content: <HTML><HEAD>
  <TITLE>
  Cendant Corporation 8-K dated October 17, 2005
  </TITLE>
  <!-- Licensed to: Cendant Corporation-->
  <!-- Document Created using EDGARIZER HTML 3.0.0.24264 -->
  <!-- Copyright 2005 EDGARfilings, Ltd., an IEC company.-->
  <!-- All rights reserved EDGARfilings.com -->
  </HEAD><BODY id=38 bgColor=#ffffff>
  <DIV>
  <HR style="MARGIN-TOP: -5px" color=#000000 noShade SIZE=4>
  
  <HR style="MARGIN-TOP: -10px" color=#000000 noShade SIZE=1>
  </DIV>
  <DIV><BR></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=center><FONT
  style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman"><STRONG>UNITED
  STATES</STRONG></FONT></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=center><FONT
  style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman"><STRONG>SECURITIES
  AND EXCHANGE COMMISSION</STRONG></FONT></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=center><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>WASHINGTON,
  D.C. 20549</STRONG></FONT></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=center><BR></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=center><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">____________</FONT></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=left>&nbsp;</DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=center><FONT
  style="DISPLAY: inline; FONT-SIZE: 18pt; FONT-FAMILY: Times New Roman"><STRONG>Form
  8-K</STRONG></FONT></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=center><BR></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=center><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">CURRENT
  REPORT </FONT></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=center><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">PURSUANT
  TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</FONT></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=center><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">____________</FONT></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=left>&nbsp;</DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=left>&nbsp;</DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=center><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Date of
  Report (Date of earliest event reported)</FONT><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>&nbsp;</STRONG></FONT><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG><U>October
  21, 2005 (October 17, 2005)</U></STRONG></FONT></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=center>&nbsp;</DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=center><FONT
  style="DISPLAY: inline; FONT-SIZE: 24pt; FONT-FAMILY: Times New Roman"><STRONG>Cendant
  Corporation</STRONG></FONT></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=center><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><EM>(Exact
  name of Registrant as specified in its charter)</EM></FONT></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=center><EM><FONT size=2></FONT></EM><BR>&nbsp;</DIV>
  <DIV align=left>
  <TABLE borderColor=#ffffff cellSpacing=0 cellPadding=0 width="100%" border=0>
    <TR>
      <TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=top align=middle
      width="23%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=center>&nbsp;</DIV>
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=center><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>Delaware</STRONG></FONT></DIV>
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=center><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><EM>(State
        or other jurisdiction</EM></FONT></DIV>
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=center><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><EM>of
        incorporation)</EM></FONT></DIV></TD>
      <TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=top align=middle
      width="28%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=center>&nbsp;</DIV>
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=center><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>1-10308</STRONG></FONT></DIV>
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=center><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><EM>(Commission
        File No.)</EM></FONT></DIV></TD>
      <TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=top align=middle
      width="24%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=center>&nbsp;</DIV>
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=center><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>06-0918165</STRONG></FONT></DIV>
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=center><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><EM>(I.R.S.
        Employer</EM></FONT></DIV>
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=center><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><EM>Identification
        Number)</EM></FONT></DIV></TD></TR>
    <TR>
      <TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=top align=middle
      width="23%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=center>&nbsp;</DIV>
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=center><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>9
        West 57</STRONG></FONT><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><SUP><STRONG>th</STRONG></SUP></FONT><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>
        Street</STRONG></FONT></DIV>
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=center><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>New
        York, NY</STRONG></FONT></DIV>
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=center><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><EM>(Address
        of principal </EM></FONT></DIV>
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=center><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><EM>executive
        office)</EM></FONT></DIV></TD>
      <TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=top align=middle
      width="28%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #ffffff thin solid" vAlign=top align=middle
      width="24%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=center>&nbsp;</DIV>
