EXHIBIT 99.4


             CENDANT CORPORATION TO SELL HEBDO MAG INTERNATIONAL TO
            HEBDO MANAGEMENT FOR APPROXIMATELY SEVEN MILLION SHARES
                OF CENDANT COMMON STOCK AND $410 MILLION IN CASH

PARSIPPANY, NEW JERSEY, August 12, 1998 - Cendant Corporation (NYSE:CD) today
announced it has agreed to sell 100% of its Hebdo Mag International subsidiary
to a company organized by Hebdo management for approximately seven million
shares of Cendant common stock and $410million in cash. Hebdo Mag International
is a worldwide pubisher, including via the internet, and distributor of
classified advertising information with operations in 14 countries. The
transaction is expected to be completed in the fourth quarter of 1998.

The sale of Hebdo Mag is part of a program by Cendant management to undertake
various strategic alternatives to enhance shareholder value by focusing on
Cendant's business model. The Company also announced that it has engaged Credit
Suisse First Boston to analyze strategic alternatives in regard to the
potential 100% IPO or third party sale of its entire consumer software business
unit which includes Knowledge Adventure, Blizzard Entertainment, Davidson &
Associates and Sierra On-Line.

Henry R. Silverman, Cendant Chairman, President and CEO stated: "We have no
comparative advantages as owners or managers of Hebdo or our software
businesses. Accordingly, we have determined these units do not fit within our
future business model. The sale of Hebdo will be neutral to 1998 earnings per
share and will add one cent to 1999 earnings per share. In addition, this
transaction will generate an after tax book gain of more than $250 million."

"I am confident the Hebdo transaction and the anticipated future sale of
Cendant's consumer software businesses will further sharpen our Company's focus
on providing service excellence to our key constituents including corporate
clients, franchisees and business partners. Cendant remains a premier provider
of business and consumer services throughout the world. We will cotninue to
leverage our strengths in our travel, real estate and direct marketing
businesses."

Cendant will immediately classify Hebdo Mag and the consumer software
businesses as discontinued operations, and will report financial results for
these units on this basis when the Company restates its financial results. The
sale of Hebdo Mag is conditioned upon, among other things, the receipt of
certain governmental approvals and financing.

Hebdo Mag management stated: "We welcome the challenge to continue the growth
of Hebdo Mag International which, in just 12 years, has become the world's
leading classified advertising information company, reaching 300 million
consumers worldwide."

Cendant (NYSE:CD) is the world's premier provider of consumer and business
services. Cendant operates in three principal segments: Travel Services, Real
Estate Services and Alliance Marketing. In Travel Services, Cendant is the
leading franchisor of hotels and rental car agencies worldwide; the largest
provider of vacation exchange services; a leading fleet management company; the
UK's largest private car park operator; and a leading motorist assistance group
in the UK. In Real Estate Services, Cendant is the world's largest franchisor
of residential real estate brokerage offices; a major provider of mortgage
services to consumers; and a global leader in corporate employee relocation. In
Alliance Marketing, Cendant provides access to insurance, travel, shopping,
auto, and other services, primarily through direct marketing to customers





of its affinity partners. Headquartered in Parsippany, NJ, the company has more
than 40,000 employees, operates in over 100 countries.

Media Contact:                                       Investor Contact:
Elliot Bloom                                         Denise L.  Gillen
Vice President                                       Vice President
Corporate Communications                                      Investor Relations
Cendant Corporation                                  Cendant Corporation
973-496-8414 or                                      973-496-7303

Jim Fingeroth
Roanne Kulakoff
Kekst and Company
212-521-4800