United States Securities and Exchange Commission
                     Washington, D.C. 20549
                                
                           FORM 10-Q
                                
(Mark One)
         X   Quarterly Report Pursuant to Section 13 or
             15(d) of the Securities Exchange Act of 1934

            For the Quarterly Period Ended June 30, 1998
                                
                               or

            Transition Report Pursuant to Section 13 or
            15(d) of the Securities Exchange Act of 1934


            For the Transition period from ______  to ______
                                
                                
                  Commission File Number: 0-15514


                AMERICAN ENTERTAINMENT PARTNERS L.P.
        Exact Name of Registrant as Specified in its Charter
                                
                                
             Delaware                                 06-1183659
    State or Other Jurisdiction           I.R.S. Employer Identification No.
    of Incorporation or Organization

  3 World Financial Center, 29th Floor,
  New York, NY    Attn: Andre Anderson                  10285
  Address of Principal Executive Offices              Zip Code

                             (212) 526-3183
            Registrant's Telephone Number, Including Area Code
                                

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 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 90 days.
                                               Yes    X    No ____
                                
                                

Balance Sheets                          At June 30,         At December 31,
(000's Omitted)                               1998                    1997

Assets
Cash and cash equivalents                  $   397               $   1,559
Motion pictures released,
 net of accumulated amortization
   of $54,670 in 1998 and $54,654 in 1997       70                      86
Receivable from Twentieth Century Fox          848                      11
Accounts receivable - other                      1                       _
        Total Assets                       $ 1,316                $  1,656

Liabilities and Partners' Capital
Liabilities:
  Distribution payable                     $     _                $    902
  Accrued management fees                      100                     200
  Accounts payable and accrued expenses         55                      59
        Total Liabilities                      155                   1,161
Partners' Capital:
  General Partner                                7                       _
  Limited Partners                           1,154                     495
        Total Partners' Capital              1,161                     495
        Total Liabilities and
         Partners' Capital                 $ 1,316                $  1,656




Statement of Partners' Capital
(000's Omitted)
For the six months ended June 30, 1998

                                General             Limited
                                Partner             Partners            Total

Balance at December 31, 1997    $    _               $   495          $   495
Net income                           7                   659              666
Balance at June 30, 1998        $    7               $ 1,154          $ 1,161



Statements of Operations
(000's Omitted Except Unit Information)

                      Three months ended June 30,  Six months ended June 30,
                                 1998       1997            1998       1997
Net Revenues
Revenues from motion
 picture exploitation           $ 446      $ 214           $ 837      $ 831
Less: Amortization of
 motion picture costs               6         20              16         24
   Net Revenues                   440        194             821        807
Other Income (Expenses)
Interest income                     8          6              25         28
Management fees                   (50)       (50)           (100)      (100)
General and administrative        (43)       (26)            (67)       (57)
Professional fees                  (6)        (5)            (13)       (11)
   Net Other Expenses             (91)       (75)           (155)      (140)
   Net Income                   $ 349      $ 119           $ 666      $ 667
Net Income Allocated:
To the General Partner          $   7      $   1           $   7      $   7
To the Limited Partners           342        118             659        660
                                $ 349      $ 119           $ 666      $ 667
Per limited partnership unit
(63,793.25 outstanding)         $5.36      $1.84           $10.34     $10.35



Statements of Cash Flows
(000's Omitted)
For the six months ended June 30,                         1998          1997

Cash Flows From Operating Activities
Net income                                               $ 666         $ 667
Adjustments to reconcile net income to net cash
used for operating activities:
   Amortization of motion picture costs                     16            24
   Increase (decrease) in cash arising from changes
   in operating assets and liabilities:
        Receivable from Twentieth Century Fox             (837)         (831)
        Accounts receivable - other                         (1)            _
        Accrued management fees                           (100)         (100)
        Accounts payable and accrued expenses               (4)            3
Net cash used for operating activities                    (260)         (237)
Cash Flows From Financing Activities
  Cash distributions                                      (902)       (1,995)
Net cash used for financing activities                    (902)       (1,995)
Net decrease in cash and cash equivalents               (1,162)       (2,232)
Cash and cash equivalents, beginning of period           1,559         2,479
Cash and cash equivalents, end of period                $  397        $  247



Notes to the Financial Statements

The unaudited interim financial statements should be read in
conjunction with the Partnership's annual 1997 audited financial
statements within Form 10-K.

The unaudited financial statements include all normal and
reoccurring adjustments which are, in the opinion of management,
necessary to present a fair statement of financial position as of
June 30, 1998 and the results of operations for the three and six
months ended June 30, 1998 and 1997, the statements of cash flows
for the six months ended June 30, 1998 and 1997, and the
statement of partners' capital for the six months ended June 30,
1998.  Results of operations for the period are not necessarily
indicative of the results to be expected for the full year.

