<PAGE>   1








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

                                   FORM 10-QSB


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

                 FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2000 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: 1-6739

                         TEAM COMMUNICATIONS GROUP, INC.
             (EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)

                 CALIFORNIA                              95-4519215
             ------------------                      ------------------
        (STATE OR OTHER JURISDICTION OF               (I.R.S. EMPLOYER
        INCORPORATION OR ORGANIZATION)               IDENTIFICATION NO.)


12300 WILSHIRE BOULEVARD, SUITE 400 LOS ANGELES, CALIFORNIA         90025
-----------------------------------------------------------       ---------
        (ADDRESS OF PRINCIPAL EXECUTIVE OFFICES)                  (ZIP CODE)

       REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE: (310) 312-4400

      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 [ ]

      On August 14, 2000, the registrant had outstanding 14,141,339 shares of
Common Stock, no par value.



<PAGE>   2


                         TEAM COMMUNICATIONS GROUP, INC.

                           CONSOLIDATED BALANCE SHEET
                                   (UNAUDITED)

<TABLE>
<CAPTION>
                                                                                       30-June
                                                                                        2000
                                                                                    ------------
<S>                                                                                 <C>
                                     ASSETS

Cash and cash equivalents                                                           $  1,584,800
Short term investments                                                                10,327,300
Trade receivables, net allowance of doubtful accounts of $560,000                     15,162,300
Television programming costs, net accumulated amortization of $25,172,500             47,592,700
Fixed assets, net                                                                      2,020,100
Goodwill                                                                               1,061,000
Prepaid and other assets                                                               1,487,600
                                                                                    ------------
             Total Assets                                                           $ 79,235,800
                                                                                    ============

                      LIABILITIES AND SHAREHOLDERS' EQUITY

Accounts payable, accrued expenses and other liabilities                            $  7,222,100
Deferred taxes                                                                         2,913,000
Deferred revenue                                                                       1,025,400
Accrued participations                                                                 4,266,900
Line of credit                                                                         3,522,000
Notes payable                                                                          1,191,100
Accrued interest                                                                          80,200
                                                                                    ------------

             Total Liabilities                                                        20,220,700
                                                                                    ------------

Commitments and contingencies

Shareholders' equity:
       Preferred stock, no par value; 10,000,000 shares authorized; no shares
       issued and outstanding                                                                 --
       Common stock, no par value; 40,000,000 shares authorized; 14,008,741
       issued and outstanding                                                              1,000
       Paid in capital                                                                55,930,600
       Accumulated other comprehensive income                                           (175,000)
       Retained earnings                                                               3,258,500
                                                                                    ------------

             Total shareholders' equity                                               59,015,100
                                                                                    ------------

             Total liabilities and shareholders' equity                             $ 79,235,800
                                                                                    ============

</TABLE>

              The accompanying notes are an integral part of these
                       consolidated financial statements.





<PAGE>   3


                         TEAM COMMUNICATIONS GROUP, INC.

                      CONSOLIDATED STATEMENT OF OPERATIONS
                                   (UNAUDITED)
<TABLE>
<CAPTION>
                                                FOR THE 6 MONTHS     FOR THE 6 MONTHS      FOR THE 3 MONTHS     FOR THE 3 MONTHS
                                                     ENDED                ENDED                 ENDED                 ENDED
                                                  JUNE 30, 2000        JUNE 30, 1999         JUNE 30, 2000        JUNE 30, 1999
                                                   ---------------------------------------------------------------------------
<S>                                             <C>                  <C>                   <C>                  <C>
 Revenues                                          $19,463,600          $ 7,019,900           $12,897,300          $ 3,517,900
 Cost of Revenues                                   14,640,600            4,136,200             9,212,600            1,575,000
 General and administrative expense                  2,399,300            1,039,000             1,673,900              653,400
                                                   ---------------------------------------------------------------------------

Earnings from operations                             2,423,700            1,844,700             2,010,800            1,289,500
 Interest expense                                       35,200              280,100                11,000              128,800
 Interest income                                       402,600               69,600               191,400               37,700
                                                   ---------------------------------------------------------------------------

 Earnings before income taxes                        2,791,100            1,634,200             1,945,300            1,198,400
 Provision for income taxes                          1,144,400              581,700               898,400              494,700
                                                   ---------------------------------------------------------------------------

 Earnings before extraordinary item                $ 1,646,700          $ 1,052,500           $ 1,292,800          $   703,700
                                                   ===========================================================================

