl0U6A==

<SEC-DOCUMENT>0001144204-08-055552.txt : 20081001
<SEC-HEADER>0001144204-08-055552.hdr.sgml : 20081001
<ACCEPTANCE-DATETIME>20081001154524
ACCESSION NUMBER:		0001144204-08-055552
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20080929
FILED AS OF DATE:		20081001
DATE AS OF CHANGE:		20081001

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Regenstein Barry
		CENTRAL INDEX KEY:			0001320257

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-10039
		FILM NUMBER:		081099959

	BUSINESS ADDRESS:	
		BUSINESS PHONE:		9144543703

	MAIL ADDRESS:	
		STREET 1:		C/O COMMAND SECURITY CORP.
		STREET 2:		RTE 55 LEXINGTON PARK  P.O.  BOX 340
		CITY:			LAGRANGEVILLE
		STATE:			NY
		ZIP:			12540

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Mandalay Media, Inc.
		CENTRAL INDEX KEY:			0000317788
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-PREPACKAGED SOFTWARE [7372]
		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>v127829_ex.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0303</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2008-09-29</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

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

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001320257</rptOwnerCik>
            <rptOwnerName>Regenstein Barry</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>2121 AVENUE OF THE STARS, SUITE 2550</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>LOS ANGELES</rptOwnerCity>
            <rptOwnerState>CA</rptOwnerState>
            <rptOwnerZipCode>12540</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <derivativeTable>
        <derivativeTransaction>
            <securityTitle>
                <value>Options</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>2.40</value>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2008-09-29</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>A</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
                <footnoteId id="F1"/>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>100000</value>
                </transactionShares>
                <transactionPricePerShare>
                    <footnoteId id="F1"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <footnoteId id="F2"/>
            </exerciseDate>
            <expirationDate>
                <value>2018-09-29</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>100000</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>100000</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeTransaction>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">The Options were granted in consideration for Mr. Regenstein serving as a member of the board of directors of Mandalay Media,
 Inc.</footnote>
        <footnote id="F2">One-third of the Options are immediately exercisable upon grant, an additional one-third shall vest on the first anniversary
 of the date of grant and the remainder shall vest on the second anniversary of the date of grant</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Barry Regenstein</signatureName>
        <signatureDate>2008-10-01</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----