-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
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 wvLa37UNZ2JXpHkA6KCEkQ==

<SEC-DOCUMENT>0001144204-08-066613.txt : 20081125
<SEC-HEADER>0001144204-08-066613.hdr.sgml : 20081125
<ACCEPTANCE-DATETIME>20081125144544
ACCESSION NUMBER:		0001144204-08-066613
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20081124
FILED AS OF DATE:		20081125
DATE AS OF CHANGE:		20081125

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			ELLIN ROBERT S
		CENTRAL INDEX KEY:			0001071292

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-10039
		FILM NUMBER:		081213422

	BUSINESS ADDRESS:	
		BUSINESS PHONE:		310-601-2502

	MAIL ADDRESS:	
		STREET 1:		C/O TRINAD MANAGEMENT LLC
		STREET 2:		2121 AVENUE OF THE STARS, SUITE 1650
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Wolf Jay
		CENTRAL INDEX KEY:			0001289633

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-10039
		FILM NUMBER:		081213425

	BUSINESS ADDRESS:	
		BUSINESS PHONE:		212-521-5180

	MAIL ADDRESS:	
		STREET 1:		C/O TRINAD CAPITAL L.P.
		STREET 2:		153 E. 53RD STREET, 48TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Mandalay Media, Inc.
		CENTRAL INDEX KEY:			0000317788
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-MOTION PICTURE & VIDEO TAPE PRODUCTION [7812]
		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

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Trinad Advisors II, LLC
		CENTRAL INDEX KEY:			0001384858
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-10039
		FILM NUMBER:		081213423

	BUSINESS ADDRESS:	
		STREET 1:		2121 AVENUE OF THE STARS
		STREET 2:		SUITE 1650
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067
		BUSINESS PHONE:		(310)6102500

	MAIL ADDRESS:	
		STREET 1:		2121 AVENUE OF THE STARS
		STREET 2:		SUITE 1650
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Trinad Capital Master Fund Ltd.
		CENTRAL INDEX KEY:			0001346370
		STATE OF INCORPORATION:			E9

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-10039
		FILM NUMBER:		081213427

	BUSINESS ADDRESS:	
		STREET 1:		2121 AVENUE OF THE STARS, SUITE 1650
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90049
		BUSINESS PHONE:		310-601-2500

	MAIL ADDRESS:	
		STREET 1:		2121 AVENUE OF THE STARS, SUITE 1650
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90049

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Trinad Capital L.P.
		CENTRAL INDEX KEY:			0001289378
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-10039
		FILM NUMBER:		081213426

	BUSINESS ADDRESS:	
		STREET 1:		153 EAST 53RD ST.
		STREET 2:		48TH FLOOR
		CITY:			NEW YORK
		STATE:			X1
		ZIP:			10022
		BUSINESS PHONE:		212 521 5180

	MAIL ADDRESS:	
		STREET 1:		153 EAST 53RD ST.
		STREET 2:		48TH FLOOR
		CITY:			NEW YORK
		STATE:			X1
		ZIP:			10022

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Trinad Management, LLC
		CENTRAL INDEX KEY:			0001346061

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-10039
		FILM NUMBER:		081213424

	BUSINESS ADDRESS:	
		STREET 1:		2121 AVENUE OF THE STARS, SUITE 1650
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90049
		BUSINESS PHONE:		310-601-2500

	MAIL ADDRESS:	
		STREET 1:		2121 AVENUE OF THE STARS, SUITE 1650
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90049
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>v133507_ex.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0303</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2008-11-24</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

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

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001346370</rptOwnerCik>
            <rptOwnerName>Trinad Capital Master Fund Ltd.</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>2121 AVENUE OF THE STARS, SUITE 2550</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>LOS ANGELES</rptOwnerCity>
            <rptOwnerState>CA</rptOwnerState>
            <rptOwnerZipCode>90049</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001289378</rptOwnerCik>
            <rptOwnerName>Trinad Capital L.P.</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>2121 AVENUE OF THE STARS, SUITE 2550</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>LOS ANGELES</rptOwnerCity>
            <rptOwnerState>CA</rptOwnerState>
            <rptOwnerZipCode>90067</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001346061</rptOwnerCik>
            <rptOwnerName>Trinad Management, LLC</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>2121 AVENUE OF THE STARS, SUITE 2550</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>LOS ANGELES</rptOwnerCity>
            <rptOwnerState>CA</rptOwnerState>
            <rptOwnerZipCode>90049</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001384858</rptOwnerCik>
            <rptOwnerName>Trinad Advisors II, LLC</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>2121 AVENUE OF THE STARS,</rptOwnerStreet1>
            <rptOwnerStreet2>SUITE 2550</rptOwnerStreet2>
            <rptOwnerCity>LOS ANGELES</rptOwnerCity>
            <rptOwnerState>CA</rptOwnerState>
            <rptOwnerZipCode>90067</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001071292</rptOwnerCik>
            <rptOwnerName>ELLIN ROBERT S</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1></rptOwnerStreet1>
            <rptOwnerStreet2>2121 AVENUE OF THE STARS, SUITE 2550</rptOwnerStreet2>
            <rptOwnerCity>LOS ANGELES</rptOwnerCity>
            <rptOwnerState>CA</rptOwnerState>
            <rptOwnerZipCode>90067</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001289633</rptOwnerCik>
            <rptOwnerName>Wolf Jay</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>2121 AVENUE OF THE STARS, SUITE 2550</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>LOS ANGELES</rptOwnerCity>
            <rptOwnerState>CA</rptOwnerState>
            <rptOwnerZipCode>90067</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock, $.0001 par value per share</value>
            </securityTitle>
            <transactionDate>
                <value>2008-11-24</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>P</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>24527</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>1.00</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>9886325</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                    <footnoteId id="F1"/>
                    <footnoteId id="F2"/>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <footnotes>
        <footnote id="F1">These securities are owned directly by Trinad Capital Master Fund, Ltd. (the &quot;Master Fund&quot;). These securities may be deemed
 to be beneficially owned by (i) Trinad Management, LLC, the investment manager of the Master Fund, (ii) Trinad Capital L.P.,
 a controlling stockholder of the Master Fund, (iii) Trinad Advisors II, LLC, the general partner of Trinad Capital L.P.,
 (iv) Robert S. Ellin, the managing director of and portfolio manager for Trinad Management, LLC and the managing director of
 Trinad Advisors II, LLC, and (v) Jay A. Wolf , the managing director of and portfolio manager for Trinad Management, LLC and
 the managing director of Trinad Advisors II, LLC.</footnote>
        <footnote id="F2">Each of the reporting person disclaims beneficial ownership of the reported securities except to the extent of his or its
 pecuniary interest therein, and this report shall not be deemed an admission that such Reporting Person is the beneficial
 owner of the securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other
 purpose.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Jay A. Wolf, Authorized Representative, Trinad Capital Master Fund, Ltd</signatureName>
        <signatureDate>2008-11-25</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>/s/ Robert S. Ellin, Managing Director, Trinad Advisors II, LLC</signatureName>
        <signatureDate>2008-11-25</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>/s/ Robert S. Ellin, Managing Director, Trinad Capital L.P. By: Trinad Advisors II LLC, its general partner</signatureName>
        <signatureDate>2008-11-25</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>/s/ Robert S. Ellin, Managing Director, Trinad Management, LLC</signatureName>
        <signatureDate>2008-11-25</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>/s/ Robert S. Ellin</signatureName>
        <signatureDate>2008-11-25</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>/s/ Jay A. Wolf</signatureName>
        <signatureDate>2008-11-25</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----