8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 8-K

CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

Date of report (Date of earliest event reported) December 8, 2008

LODGENET INTERACTIVE CORPORATION

(Exact Name of Registrant as Specified in Charter)

Delaware	0-22334	46-0371161
(State or Other Jurisdiction of	(Commission File Number)	(IRS Employer
Incorporation)		Identification No.)

3900 West Innovation Street, Sioux Falls, SD	57107
(Address of Principal Executive Offices)	(Zip Code)

Registrant’s telephone number, including area code (605) 988-1000

n/a

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

o Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

TABLE OF CONTENTS

EX-99.1

EX-99.2

Item 7.01 Regulation FD Disclosure.

     LodgeNet Interactive Corporation (“LodgeNet”) issued a press release announcing that it will be presenting at the UBS 36th Annual Media Week conference regarding its operations and business. The press release describes LodgeNet’s presentation at the conference. The PowerPoint slide presentation to be used during LodgeNet’s presentation at the UBS 36th Annual Media Week Conference regarding its operations and business is furnished as Exhibit 99.1. The press release regarding LodgeNet’s presentation at the conference is furnished as Exhibit 99.2.

     The information in Exhibits 99.1 and 99.2 attached hereto shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended.

Item 9.01. Financial Statements and Exhibits.

     (d) Exhibits

99.1	PowerPoint Slides (furnished)
99.2	Press Release (furnished)

SIGNATURES

     Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	LODGENET INTERACTIVE CORPORATION
Date: December 8, 2008	By	/s/ James G. Naro
		James G. Naro
	Its	Senior Vice President, General Counsel, Secretary and Chief Compliance Officer

EX-99.1

Exhibit 99.1

Certain statements in this presentation constitute "forward-looking statements". When used in this presentation, the words "intends," "expects," "anticipates," "estimates," "believes," "goal," "no assurance" and similar expressions, and statements which are made in the future tense or refer to future events or developments, including, without limitation, those related to 2008 revenue and adjusted free cash flow, revenue per fully served HD room, decreases in operating expenses and capital investment, and debt reduction are intended to identify such forward- looking statements. Such forward-looking statements are subject to risks, uncertainties, and other factors that could cause the actual results, performance or achievements to be materially different from any future results, performance, or achievements expressed or implied by such forward-looking statements. In addition to the risks and uncertainties discussed herein, such factors include, among others, the following: the effects of economic conditions, including general financial conditions (including those represented recently by liquidity crisis, government bailout and assistance plans, bank failures and recessionary threats and developments); the economic condition of the lodging industry, which can be particularly affected by the financial conditions referenced above, as well as high gas prices, levels of unemployment, consumer confidence, acts or threats of terrorism and public health issues; competition from providers of similar services and from alternative systems for accessing in- room entertainment; competition from HSIA providers; changes in demand for our products and services; programming costs, availability, timeliness, and quality; technological developments by competitors; developmental costs, difficulties, and delays; relationships with clients and property owners; in particular as we reduce capital investment; the availability of capital to finance growth, the impact of government regulations; potential effects of litigation; risks of expansion into new markets; risks related to the security of our data systems; and other factors detailed, from time to time, in our filings with the Securities and Exchange Commission. With respect to any acquisition, we are subject to risks that integration costs will exceed expectations, that synergies we anticipate will not be realized, or will take longer than anticipated to realize, that our management and management systems will encounter difficulties in dealing with a bigger, more diversified enterprise, and that the financial results we expect from the acquisition will not be realized. These forward-looking statements speak only as of the date of this presentation. We expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in our expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based. Slide 2

World's Largest Provider of Media & Connectivity Services to Hospitality Businesses "Interactive Experiences" to More Than 1.9 Million Rooms at 9,900 Properties Top 10 MSO Equivalent with National Reach in US & Canadian Hotel Markets 85% Share of VOD-Served Market Connect, Inform & Entertain Over 500 Million Travelers Highly Interactive Audience Powerful Guest "Touch Points" in High-Definition TV & Internet LodgeNet Interactive * Source: 2007 Forrester Omnibus Survey Slide 3 98% 35% 31.5% Guests Turn on Television "Go Interactive" "Log On" to the Internet*