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=center>&nbsp;</DIV>
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=center><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>10019</STRONG></FONT></DIV>
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=center><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><EM>(Zip
        Code)</EM></FONT></DIV>
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=center>&nbsp;</DIV></TD></TR></TABLE></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=left><BR></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=center><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Registrant's
  telephone number, including area code </FONT><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>&nbsp;</STRONG></FONT><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG><U>(212)
  413-1800</U></STRONG></FONT></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=center><BR></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=center><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>None</STRONG></FONT></DIV>
  <DIV>
  <TABLE cellSpacing=0 cellPadding=0 width="100%">
    <TR>
      <TD vAlign=top align=middle width="46%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=center><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Former
        name or former address if changed since last
  report)</FONT></DIV></TD></TR></TABLE></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=center><BR></DIV>
  <DIV>
  <TABLE cellSpacing=0 cellPadding=0 width="100%">
    <TR>
      <TD vAlign=center align=left width="86%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=justify><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">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:</FONT></DIV>
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=justify>&nbsp;</DIV>
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=left><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">[&nbsp;&nbsp;]
        Written communications pursuant to Rule 425 under the Securities Act (17
        CFR 230.425)</FONT></DIV>
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=justify><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">[&nbsp;&nbsp;]
        Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
        240.14a-12)</FONT></DIV>
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=justify><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">[&nbsp;&nbsp;]
        Pre-commencement communications pursuant to Rule 14d-2(b) under the
        Exchange Act (17 CFR 240.14d-2(b))</FONT></DIV>
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=justify><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">[&nbsp;&nbsp;]
        Pre-commencement communications pursuant to Rule 13e-4(c) under the
        Exchange Act (17 CFR 240.13e-4(c))</FONT></DIV></TD></TR></TABLE></DIV>
  <DIV>&nbsp;</DIV>
  <DIV>
  <HR style="MARGIN-TOP: -5px" color=#000000 noShade SIZE=1>
  
  <HR style="MARGIN-TOP: -13px" color=#000000 noShade SIZE=4>
  </DIV>
  <DIV id=PGBRK style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
  <DIV id=FTR>
  <DIV id=GLFTR style="WIDTH: 100%" align=left><FONT
  style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"></FONT></DIV></DIV>
  <DIV id=PN style="PAGE-BREAK-AFTER: always">
  <DIV style="WIDTH: 100%; TEXT-ALIGN: center"><FONT
  style="DISPLAY: inline; FONT-SIZE: 8pt" face="Times New Roman"></FONT></DIV>
  <DIV style="WIDTH: 100%; TEXT-ALIGN: center">
  <HR color=#000000 noShade SIZE=2>
  </DIV></DIV>
  <DIV id=HDR>
  <DIV id=GLHDR style="WIDTH: 100%" align=right><FONT
  style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"></FONT></DIV></DIV></DIV>
  <DIV id=PGBRK
  style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">&nbsp;</DIV>
  <DIV>
  <TABLE cellSpacing=0 cellPadding=0 width="100%">
    <TR>
      <TD vAlign=top align=left width="11%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=left><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>Item
        2.01</STRONG></FONT></DIV></TD>
      <TD vAlign=top align=left width="69%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=left><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>Completion
        of Acquisition or Disposition of
  Assets.</STRONG></FONT></DIV></TD></TR></TABLE></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 36pt"
  align=left><BR></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=left>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=left><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
  October 17, 2005, we completed the sale of the companies that comprise
  </FONT><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">our
  Marketing Services Division ("MSD") </FONT><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">pursuant
  to a definitive agreement, dated July 26, 2005, among Affinity Acquisition, Inc.
  (now known as Affinion Group, Inc.) and Affinity Acquisition Holdings, Inc. (now
  known as Affinion Group Holdings, Inc.) (the &#8220;parent&#8221;), two affiliates of Apollo
  Management V, L.P. (&#8220;Apollo&#8221;), for approximately $1.8 billion. The purchase
  price consisted of approximately $1.7 billion in cash, net of estimated closing
  adjustments, plus $125 million face value of newly issued preferred stock of the
  parent. In addition, we received warrants to purchase up to 7.5 percent of the
  common equity of the parent, which will become exercisable upon the earlier of
  four years or the achievement by Apollo of certain investment return hurdles.
  Cendant will remain a marketing partner and a provider of travel services to MSD
  through a number of commercial arrangements.</FONT></DIV></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=left>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=left><BR></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=left><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">As of
  June 30, 2005, MSD had assets and liabilities of approximately $1.1 billion and
  $760 million, respectively. In connection with this transaction, we expect to
  record a gain on the sale of these businesses in excess of $1 billion, pre-tax.
