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SECURITIES AND EXCHANGE COMMISSION


Washington, DC 20549





FORM 10-K/A


Amendment No. 1


|                                     |  |                                                                                             
|------------------------------------ |  | --------------------------------------------------------------------------------------------
|þ                                    |  | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
    SECURITIES EXCHANGE ACT OF 1934    
|                                    
|For the Year Ended December 31, 2005
|                                    
|Commission file number 333-99939    
|OR                                  
|                                    
|o                                    |  | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
    SECURITIES EXCHANGE ACT OF 1934




ZIFF DAVIS HOLDINGS INC.


(Exact name of Registrant as Specified in Its Charter)


|                                                                    |  |                                     
|------------------------------------------------------------------- |  | ------------------------------------
|Delaware                                                            |  | 36-4335050                          
|(State or Other Jurisdiction of
     Incorporation or Organization) |  | (I.R.S. Employer Identification No.)

28 East 28th Street


New York, New York 10016


(Address of Principal Executive Offices and Zip Code)





(212) 503-3500


(Registrants Telephone Number, Including Area Code)


Shares registered pursuant to Section 12(b) of the
Act:


Shares registered pursuant to Section 12(g) of the
Act:





o þ


o þ


þ o


S-K 10-K 10-K. þ


12b-2


o o þ


12b-2 o þ






DOCUMENTS INCORPORATED BY REFERENCE












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ZIFF DAVIS HOLDINGS INC.


Index to
Form 10-K/A,
Amendment No. 1 for the Year Ended December 31,
2005


|                       |  |                        |  |      |  |  |  | 
|---------------------- |  | ---------------------- |  | ---- |  |  |  | 
|                       |  |                        |  | Page | 
|                       |  |                        |  |      | 
|PART III              
|Item 11.               |  | Executive Compensation |  |      |  | 
|SIGNATURES             |  |                        |  |     
|EX-31.1: CERTIFICATION
|EX-31.2: CERTIFICATION
|EX-32.1: CERTIFICATION
|EX-32.2: CERTIFICATION

Explanatory Note:


10-K/A




1



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|         |                       
|-------- | ----------------------
|ITEM 11. | EXECUTIVE COMPENSATION

Summary Compensation Table




|                            |                                      |                            |      |              |            |   |              |           |         |            |              |           |         |             |         |         |     |  |   |           |   | 
|--------------------------- | ------------------------------------ | -------------------------- | ---- | ------------ | ---------- | - | ------------ | --------- | ------- | ---------- | ------------ | --------- | ------- | ----------- | ------- | ------- | --- |  | - | --------- | - | 
|                            |                                      |                            |      |              |            |   |              |           |         | Long-Term  |             
|                            |                                      |                            |      | Compensation |           
|                            |                                      | Annual Compensation        |      |              |            |  
|                            |                                      |                            |      |              | Securities |  
|                            |                                      | Fiscal                     |      |              |            |   | Other Annual |           |         | Underlying |             
|Name and Principal Position |                                      | Year                       |      |              | Salary     |   |              | Bonus     |         |            | Compensation |           |         | Options (#) |        
|                            |                                      |                            |      |              |            |   |              |           |         |            |              |           |         |             |        
|                            |                                      | (in dollars)               |      |              |           
|Robert Callahan             |                                      |                            | 2005 |              |            | $ | 1,000,000    |           |         | $          |             |           |         | $           | 102,205 | (1)     |     |  |  |          
|                            | Chairman and Chief Executive Officer |                            |      | 2004         |            |   |              | 1,000,000 |         |            |              |          |         |             |         | 102,205 | (1) |  |   | 1,216,566 |  
|                            |                                      |                            |      | 2003         |            |   |              | 1,000,000 |         |            |              | 1,000,000 |         |             |         | 102,205 | (1) |  |   |          |  
|Bart Catalane               |                                      |                            | 2005 |              |            |   | 402,000      |           |         |            |             |           |         |             |        |         |     |  |  |          
|                            | Former President and                 |                            |      | 2004         |            |   |              | 525,667   |         |            |              |          |         |             |         |        |     |  |   | 811,832   |  
|                            |                                      | Chief Operating Officer(2) |      |              | 2003       |   |              |           | 500,000 |            |              |           | 500,000 |             |         |         |    |  |   |           |  | 
|Jason Young                 |                                      |                            | 2005 |              |            |   | 350,000      |           |         |            | 403,750      |           |         |             |        |         |     |  |  |          
|                            | President, Consumer/ Small           |                            |      | 2004         |            |   |              | 262,500   |         |            |              | 438,321   |         |             |         |        |     |  |   | 603,937   |  
|                            |                                      | Business Group             |      |              | 2003       |   |              |           | 250,000 |            |              |           | 378,156 |             |         |         |    |  |   |           |  | 
|Sloan Seymour               |                                      |                            | 2005 |              |            |   | 311,250      |           |         |            | 225,000      |           |         |             |        |         |     |  |  |          
|                            | President, Enterprise Group          |                            |      | 2004         |            |   |              | 300,000   |         |            |              | 275,000   |         |             |         |        |     |  |   | 402,920   |  
|                            |                                      |                            |      | 2003         |            |   |              | 288,042   |         |            |              | 55,000    |         |             |         |        |     |  |   |          |  
|Scott McCarthy(3)           |                                      |                            | 2005 |              |            |   | 337,500      |           |         |            | 175,000      |           |         |             |        |         |     |  |  |          
|                            | President, Game Group                |                            |      | 2004         |            |   |              | 62,800    |         |            |              |          |         |             |         |        |     |  |   | 302,034   |  
|                            |                                      |                            |      | 2003         |            |   |              |          |         |            |              |          |         |             |         |        |     |  |   |          |  
|Michael J. Miller           |                                      |                            | 2005 |              |            |   | 378,325      |           |         |            | 50,000       |           |         |             |        |         |     |  |  |          
|                            | Executive Vice President and Chief   |                            |      | 2004         |            |   |              | 370,000   |         |            |              |          |         |             |         |        |     |  |   | 301,903   |  
|                            |                                      | Content Officer            |      |              | 2003       |   |              |           | 370,000 |            |              |           | 150,000 |             |         |         |    |  |   |           |  | 