Executing on Our Strategic Initiatives Revenues from Strategic Initiatives up 18%* Recurring Revenue Not Reliant on Guest Purchase Driving Total Revenue Per Room Business Model Driving Cost Efficiencies Total Operating Expenses Per Room Down 10%* HDTV Capital Investment Per New Room Down 10%* Substantial Reduction in Long-Term Debt* Slide 4 * Data based on 9 months ending Sept. 30, 2008 Strategic Initiatives Revenues Business Costs Adjusted Free Cash Flow $18.7 Million Long Term Debt Reduced $15.8 Million

Also: Licensees in 23 International Countries

A Diversified Customer Base Focused By Brand . . . Diversified By Decision 1,500+ Ownership & Management Groups Slide 6

Guest Entertainment TV Programming * Based on actual Q2 '08 TTM results exclusive of SG&A. Business Model - Digital Room Single Room Economics: Base Digital (Per Room Per Month) Slide 7 Contract Length 6.5 Years Annual Revenue $ 300 Annual Cash Flow $ 124 Total Cash Flow Over Life $ 806 Average Capital Investment $ 358 Payback Period 2.9 Years Cash-on-Cash Return 34.6% New Room Historical Business Model

Expanding Networks & Integrating Solutions Expanding Networks In Hospitality and Healthcare Three Networks: Interactive TV; Broadband Internet; Advertising Creating New Revenue Increasing Economies of Scale: - Technology - Operations Integrating Solutions That Meet Customer Needs Multiple Solutions: HDTV; IP; Broadband; Technical Services Diversifying Revenue with New Solutions Building New Competencies to Deliver Additional Solutions Growth Strategy Slide 8

Hospitality Drivers: High Definition Television Professional Solutions Broadband Internet Media Marketing Slide 9 Expanding Networks & Integrating Solutions Growth Strategy Healthcare Drivers: Patient Education Patient Safety Patient Satisfaction

30% Higher Revenue HD Basic Cable - - More Channels - - Higher Percentage of Hotels HD Video On-Demand Increased Guest Interest Professional Solutions Program Consultation Project Management Installation Services 2008 Revenue = $5 Million (estimated) Rooms (in thousands) High Definition Television 164 1,863 As of 9/30/08 Hospitality Growth Driver Slide 10

Sell More to Hotels Help Desk Services - - Recurring Revenue - - $3 to $4 per room/month Equipment Sales - - Hotel Purchased - - 10% to 20% Margin Technical Service - - Time & Materials Maintenance Agreements 2008 Revenue = $23 Million (estimated) Broadband Internet Slide 11 228 1,863 Hospitality Growth Driver Rooms (in thousands) As of 9/30/08

Multiple Platforms - - Satellite Channels Interactive Channels $1.50 - $2.00 room/month Outstanding Demographic - - Income, Profession Out of Home Ads Increasing Twice the Percentage Growth of Traditional Advertising 2008 Revenue = $8 Million (estimated) Media Marketing 1,863 569 362 Hospitality Growth Driver Slide 12 Rooms (in thousands) As of 9/30/08

"Hotels offer a unique environment for companies to find a captive audience" - - Promo Magazine 10 Major Cable Partners, including: Slide 13 Select Advertisers, including: The Hotel Networks - Media Marketing

Guest Entertainment Guest Entertainment TV Programming Broadband Advertising TV Programming Revenue Expansion Opportunity Per Room Per Month Slide 14

Revenue Expansion Opportunity Per Room Per Month Guest Entertainment Broadband Advertising TV Programming Average Contract Length 6.5 Years Annual Revenue $ 435 Annual Cash Flow $ 165 Total Cash Flow Over Life $ 1,070 Renewal Capital Investment $ 305 Renewal* Renewed Digital Room to Fully Served HD Room Payback Period 1.9 Years Cash-on-Cash Return 54% Slide 15 * Illustration based on 2008 data

2005 2006 2007 2008 Hotels Contributing Larger Percent of Capital Slide 16 (Rolling Four Quarters) On Command Acquired on 4/4/07 * *

Slide 17 System Benefits: Patient Education Patient Safety Patient Satisfaction 2008 Revenue = $6 Million (estimated) 24 40

