10-K/A

                  SECURITIES AND EXCHANGE COMMISSION

                        WASHINGTON, D.C. 20549

                             FORM 10-K/A1

[X]  ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934 [FEE REQUIRED]

For the fiscal year ended     JUNE 30, 1996
                                       OR
[ ]  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934 [NO FEE REQUIRED]

For the transition period from ___________ to ___________
                    Commission File Number: 1-10781
                    LANCIT MEDIA PRODUCTIONS, LTD.
        (Exact name of registrant as specified in its charter)

            New York
                13-3019470
(State or other jurisdiction of
                          (I.R.S. Employer Identification No.)
incorporation or organization)

601 West 50th Street, New York, New York                            10019
- ----------------------------------------        -------------------------
    (Address of principal executive offices)           (Zip Code)
Registrant's telephone number, including area code:  (212) 977-9100
Securities registered pursuant to Section 12(b) of the Act:
                                      None
Securities registered pursuant to Section 12(g) of the Act:
                Common Stock, par value, $.001 per share
                                (Title of Class)
      Indicate by check mark  whether the  registrant  (1) has filed all reports
required to be filed by Section 13 or 15(d) of the  Securities  Exchange  Act of
1934 during the preceding twelve (12) months or for such shorter period that the
registrant  was required to file such reports,  and (2) has been subject to such
filing requirements for the past ninety (90) days. Yes: x No:

      Indicate by check mark if disclosure of delinquent filers pursuant to Item
405 of Regulation S-K is not contained herein, and will not be contained, to the
best of registrant's  knowledge,  in definitive proxy or information  statements
incorporated by reference in Part III of this Form 10-K or any amendment to this
Form 10-K. [ ]

      Aggregate  market value of voting  stock held by  non-affiliates:
$36,032,953 on December 19, 1996.

      Number  of  shares  of Common  Stock  outstanding:  6,626,750  on
December 19, 1996.

                       DOCUMENTS INCORPORATED BY REFERENCE
                                 None






                          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
its behalf by the undersigned, thereunto duly authorized.

Dated:  December 20, 1996
                                LANCIT MEDIA PRODUCTIONS, LTD.

                                By: /s/ Gary Appelbaum
                                Gary Appelbaum
                                Senior Vice President, Chief
                                Financial Officer and Treasurer

EX-27

WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

 


<ARTICLE>                     5

<CIK>                                          0000868796
<NAME>                                         Lancit Media Productions, Ltd.
<MULTIPLIER>                                   1
<CURRENCY>                                     U.S. Dollars
       
                                            
<PERIOD-TYPE>                                  12-Mos
<FISCAL-YEAR-END>                              Jun-30-1996
<PERIOD-END>                                   Jun-30-1996
<CASH>                                         3,358,230
<SECURITIES>                                   0
<RECEIVABLES>                                  4,061,511
<ALLOWANCES>                                   0
<INVENTORY>                                    0
<CURRENT-ASSETS>                               11,836,944
<PP&E>                                         832,606
<DEPRECIATION>                                 0
<TOTAL-ASSETS>                                 14,388,166
<CURRENT-LIABILITIES>                          3,583,428
<BONDS>                                        0
<PREFERRED-MANDATORY>                          0
<PREFERRED>                                    0
<COMMON>                                       6,188
<OTHER-SE>                                     9,277,320
<TOTAL-LIABILITY-AND-EQUITY>                   14,388,166
<SALES>                                        0
<TOTAL-REVENUES>                               9,061,213
<CGS>                                          0
<TOTAL-COSTS>                                  7,756,365
<OTHER-EXPENSES>                               0
<LOSS-PROVISION>                               0
<INTEREST-EXPENSE>                             0
<INCOME-PRETAX>                                (3,507,053)
<INCOME-TAX>                                   87,900
<INCOME-CONTINUING>                            (3,700,713)
<DISCONTINUED>                                 0
<EXTRAORDINARY>                                0
<CHANGES>                                      0
<NET-INCOME>                                   (3,700,713)
<EPS-PRIMARY>                                  (0.60)
<EPS-DILUTED>                                  (0.60)