|    |                                                                                                                                                                                                                                              
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(1) | Allowance of $100,000, without need for accounting, for
    reimbursement of expenses in addition to expenses eligible for
    reimbursement under our existing policies; plus payment of
    $2,205 premium for certain term life insurance.
|   
|(2) | Mr. Catalane resigned as our President and Chief Operating
    Officer effective February 28, 2006. Mr. Catalane
    continues to serve as a director of the Company.                                                                        
|   
|(3) | Mr. McCarthy joined the Company on October 18, 2004.                                                                                                                                                                                         

Option/ SAR Grants in Last Fiscal Year.




Aggregated Option/SAR Exercises in Last Fiscal Year and
FY  End Option/SAR Values


|                |  |              |   |  |          |                        |                       |             |                      |                       |               |  |  |             |           |  |               |  |   |  |  |  |   | 
|--------------- |  | ------------ | - |  | -------- | ---------------------- | --------------------- | ----------- | -------------------- | --------------------- | ------------- |  |  | ----------- | --------- |  | ------------- |  | - |  |  |  | - | 
|                |  |              |   |  |          | Number of Securities   |                       |             | Value of Unexercised |                      
|                |  |              |   |  |          | Underlying Unexercised |                       |             | In-the-Money         |                      
|                |  |              |   |  |          | Options/SARs at        |                       |             | Options/SARs at      |                      
|                |  | Shares       |   |  |          |                        | December 31, 2005 (#) |             |                      | December 31, 2005 ($) |              
|                |  | Acquired on  |   |  | Value    |                        |                       |             |                      |                       |               | 
|Name            |  | Exercise (#) |   |  | Realized |                        |                       | Exercisable |                      |                       | Unexercisable |  |  | Exercisable |           |  | Unexercisable | 
|                |  |              |   |  |          |                        |                       |             |                      |                       |               |  |  |             |           |  |               | 
|Robert Callahan |  |              |  |  |          |                        |                      |             |                      |                       |              |  |  |             | 1,216,566 |  |               |  |  |  |  |  |  | 
|Bart Catalane   |  |              |  |  |          |                        |                      |             |                      |                       |              |  |  |             | 811,832   |  |               |  |  |  |  |  |  | 
|Jason Young     |  |              |  |  |          |                        |                      |             |                      |                       |              |  |  |             | 603,937   |  |               |  |  |  |  |  |  | 
|Sloan Seymour   |  |              |  |  |          |                        |                      |             |                      |                       |              |  |  |             | 402,290   |  |               |  |  |  |  |  |  | 
|Scott McCarthy  |  |              |  |  |          |                        |                      |             |                      |                       |              |  |  |             | 302,034   |  |               |  |  |  |  |  |  | 
|Michael Miller  |  |              |  |  |          |                        |                      |             |                      |                       |              |  |  |             | 301,903   |  |               |  |  |  |  |  |  | 



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Executive Agreements


Mr. Callahan.


Mr. Catalane.


Mr. Young.


Mr. Seymour.




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Mr. McCarthy.


Mr. Miller. Editor-in PC Magazine


Equity Incentive Plans




2002 Stock Option Plan






Board Practices






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out-of


8-K


S-K






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SIGNATURES


Pursuant to the requirements of Section 13 or 15
(d) of the Securities Exchange Act of 1934, the registrant
has duly caused this report to be signed on it behalf by the
undersigned, thereunto duly authorized on the 31st day of
May 2006.




| |                         
| | ------------------------
| | ZIFF DAVIS HOLDINGS INC.



| |     |                  
| | --- | -----------------
| | By: | /s/ Mark D. Moyer

| | 
| | 
| | 



| |                                 
| | --------------------------------
| | Name: Mark D. Moyer             
| | Title:   Chief Financial Officer

Supplemental Information to be Furnished With Reports Filed
Pursuant to Section 15(d) of the Act by Registrants Which
Have Not Registered Securities Pursuant to Section 12 of
the Act.