Healthcare Economics Slide 18 Interactive System Sale Per Bed $1,000 - $1,500 Gross Profit Margin - System Sale 30% - 40% Recurring Revenue Per Bed Per Month $20 - $30 Gross Profit - Recurring Revenue 30% - 35%

Proactively Manage Business through Evolving Economic Conditions Decrease Operating Expenses Reduce Capital Investment Levels Allocate More Cash Flow to Debt Reduction Slide 19 Maintain Compliance with Credit Facility Debt Leverage Ratio Decreases: Today: 4.50x March 31: 4.25x September 30: 4.00x 2009 Focus

2009 Focus: Proactive Management (In Millions) Decreasing Operating Expenses $22-$23 $25-$26 Slide 20 $30.6 $28.4 $27.3

2009 Focus: Proactive Management (In Millions) Reducing Capital Investment $5-$6 $13-$14 Slide 21 $18.9 $19.8 $14.7

2009 Focus: Proactive Management Increase Allocation to Debt Reduction 70-80% 20-30% 20% 80% Slide 22

1. Largest VOD Provider with 85% Market Share 2. Recurring Revenue Based on Long-Term Contracts 3. Expanding Revenue Opportunities HDTV Transition Hotel Services: TV Programming & Broadband Internet Media Marketing Healthcare 4. Harvesting Operating Synergies 5. Ability to Flex Capital Investment 6. 2008 Adjusted Net Free Cash Flow $26.5 to $28.0 Million Slide 23 LodgeNet: Investment Summary Adjusted Net Free Cash Flow Per Share $1.19 to $1.25

(c) 2008 LodgeNet Entertainment Corporation. All rights reserved. Slide 24

Reconciliation of Adjusted Net Free Cash Flow Slide 25

EX-99.2

Exhibit 99.2

Ann Parker,
Director, Investor Relations
605-988-1000
ann.parker@lodgenet.com

LODGENET PRESENTS AT UBS 36TH ANNUAL MEDIA WEEK CONFERENCE

To Discuss Recent Developments and Management Actions for 2009

          New York, December 8, 2008 – LodgeNet Interactive Corporation (NASDAQ: LNET), is scheduled to present today at the UBS 36^th Annual Media Week conference in New York City. LodgeNet Chairman and CEO Scott C. Petersen will review the Company’s long-term growth strategy as well as comment on its strategies to proactively manage through the evolving economic environment.

          “Throughout 2008, we continued to successfully execute on our strategic growth initiatives, focused on driving new and increased revenue from services not dependent upon guest-entertainment purchases,” stated Petersen. “These diversified revenues now represent over 30% of our total revenue. As the result of our 2007 acquisition of On Command, we have also increased our overall strategic value to the hospitality industry by broadening the media and connectivity solutions we offer, and creating innovative, next-generation products with leading technology companies, such as LG Electronics, Ruckus and Control4.”

          “In our Healthcare business, we’ve had our most successful fall selling season ever,” continued Petersen, “signing eight contracts over the past three months with such leading healthcare organizations as Hawaii Pacific Health, Eisenhower Medical Center (California) and Butler Memorial Hospital (Pennsylvania).  Today, we have 24 facilities installed, with an additional 16 contracted and scheduled for installation in 2009. “

          “We are also continuing to develop our media marketing business, The Hotel Networks.  In addition to the placement of advertisement insertions into ten popular cable channels, we recently launched our interactive “FreeViews” offering, where advertisers can benefit from the telescoping capabilities of our VOD television platform. And, we have had substantial success in convincing cable channels to view THN carriage as a marketing opportunity for them, converting our business model from a licensing fee to a pay-for-placement model. Our most recent example is Fox Business, which will be included in our satellite-delivered line-up starting in January.”

          “As we look to 2009, we will continue to take decisive actions to proactively manage our business through this evolving economic environment,” concluded Petersen. “We are decreasing our operating expenses, reducing our capital investment levels, and allocating a significantly larger portion of our cash from operations to debt reduction.”

• For 2009, Systems Operations and SG&A expenses are being cut by $20 to $24 million compared the annualized level of this year’s First Quarter – a reduction of 17% to 20%. As part of this plan, LodgeNet announced in November the implementation of a 13% reduction in force, the deferral of compensation adjustments for all personnel, and the suspension of the 2009 management bonus plan.

