===============================================================================

                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                             -----------------------

                                  SCHEDULE 13D

                    Under the Securities Exchange Act of 1934
                               (Amendment No. 1)*

                             -----------------------

                               PENTON MEDIA, INC.
                                (Name of Issuer)

                     COMMON STOCK, PAR VALUE $0.01 PER SHARE
                         (Title of Class of Securities)


                                   709668 10 7
                                 (CUSIP Number)

                                STACEY W. SEEWALD
                         C/O SANDLER CAPITAL MANAGEMENT
                          711 FIFTH AVENUE, 15TH FLOOR
                               NEW YORK, NY 10022
                     (Name, Address and Telephone Number of
                      Person Authorized to Receive Notices
                               and Communications)

                             -----------------------

                                 with a copy to:
                                 DOUGLAS A. CIFU
                  PAUL, WEISS, RIFKIND, WHARTON & GARRISON LLP
                           1285 AVENUE OF THE AMERICAS
                               NEW YORK, NY 10019

                                  JULY 11, 2006
                      (Date of Event which Requires Filing
                               of this Statement)

If the filing person has previously filed a statement on Schedule 13G to report
the  acquisition  which is the subject of this Schedule 13D, and is filing this
schedule because of Rule 13d-1(e), 1(f) or 1(g), check the following box [_].

Note:  Schedules filed in paper format shall include a signed original and five
copies of the schedule,  including  all  exhibits.  See Rule 13d-1(a) for other
parties to whom copies are to be sent.

*The remainder of this cover page shall be filled out for a reporting  person's
initial  filing on this form with respect to the subject  class of  securities,
and for any  subsequent  amendment  containing  information  which  would alter
disclosures provided in a prior cover page.

The  information  required  on the  remainder  of this  cover page shall not be
deemed to be "filed" for the purpose of Section 18 of the  Securities  Exchange
Act of 1934 ("Act") or otherwise  subject to the liabilities of that section of
the Act but shall be subject to all other  provisions of the Act (however,  see
the Notes).

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-----------------------------                      ----------------------------
709668 10 7                                                       Page  2 of 10


-------------------------------------------------------------------------------
         NAME OF REPORTING PERSON
1        S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON

                  Sandler Capital Management
-------------------------------------------------------------------------------
2        CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP       (a)     [X]
                                                                (b)     [_]

-------------------------------------------------------------------------------
3        SEC USE ONLY


-------------------------------------------------------------------------------
4        SOURCE OF FUNDS

                  WC, OO
-------------------------------------------------------------------------------
5        CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
         ITEMS 2(d) or 2(e)
                                                                        [_]
-------------------------------------------------------------------------------
6        CITIZENSHIP OR PLACE OF ORGANIZATION

                  New York
-------------------------------------------------------------------------------
                                7       SOLE VOTING POWER

                                        -0-
         NUMBER OF              -----------------------------------------------
           SHARES               8       SHARED VOTING POWER
 BENEFICIALLY OWNED BY EACH
         REPORTING                      3,305,177
           PERSON               -----------------------------------------------
            WITH                9       SOLE DISPOSITIVE POWER

                                        -0-
                                -----------------------------------------------
                                10      SHARED DISPOSITIVE POWER

                                        3,305,177
-------------------------------------------------------------------------------
11       AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

                  3,305,177
-------------------------------------------------------------------------------
12       CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES

                                                                        [_]
-------------------------------------------------------------------------------
13       PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

                  8.75%
-------------------------------------------------------------------------------
14       TYPE OF REPORTING PERSON

                  PN
-------------------------------------------------------------------------------

-----------------------------                      ----------------------------
709668 10 7                                                       Page  3 of 10


-------------------------------------------------------------------------------
         NAME OF REPORTING PERSON
1        S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON

                  Sandler Investment Partners, L.P.
-------------------------------------------------------------------------------
2        CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP       (a)     [X]
                                                                (b)     [_]

