FORM 4 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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(Print or Type Responses)

1. Name and Address of Reporting Person * Jaffe Martin A   2. Issuer Name and Ticker or Trading Symbol Dolby Laboratories, Inc. [DLB] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) _____ Director _____ 10% Owner __X__ Officer (give title below) _____ Other (specify below) Exec. V.P., Bus. Affairs (Last) (First) (Middle) C/O DOLBY LABORATORIES, INC., 100 POTRERO AVENUE 3. Date of Earliest Transaction (Month/Day/Year) 01/05/2007 (Street) SAN FRANCISCO, CA 94103 4. If Amendment, Date Original Filed(Month/Day/Year) 6. Individual or Joint/Group Filing(Check Applicable Line) _X_ Form filed by One Reporting Person ___ Form filed by More than One Reporting Person (City) (State) (Zip) Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned

1.Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4) Code V Amount (A) or (D) Price Class A Common Stock (1) 01/05/2007   C   7,500 A $ 0 7,500 D   Class A Common Stock 01/05/2007   S   100 D $ 30.95 7,400 D   Class A Common Stock 01/05/2007   S   100 D $ 31.02 7,300 D   Class A Common Stock 01/05/2007   S   650 D $ 31.04 6,650 D   Class A Common Stock 01/05/2007   S   850 D $ 31.05 5,800 D   Class A Common Stock 01/05/2007   S   1,300 D $ 31.06 4,500 D   Class A Common Stock 01/05/2007   S   200 D $ 31.07 4,300 D   Class A Common Stock 01/05/2007   S   1,250 D $ 31.08 3,050 D   Class A Common Stock 01/05/2007   S   900 D $ 31.09 2,150 D   Class A Common Stock 01/05/2007   S   200 D $ 31.1 1,950 D   Class A Common Stock 01/05/2007   S   750 D $ 31.11 1,200 D   Class A Common Stock 01/05/2007   S   200 D $ 31.12 1,000 D   Class A Common Stock 01/05/2007   S   250 D $ 31.13 750 D   Class A Common Stock 01/05/2007   S   750 D $ 31.04 0 D

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4, and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Underlying Securities (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Employee Stock Option (Right to Buy)	$ 1.26	01/05/2007		M			1,500	(2)	11/18/2012	Class B Common Stock	1,500	$ 0	18,500	D
Employee Stock Option (Right to Buy)	$ 2.08	01/05/2007		M			6,000	(3)	04/20/2014	Class B Common Stock	6,000	$ 0	127,500	D
Class B Common Stock	$ 0 (4)	01/05/2007		M		1,500		(4)	(4)	Class A Common Stock	1,500	$ 1.26	4,250	D
Class B Common Stock	$ 0 (4)	01/05/2007		M		6,000		(4)	(4)	Class A Common Stock	6,000	$ 2.08	10,250	D
Class B Common Stock	$ 0 (4)	01/05/2007		C			7,500	(4)	(4)	Class A Common Stock	7,500	$ 0	2,750	D

Reporting Owners

Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
Jaffe Martin A C/O DOLBY LABORATORIES, INC. 100 POTRERO AVENUE SAN FRANCISCO, CA 94103			Exec. V.P., Bus. Affairs

Signatures

/s/ Alan G. Smith, Attorney-in-fact		01/08/2007
**Signature of Reporting Person		Date

Explanation of Responses:

*	If the form is filed by more than one reporting person, see Instruction 4(b)(v).
**	Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1)	Each share of Class A Common Stock issued upon conversion of one share of Class B Common Stock at the election of the reporting person.
(2)	This option was granted for a total of 50,000 shares of Class B Common Stock. 1/4 of the total number of shares issuable under the option becomes exercisable on each anniversary of January 1, 2003, the vesting commencement date.
(3)	This option was granted for a total of 180,000 shares of Class B Common Stock. 1/4 of the total number of shares issuable under the option vests on each anniversary of April 1, 2004, the vesting commencement date.
(4)	Each share of Class B Common Stock is convertible into one share of Class A Common Stock at the option of the holder and has no expiration date.
Remarks: ***All of the sales reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan.***

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