  This expected gain is based upon the estimated net book value of MSD as of the
  closing and is subject to change, including revisions related to (i) an
  independent valuation of the non-cash consideration, the indemnities we are
  providing to the purchaser and certain residual guarantees and (ii) assumptions
  concerning income taxes.</FONT></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=justify>&nbsp;</DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=left><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">A copy of
  the press release announcing that we completed the disposition of MSD is
  attached as Exhibit 99.1 and is incorporated by reference herein. </FONT></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=left><BR></DIV>
  <DIV></DIV></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=left><BR>&nbsp;</DIV>
  <DIV>
  <TABLE cellSpacing=0 cellPadding=0 width="100%">
    <TR>
      <TD vAlign=top align=left width="11%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=left><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>Item
        8.01</STRONG></FONT></DIV></TD>
      <TD vAlign=top align=left width="69%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=left><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>Other
        Events.</STRONG></FONT></DIV></TD></TR></TABLE></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=left><BR></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=left><FONT id=TAB1 style="MARGIN-LEFT: 36pt"></FONT><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
  October 18, 2005, we announced that our board of directors formally declared a
  regular quarterly cash dividend</FONT><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> of $0.11
  per common share, payable December 13, 2005 to stockholders of record as of
  November 21, 2005. A copy of such announcement is attached as Exhibit 99.2 and
  is incorporated by reference herein.</FONT></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=left>&nbsp;</DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=left><BR>&nbsp;</DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 36pt"
  align=left>
  <TABLE cellSpacing=0 cellPadding=0 width="100%">
    <TR>
      <TD vAlign=top align=left width="11%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=left><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>Item
        9.01 </STRONG></FONT></DIV></TD>
      <TD vAlign=top align=left width="69%"><STRONG><FONT size=2>Financial
        Statements and Exhibits.</FONT></STRONG></TD></TR></TABLE></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 36pt"
  align=left>&nbsp;</DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 36pt"
  align=left>
  <DIV style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"
  align=justify><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=left><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(b)&nbsp;
  </FONT>Pro forma financial information.</FONT></DIV></DIV></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 36pt"
  align=left>&nbsp;</DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=left><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
  second paragraph of Item 2.01 above is incorporated by reference
  herein.</FONT></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=left><FONT size=2></FONT>&nbsp;</DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=left><FONT size=2>(c)&nbsp; <FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Exhibits.</FONT></FONT></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=left>&nbsp;</DIV>
  <DIV>
  <TABLE cellSpacing=0 cellPadding=0 width="100%">
    <TR>
      <TD vAlign=top width="8%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 3.1pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">99.1</FONT></DIV></TD>
      <TD vAlign=top width="2%">&nbsp;</TD>
      <TD vAlign=top align=left width="69%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=left><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Press
        Release: Cendant Corporation Completes Previously Announced Sale of
        Marketing Services Division.</FONT></DIV></TD></TR>
    <TR>
      <TD vAlign=top width="8%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 3.1pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">99.2</FONT></DIV></TD>
      <TD vAlign=top width="2%">&nbsp;</TD>
      <TD vAlign=top align=left width="69%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=left><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Press
        Release: Cendant&#8217;s Board of Directors Approves Quarterly Cash
        Dividend</FONT><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> of
        $0.11 Per Common Share.</FONT></DIV></TD></TR></TABLE></DIV>
  <DIV>&nbsp;</DIV>
  <DIV id=PGBRK style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
  <DIV id=FTR>
  <DIV id=GLFTR style="WIDTH: 100%" align=left><FONT
  style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"></FONT></DIV></DIV>
  <DIV id=PN style="PAGE-BREAK-AFTER: always">
  <DIV style="WIDTH: 100%; TEXT-ALIGN: center"><FONT
  style="DISPLAY: inline; FONT-SIZE: 8pt" face="Times New Roman"></FONT></DIV>
  <DIV style="WIDTH: 100%; TEXT-ALIGN: center">
  <HR color=#000000 noShade SIZE=2>
  </DIV></DIV>
  <DIV id=HDR>
  <DIV id=GLHDR style="WIDTH: 100%" align=right><FONT
  style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"></FONT></DIV></DIV></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 36pt"
  align=center><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG></STRONG></FONT>&nbsp;</DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=center><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>SIGNATURE</STRONG></FONT></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=center><BR></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=justify><FONT id=TAB1 style="MARGIN-LEFT: 36pt"></FONT><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">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.</FONT></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=justify>&nbsp;</DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=justify><BR></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=justify><BR></DIV>
  <DIV>
  <TABLE cellSpacing=0 cellPadding=0 width="100%">
    <TR>
      <TD vAlign=top width="40%">&nbsp;</TD>
      <TD vAlign=top width="40%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=justify><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>CENDANT
        CORPORATION</STRONG></FONT></DIV>
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=justify>&nbsp;</DIV>