-------------------------------------------------------------------------------
3        SEC USE ONLY


-------------------------------------------------------------------------------
4        SOURCE OF FUNDS

                  WC, OO
-------------------------------------------------------------------------------
5        CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
         ITEMS 2(d) or 2(e)
                                                                        [_]
-------------------------------------------------------------------------------
6        CITIZENSHIP OR PLACE OF ORGANIZATION

                  New York
-------------------------------------------------------------------------------
                                7       SOLE VOTING POWER

                                        -0-
         NUMBER OF              -----------------------------------------------
           SHARES               8       SHARED VOTING POWER
 BENEFICIALLY OWNED BY EACH
         REPORTING                      3,305,177
           PERSON               -----------------------------------------------
            WITH                9       SOLE DISPOSITIVE POWER

                                        -0-
                                -----------------------------------------------
                                10      SHARED DISPOSITIVE POWER

                                        3,305,177
-------------------------------------------------------------------------------
11       AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

                  3,305,177
-------------------------------------------------------------------------------
12       CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES

                                                                        [_]
-------------------------------------------------------------------------------
13       PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

                  8.75%
-------------------------------------------------------------------------------
14       TYPE OF REPORTING PERSON

                  PN
-------------------------------------------------------------------------------

-----------------------------                      ----------------------------
709668 10 7                                                       Page  4 of 10


-------------------------------------------------------------------------------
         NAME OF REPORTING PERSON
1        S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON

                  Sandler Capital Partners V, L.P.
-------------------------------------------------------------------------------
2        CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP       (a)     [X]
                                                                (b)     [_]

-------------------------------------------------------------------------------
3        SEC USE ONLY


-------------------------------------------------------------------------------
4        SOURCE OF FUNDS

                  WC, OO
-------------------------------------------------------------------------------
5        CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
         ITEMS 2(d) or 2(e)
                                                                        [_]
-------------------------------------------------------------------------------
6        CITIZENSHIP OR PLACE OF ORGANIZATION

                  Delaware
-------------------------------------------------------------------------------
                                7       SOLE VOTING POWER

                                        2,357,472
         NUMBER OF              -----------------------------------------------
           SHARES               8       SHARED VOTING POWER
 BENEFICIALLY OWNED BY EACH
         REPORTING                      -0-
           PERSON               -----------------------------------------------
            WITH                9       SOLE DISPOSITIVE POWER

                                        2,357,472
                                -----------------------------------------------
                                10      SHARED DISPOSITIVE POWER

                                        -0-
-------------------------------------------------------------------------------
11       AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

                  2,357,472
-------------------------------------------------------------------------------
12       CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES

                                                                        [_]
-------------------------------------------------------------------------------
13       PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

                  6.40%
-------------------------------------------------------------------------------
14       TYPE OF REPORTING PERSON

                  PN
-------------------------------------------------------------------------------

-----------------------------                      ----------------------------
709668 10 7                                                       Page  5 of 10


-------------------------------------------------------------------------------
         NAME OF REPORTING PERSON
1        S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON

                  Sandler Capital Partners V FTE, L.P.
-------------------------------------------------------------------------------
2        CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP       (a)     [X]
                                                                (b)     [_]

-------------------------------------------------------------------------------
3        SEC USE ONLY


-------------------------------------------------------------------------------
4        SOURCE OF FUNDS

                  WC, OO
-------------------------------------------------------------------------------
5        CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
         ITEMS 2(d) or 2(e)
                                                                        [_]
-------------------------------------------------------------------------------
6        CITIZENSHIP OR PLACE OF ORGANIZATION

                  Delaware
-------------------------------------------------------------------------------
                                7       SOLE VOTING POWER

                                        861,109
         NUMBER OF              -----------------------------------------------
           SHARES               8       SHARED VOTING POWER
 BENEFICIALLY OWNED BY EACH
         REPORTING                      -0-
           PERSON               -----------------------------------------------
            WITH                9       SOLE DISPOSITIVE POWER

                                        861,109
                                -----------------------------------------------
                                10      SHARED DISPOSITIVE POWER

                                        -0-
-------------------------------------------------------------------------------
11       AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

                  861,109
-------------------------------------------------------------------------------
12       CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES

                                                                        [_]
-------------------------------------------------------------------------------
13       PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

                  2.44%
-------------------------------------------------------------------------------
14       TYPE OF REPORTING PERSON

                  PN
-------------------------------------------------------------------------------

-----------------------------                      ----------------------------
709668 10 7                                                       Page  6 of 10


-------------------------------------------------------------------------------
         NAME OF REPORTING PERSON
1        S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON

                  Sandler Capital Partners V Germany, L.P.
-------------------------------------------------------------------------------
2        CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP       (a)     [X]
                                                                (b)     [_]

-------------------------------------------------------------------------------
3        SEC USE ONLY


-------------------------------------------------------------------------------
4        SOURCE OF FUNDS

                  WC, OO
-------------------------------------------------------------------------------
5        CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
         ITEMS 2(d) or 2(e)
                                                                        [_]
-------------------------------------------------------------------------------
6        CITIZENSHIP OR PLACE OF ORGANIZATION

                  Delaware
-------------------------------------------------------------------------------
                                7       SOLE VOTING POWER

                                        86,596
         NUMBER OF              -----------------------------------------------
           SHARES               8       SHARED VOTING POWER
 BENEFICIALLY OWNED BY EACH
         REPORTING                      -0-
           PERSON               -----------------------------------------------
            WITH                9       SOLE DISPOSITIVE POWER

                                        86,596
                                -----------------------------------------------
                                10      SHARED DISPOSITIVE POWER

                                        -0-
-------------------------------------------------------------------------------
11       AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

                  86,596
-------------------------------------------------------------------------------
12       CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES

                                                                        [_]
-------------------------------------------------------------------------------
13       PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

                  0.25%
-------------------------------------------------------------------------------
14       TYPE OF REPORTING PERSON

                  PN
-------------------------------------------------------------------------------

-----------------------------                      ----------------------------
709668 10 7                                                       Page  7 of 10


         This Amendment No. 1 to Schedule 13D (this "STATEMENT") relates to the
common stock, par value $.01 per share (the "COMMON  STOCK"),  of Penton Media,
Inc. (the "ISSUER"). This Statement supplementally amends the initial statement
on Schedule 13D, filed on March 28, 2002 (the "INITIAL STATEMENT"),  by Sandler
Capital  Partners V, L.P.,  a Delaware  limited  partnership,  Sandler  Capital
Partners V FTE, L.P., a Delaware limited partnership,  Sandler Capital Partners
V Germany,  L.P., a Delaware limited partnership,  Sandler Investment Partners,
L.P., a Delaware limited partnership and Sandler Capital Management, a New York
general partnership (collectively, the "REPORTING PERSONS"). In September 2004,
the Reporting Persons exchanged,  on a share-for-share basis, all of the Series
B  Convertible  Preferred  Stock  of the  Issuer  held by  them  for  Series  C
Convertible  Preferred  Stock of the Issuer (the  "SERIES C PREFERRED  STOCK").
This  Amendment No. 1 is being filed to report that the Reporting  Persons have
entered into an agreement with the Issuer with respect to the allocation of any
transaction  consideration  between all of the holders (the "SERIES C PREFERRED
HOLDERS") of the Series C Preferred Stock (including the Reporting Persons) and
the  holders of Common  Stock,  in order to resolve  any  allocation  issues in
advance of any potential sale of the Issuer.

ITEM 6.  CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIP WITH RESPECT TO
         THE ISSUER.

         On  July  11,  2006,   the  Issuer  entered  into  an  Agreement  (the
"Agreement")  with the Series C  Preferred  Holders,  including  the  Reporting
Persons, relating to the allocation of transaction consideration between Series
C  Preferred  Holders and the holders of the Common  Stock (the  "COMMON  STOCK
HOLDERS") , in the event of a sale of the Issuer.