No significant events have occurred subsequent to fiscal year
1997, and no material contingencies exist which would require
disclosure in this interim report per Regulation S-X, Rule 10-01,
Paragraph (a)(5).



Part I, Item 2.  Management's Discussion and Analysis of
Financial Condition and Results of Operations

Liquidity and Capital Resources

The Partnership's principal source of funds is the proceeds
received from Fox pursuant to the Distribution Agreement, as
defined in the Partnership's prospectus.  According to the terms
set forth in the Partnership Agreement, effective January 1993,
the Partnership receives proceeds from Fox on an annual basis.
Accordingly, all subsequent cash distributions from the
Partnership's investment in the Joint Venture films have been
paid to Limited Partners on an annual basis.

Pursuant to the terms of the Partnership Agreement, Fox's right
to purchase the Partnership's interest in the Joint Venture films
at an appraised fair market value determined by an independent,
third-party appraisal commenced on June 30, 1995.  On February 2,
1998 the Partnership received formal notice from Fox that it is
considering a potential buy out of the Partnership's interest in
the films and may exercise this option in the near future.
Subsequently, the Partnership and Fox engaged an unaffiliated
third-party appraiser to determine a fair market value of the
Partnership's interest in the Joint Venture.  Pursuant to the
Joint Venture agreement, Fox has the option, but not the
obligation to buy out the Partnership's interest at this
independently appraised value.  If Fox exercises its option, the
Partnership will attempt to complete the sale of its interest in
the Joint Venture during the second half of 1998 and subsequently
dissolve the Partnership.  However, there can be no assurance
that a sale will take place or that a sale will be completed
within this time-frame.

The Partnership's cash balance at June 30, 1998 was approximately
$397,000 compared to approximately $1,559,000 at December 31,
1997.  The decrease is primarily attributable to the payment of
the 1997 cash distribution on February 20, 1998 totaling
approximately $902,000 and the payment of Partnership expenses
during 1998.  The Partnership's cash balance is expected to
provide sufficient liquidity to enable the Partnership to fund
cash distributions and meet its operating expenses.

The Partnership's receivable from Fox totaled approximately
$848,000 at June 30, 1998 compared with approximately $11,000 at
December 31, 1997.  The increase is due to the recognition in
1998 of motion picture revenue due from Fox.  As stated above,
the Partnership receives proceeds from Fox on an annual basis.

Accrued management fees totaled approximately $100,000 at June
30, 1998 compared with approximately $200,000 at December 31,
1997.  The balance at December 31, 1997 represents the entire
1997 management fee, while the balance at June 30, 1998
represents one half of the 1998 management fee.

Results of Operations

For the three and six months ended June 30, 1998, the Partnership
reported net income of approximately $349,000 and $666,000,
respectively, compared with approximately $119,000 and $667,000
for the corresponding periods in 1997.  The increase in net
income for the three-month period is primarily due to an increase
in revenue generated from motion picture exploitation, reflecting
higher revenue from the foreign pay and U.S. free television
markets.  Motion picture profits are based on current estimates
of ultimate film revenues and costs.  These estimates are subject
to review periodically as more information about a film's
distribution becomes available.  Such reviews can result in
significant adjustments to prior estimates.

For the three and six months ended June 30, 1998, the Partnership
recognized revenues from motion picture exploitation, net of
amortization of motion picture costs, of approximately $440,000
and $821,000, respectively, compared with approximately $194,000
and $807,000 in the corresponding periods in 1997.  The increases
are primarily due to higher revenue from the foreign pay and U.S.
free television markets.  The Partnership currently receives
nearly all of its revenues from the distribution of the films in
ancillary markets.

General and administrative expenses for the three and six months
ended June 30, 1998 were approximately $43,000 and $67,000,
respectively, compared to approximately $26,000 and $57,000 in
the corresponding periods in 1997.  The increases primarily
reflect an increase in Partnership administrative expenses and
appraisal fees.


Part II   Other Information

Items 1-5 Not applicable.

Item 6    Exhibits and reports on Form 8-K.

          (a)   Exhibits -

            (27)    Financial Data Schedule

          (b)   Reports on Form 8-K - No reports on Form 8-K were
                filed during the quarter ended June 30, 1998.
     


                           SIGNATURES

Pursuant to the requirements 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.



                         AMERICAN ENTERTAINMENT PARTNERS L.P.

                    BY:  AEP PREMIERE CORPORATION
                         General Partner



Date: August 13, 1998    BY:  /s/ Michael T. Marron
                              Michael T. Marron
                              President & Chief Financial Officer