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=justify><FONT id=TAB1 style="MARGIN-LEFT: 27pt"></FONT></DIV></TD></TR>
    <TR>
      <TD vAlign=top align=right width="40%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=right><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">By:</FONT></DIV></TD>
      <TD style="BORDER-BOTTOM: black double" vAlign=top width="40%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=justify><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">/s/
        Eric J. Bock</FONT></DIV></TD></TR>
    <TR>
      <TD vAlign=top width="40%">&nbsp;</TD>
      <TD vAlign=top width="40%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=justify><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Eric
        J. Bock</FONT></DIV>
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=justify><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Executive
        Vice President, Law </FONT></DIV>
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=justify><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">and
        Corporate Secretary</FONT></DIV></TD></TR></TABLE></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=justify><BR></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=center><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG></STRONG></FONT>&nbsp;</DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=justify><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Date:
  October 21, 2005</FONT></DIV>
  <DIV>&nbsp;</DIV>
  <DIV id=PGBRK style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
  <DIV id=FTR>
  <DIV id=GLFTR style="WIDTH: 100%" align=left><FONT
  style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"></FONT></DIV></DIV>
  <DIV id=PN style="PAGE-BREAK-AFTER: always">
  <DIV style="WIDTH: 100%; TEXT-ALIGN: center"><FONT
  style="DISPLAY: inline; FONT-SIZE: 8pt" face="Times New Roman"></FONT></DIV>
  <DIV style="WIDTH: 100%; TEXT-ALIGN: center">
  <HR color=#000000 noShade SIZE=2>
  </DIV></DIV>
  <DIV id=HDR>
  <DIV id=GLHDR style="WIDTH: 100%" align=right><FONT
  style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"></FONT></DIV></DIV></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=center><STRONG></STRONG>&nbsp;</DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=center><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>CENDANT
  CORPORATION</STRONG></FONT></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=center><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>Current
  Report on Form 8-K</STRONG></FONT></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=center><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>Report
  dated October 21, 2005 (October 17, 2005)</STRONG></FONT></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=center><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><BR>&nbsp;</DIV></FONT>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=center><FONT
  style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>EXHIBIT
  INDEX</STRONG></FONT></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=center>&nbsp;</DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=center><BR>
  <DIV align=left>
  <TABLE cellSpacing=0 cellPadding=0 width="100%">
    <TR>
      <TD style="BORDER-BOTTOM: black thin solid" vAlign=top width="13%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 3.1pt"
        align=justify><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>Exhibit
        No.</STRONG></FONT></DIV></TD>
      <TD vAlign=top width="2%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: black thin solid" vAlign=top align=left
      width="70%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=left><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>Description</STRONG></FONT></DIV></TD></TR></TABLE></DIV></DIV>
  <DIV align=left>
  <TABLE cellSpacing=0 cellPadding=0 width="100%">
    <TR>
      <TD vAlign=top width="13%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 3.1pt"
        align=justify><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">99.1</FONT></DIV></TD>
      <TD vAlign=top width="2%">&nbsp;</TD>
      <TD vAlign=top align=left width="70%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=left><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Press
        Release: Cendant Corporation Completes Previously Announced Sale of
        Marketing Services Division.</FONT></DIV></TD></TR>
    <TR>
      <TD vAlign=top width="13%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 3.1pt"
        align=justify><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">99.2</FONT></DIV></TD>
      <TD vAlign=top width="2%">&nbsp;</TD>
      <TD vAlign=top align=left width="70%">
        <DIV
        style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
        align=left><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Press
        Release: Cendant&#8217;s Board of Directors Approves Quarterly Cash
        Dividend</FONT><FONT
        style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> of
        $0.11 Per Common Share.</FONT></DIV></TD></TR></TABLE></DIV>
  <DIV
  style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
  align=justify><BR></DIV>
  <DIV><BR></DIV>
  <DIV id=PGBRK style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
  <DIV id=FTR>&nbsp;</DIV></DIV></BODY></HTML>
metadata_documents: [{"type": "8-K", "sequence": "1", "filename": "cendantcorporation8k.htm", "description": "CENDANT CORPORATION 8-K DATED OCTOBER 17, 2005", "secsgml_size_bytes": 34154}]
metadata_filer: {"company-data": {"conformed-name": "CENDANT CORP", "cik": "0000723612", "assigned-sic": "6531", "irs-number": "060918165", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-10308", "film-number": "051149501"}, "business-address": {"street1": "9 WEST 57TH STREET", "city": "NEW YORK", "state": "NY", "zip": "10019", "phone": "2124131800"}, "mail-address": {"street1": "9 WEST 57TH STREET", "city": "NEW YORK", "state": "NY", "zip": "10019"}, "former-company": [{"former-conformed-name": "CUC INTERNATIONAL INC /DE/", "date-changed": "19920703"}, {"former-conformed-name": "COMP U CARD INTERNATIONAL INC", "date-changed": "19870914"}]}
text: Cendant Corporation 8-K dated October 17, 2005
  UNITED
  STATES
  SECURITIES
  AND EXCHANGE COMMISSION
  WASHINGTON,
  D.C. 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)
  October
  21, 2005 (October 17, 2005)
  Cendant
  Corporation
  (Exact
  name of Registrant as specified in its charter)
  Delaware
  (State
        or other jurisdiction
  of
        incorporation)
  1-10308
  (Commission
        File No.)