• The Company is reducing its quarterly capital investment activity to $5 to $6 million in the First Quarter of 2009. During 2008, the Company reduced its investment levels from $20 million in the First Quarter to approximately $13 million during the Fourth Quarter.

• Capitalizing on the flexibility of its business model, LodgeNet also plans to allocate 70% to 80% of its cash from operations during 2009 to the repayment of its outstanding bank debt. This compares to an approximate 20% allocation during 2008.

• Despite the challenging economy, the Company continues expects Adjusted Net Free Cash Flow* for full year 2008 of $26.5 to $28.0 million, or $1.19 to $1.25 per share.

          “We believe our business strategy remains sound; we are taking the necessary actions to right-size our Company to the evolving economic environment; and, we fully intend to maintain compliance with our debt covenants throughout 2009,” concluded Petersen.

LodgeNet presents at UBS Media Conference — 2

*Adjusted Net Free Cash Flow, a non-GAAP measure, is defined as net free cash flow, as defined above, and further excludes cash used for restructuring and integration activities.

A live webcast of the UBS Media Conference presentation will be available at: http://events.streamx.us/us/event/eventdetails.aspx?id=ubs20081208.The webcast will be archived at that site for one month and can be accessed via LodgeNet’s company website at www.lodgenet.com.

About LodgeNet Interactive

LodgeNet Interactive Corporation is the leading provider of media and connectivity solutions designed to meet the unique needs of hospitality, healthcare and other guest-based businesses.  LodgeNet Interactive serves more than 1.9 million hotel rooms representing 10,000 hotel properties worldwide in addition to healthcare facilities throughout the United States. The company’s services include: Interactive Television Solutions, Broadband Internet Solutions, Content Solutions, Professional Solutions and Advertising Media Solutions. LodgeNet Interactive Corporation owns and operates businesses under the industry leading brands: LodgeNet, LodgeNetRX, and The Hotel Networks. LodgeNet Interactive is listed on NASDAQ and trades under the symbol LNET. For more information, please visit www.lodgenet.com.

Special Note Regarding Forward-Looking Statement

Certain statements in this press release constitute “forward-looking statements.” When used in this press release and in the prepared remarks as well as in response to the questions during the conference call, the words “intends,” “expects,” “anticipates,” “estimates,” “believes,” “goal,” “no assurance” and similar expressions, and statements which are made in the future tense or refer to future events or developments, including, without limitation, those related to decreasing operating expenses, reducing capital investment, reducing debt and Adjusted Net Free Cash Flow, are intended to identify such forward-looking statements. Such forward-looking statements are subject to risks, uncertainties, and other factors that could cause the actual results, performance or achievements to be materially different from any future results, performance, or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the following: the effects of economic conditions, including general financial conditions (including those represented recently by liquidity crises, government bailouts and assistance plans, bank failures, and recessionary threats and developments), the economic condition of the lodging industry, which can be particularly affected the financial conditions referenced above, as well as by high gas prices, levels of unemployment, consumer confidence, acts or threats of terrorism and public health issues; competition from providers of similar services and from alternative systems for accessing in-room entertainment; competition from HSIA providers; changes in demand for our products and services; programming availability, timeliness, quality, and costs; technological developments by competitors; developmental costs, difficulties, and delays; relationships with customers and property owners, in particular as we reduce capital investment; the availability of capital to finance growth; compliance with credit facility covenants; the impact of governmental regulations; potential effects of litigation; risks of expansion into new markets; risks related to the security of our data systems; and other factors detailed, from time to time, in our filings with the Securities and Exchange Commission. With respect to any acquisition, we are subject to risks that integration costs will exceed expectations, that synergies we anticipate will not be realized, or will take longer than anticipated to realize, that our management and management systems will encounter difficulties in dealing with a bigger, more diversified enterprise, and that the financial results we expect from the acquisition will not be realized. For any of the foregoing reasons, our guidance and our actual financial results may not meet our expectations. These forward-looking statements speak only as of the date of this press release. We expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in our expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.

LodgeNet is a registered trademark of LodgeNet Interactive Corporation. All rights reserved. Other names and brands may be claimed as the property of others.

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