         The  Agreement  sets forth the  agreement  of the  Series C  Preferred
Holders to an allocation  of net proceeds  available  for  distribution  to the
Series C Preferred  Holders and the Common Stock Holders in the event of a sale
of the Issuer in which the net cash proceeds  available for distribution to the
Series C Preferred  Holders and the Common Stock Holders equals or exceeds $105
million,  notwithstanding  that the terms of the Series C  Preferred  Stock may
otherwise  entitle the Series C Preferred  Holders to a greater portion of such
proceeds.

         The Agreement  provides for the allocation to the Common Stock Holders
of 12.75% of the first $135 million of net proceeds (with a minimum  allocation
to the  Common  Stock of at  least  $14  million),  15% of any  additional  net
proceeds up to $145  million,  25% of any  additional  net  proceeds up to $185
million and 20% of any additional net proceeds over $185 million.

         In the Agreement,  the Series C Preferred  Holders have further agreed
to vote in favor of, and to provide  certain  other  consents  and waivers (all
such obligations  together,  the "Consents") to facilitate,  a sale transaction
entered  into by the Issuer  that  yields  aggregate  net cash  proceeds to the
Common Stock Holders and Series C Preferred Stock equal to or greater than $105
million.  The  Agreement  does not obligate  the Series C Preferred  Holders to
provide the Consents if a sale  transaction  entered into by the Issuer  yields
aggregate  net cash proceeds to the Common Stock Holders and Series C Preferred
Holders  of less than  $105  million.  The  Agreement  provides  that it may be
terminated  by the Series C Preferred  Holders or by the Issuer if an agreement
for a sale of the Issuer has not been signed on or before February 1, 2007.

         Except for the  agreements  described in response to this Item 6 or in
response  to  Items  3  and  4 of  the  Initial  Statement,  which  are  hereby
incorporated  herein  by  reference,  to the best  knowledge  of the  Reporting
Persons, there are no contracts, arrangements,  understandings or relationships
(legal or otherwise) between the Reporting Persons,  and any other person, with
respect  to any  securities  of the  Issuer,  including,  but not  limited  to,
transfer or voting of any of the  securities,  finder's fees,  joint  ventures,
loan or option agreements,  puts or calls, guarantees of profits,  divisions of
profits or loss, or the giving or withholding of proxies. The Reporting


-----------------------------                      ----------------------------
709668 10 7                                                       Page  8 of 10


Persons disclaim membership in any group,  including any group with any holders
of Series C Preferred Stock other than the Reporting Persons.


-----------------------------                      ----------------------------
709668 10 7                                                       Page  9 of 10


                                   SIGNATURES

         After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true,  complete and
correct.

Dated as of July 12, 2006.


                             SANDLER CAPITAL MANAGEMENT

                             By: MJDM Corp., a general partner

                                 By: /s/ Moira Mitchell
                                     ------------------------------------------
                                     Name:   Moira Mitchell
                                     Title:  President


                             SANDLER CAPITAL PARTNERS V, L.P.

                             By: Sandler Investment Partners, L.P.

                                 By: Sandler Capital Management

                                     By: MJDM Corp., a general partner

                                         By: /s/ Moira Mitchell
                                             ----------------------------------
                                             Name:   Moira Mitchell
                                             Title:  President


                             SANDLER CAPITAL PARTNERS V FTE, L.P.

                             By: Sandler Investment Partners, L.P.

                                 By: Sandler Capital Management

                                     By: MJDM Corp., a general partner

                                         By: /s/ Moira Mitchell
                                             ----------------------------------
                                             Name:   Moira Mitchell
                                             Title:  President


                             SANDLER CAPITAL PARTNERS V GERMANY, L.P.

                             By: Sandler Investment Partners, L.P.

                                 By: Sandler Capital Management

                                     By: MJDM Corp., a general partner

                                         By: /s/ Moira Mitchell
                                             ----------------------------------
                                             Name:   Moira Mitchell
                                             Title:  President



-----------------------------                      ----------------------------
709668 10 7                                                      Page  10 of 10


                             SANDLER INVESTMENT PARTNERS, L.P.

                             By: Sandler Capital Management

                                 By: MJDM Corp., a general partner

                                     By: /s/ Moira Mitchell
                                         --------------------------------------
                                         Name:    Moira Mitchell
                                         Title:   President