  06-0918165
  (I.R.S.
        Employer
  Identification
        Number)
  9
        West 57
  th
  Street
  New
        York, NY
  (Address
        of principal
  executive
        office)
  10019
  (Zip
        Code)
  Registrant's
  telephone number, including area code
  (212)
  413-1800
  None
  (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:
  [  ]
        Written communications pursuant to Rule 425 under the Securities Act (17
        CFR 230.425)
  [  ]
        Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
        240.14a-12)
  [  ]
        Pre-commencement communications pursuant to Rule 14d-2(b) under the
        Exchange Act (17 CFR 240.14d-2(b))
  [  ]
        Pre-commencement communications pursuant to Rule 13e-4(c) under the
        Exchange Act (17 CFR 240.13e-4(c))
  Item
        2.01
  Completion
        of Acquisition or Disposition of
  Assets.
  On
  October 17, 2005, we completed the sale of the companies that comprise
  our
  Marketing Services Division ("MSD")
  pursuant
  to a definitive agreement, dated July 26, 2005, among Affinity Acquisition, Inc.
  (now known as Affinion Group, Inc.) and Affinity Acquisition Holdings, Inc. (now
  known as Affinion Group Holdings, Inc.) (the "parent"), two affiliates of Apollo
  Management V, L.P. ("Apollo"), for approximately $1.8 billion. The purchase
  price consisted of approximately $1.7 billion in cash, net of estimated closing
  adjustments, plus $125 million face value of newly issued preferred stock of the
  parent. In addition, we received warrants to purchase up to 7.5 percent of the
  common equity of the parent, which will become exercisable upon the earlier of
  four years or the achievement by Apollo of certain investment return hurdles.
  Cendant will remain a marketing partner and a provider of travel services to MSD
  through a number of commercial arrangements.
  As of
  June 30, 2005, MSD had assets and liabilities of approximately $1.1 billion and
  $760 million, respectively. In connection with this transaction, we expect to
  record a gain on the sale of these businesses in excess of $1 billion, pre-tax.
  This expected gain is based upon the estimated net book value of MSD as of the
  closing and is subject to change, including revisions related to (i) an
  independent valuation of the non-cash consideration, the indemnities we are
  providing to the purchaser and certain residual guarantees and (ii) assumptions
  concerning income taxes.
  A copy of
  the press release announcing that we completed the disposition of MSD is
  attached as Exhibit 99.1 and is incorporated by reference herein.
  Item
        8.01
  Other
        Events.
  On
  October 18, 2005, we announced that our board of directors formally declared a
  regular quarterly cash dividend
  of $0.11
  per common share, payable December 13, 2005 to stockholders of record as of
  November 21, 2005. A copy of such announcement is attached as Exhibit 99.2 and
  is incorporated by reference herein.
  Item
        9.01
  Financial
        Statements and Exhibits.
  (b)
  Pro forma financial information.
  The
  second paragraph of Item 2.01 above is incorporated by reference
  herein.
  (c)
  Exhibits.
  99.1
  Press
        Release: Cendant Corporation Completes Previously Announced Sale of
        Marketing Services Division.
  99.2
  Press
        Release: Cendant's Board of Directors Approves Quarterly Cash
        Dividend
  of
        $0.11 Per Common Share.
  SIGNATURE
  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.
  CENDANT
        CORPORATION
  By:
  /s/
        Eric J. Bock
  Eric
        J. Bock
  Executive
        Vice President, Law
  and
        Corporate Secretary
  Date:
  October 21, 2005
  CENDANT
  CORPORATION
  Current
  Report on Form 8-K
  Report
  dated October 21, 2005 (October 17, 2005)
  EXHIBIT
  INDEX
  Exhibit
        No.
  Description
  99.1
  Press
        Release: Cendant Corporation Completes Previously Announced Sale of
        Marketing Services Division.
  99.2
  Press
        Release: Cendant's Board of Directors Approves Quarterly Cash
        Dividend
  of
        $0.11 Per Common Share.