 Extraordinary loss from early
 extinguishment of debt (net of income
 tax benefit of $37,500)                                    --              248,200                    --              248,200
                                                   ---------------------------------------------------------------------------

 Net Earnings (loss)                               $ 1,646,700          $   804,300           $ 1,292,800          $   455,500
                                                   ===========================================================================

 Earnings (loss) per common share basic

 Earnings before extraordinary item                $      0.12          $      0.29           $      0.09          $      0.18
 Extraordinary loss                                         --                (0.07)                   --                (0.06)
                                                   ---------------------------------------------------------------------------

 Net Earnings (loss)                               $      0.12          $      0.22           $      0.09          $      0.11
                                                   ===========================================================================

 Weighted average number of shares
     outstanding basic                              13,578,597            3,577,593            13,920,141            4,005,718
                                                   ===========================================================================

Earnings (loss) per share diluted

 Earnings before extraordinary item                $      0.11          $      0.22           $      0.08          $      0.13
 Extraordinary loss                                         --                (0.05)                   --                (0.05)
                                                   ---------------------------------------------------------------------------

 Net Earnings (loss)                               $      0.11          $      0.17           $      0.08          $      0.09
                                                   ===========================================================================

 Weighted average number of shares
     outstanding diluted                            14,830,412            4,762,511            15,233,039            5,334,870
                                                   ===========================================================================

</TABLE>

              The accompanying notes are an integral part of these
                       consolidated financial statements.


<PAGE>   4




                         TEAM COMMUNICATIONS GROUP, INC.

                      CONSOLIDATED STATEMENT OF CASH FLOWS
                                   (UNAUDITED)

<TABLE>
<CAPTION>
                                                               FOR THE 6 MONTHS   FOR THE 6 MONTHS
                                                                     ENDED             ENDED
                                                                 JUNE 30, 2000      JUNE 30, 1999
                                                                  ------------       ------------
<S>                                                            <C>                <C>
OPERATING ACTIVITIES:

     Net income                                                   $  1,646,700       $    804,300
      Adjustments to reconcile net income to cash used
      for operating activities:
        Depreciation and amortization                                  143,000              6,000
        Amortization of television programming costs                15,020,600          4,136,200
        Allowance for doubtful accounts                                164,200                  -
        Additions to television programming costs                  (34,842,700)        (9,883,700)
        Amortization of notes payable discount                               -             17,500
        Warrants issued in exchange for services                       171,800
      Changes in assets and liabilities:
        Decrease (increase) in trade receivables                     3,104,100         (2,744,900)
        Increase in Other assets                                      (736,600)          (617,800)
        Increase (decrease) in accounts payable, accrued
           expenses and other liabilities                           (1,618,300)         4,634,400
        Increase (decrease) in deferred revenue                        466,000           (387,300)
        Increase in accrued participations                             495,400            745,700
        Increase (decrease) in accrued interest                         48,100             65,100
        Foreign currency translation                                  (149,100)                --
                                                                  ------------       ------------

           Net cash used for operating activities                  (16,086,700)        (3,224,500)
                                                                  ------------       ------------

INVESTING ACTIVITIES:
      Purchase of fixed assets                                      (1,535,400)           (19,600)
      Purchase of available for sale securities                    (10,327,300)
      Decrease (increase) in due from officer                          170,400            (25,000)
                                                                  ------------       ------------

           Net cash provided (used) for investing activities       (11,692,300)           (44,600)
                                                                  ------------       ------------

FINANCING ACTIVITIES:
     Proceeds from issuance of note payable and warrants             1,037,300          2,100,000
     Payments on line of credit                                      3,172,000           (264,000)
     Principal payment on loan due to shareholder                            -            (50,000)
     Issuance of common stock                                        4,065,800          3,358,100
     Sale treasury stocks                                                    -             34,600
     Extraordinary charge for early retirement of debt                       -            248,200
     Principal payment of notes payable                                      -         (2,247,900)
                                                                  ------------       ------------

           Net cash provided by financing activities                 8,275,100          3,179,000
                                                                  ------------       ------------

     Net change in cash                                            (19,503,900)           (90,100)
     Cash at beginning of period                                    21,088,700          1,027,700
                                                                  ------------       ------------

     Cash at end of period                                        $  1,584,800       $    937,600
                                                                  ============       ============
</TABLE>

              The accompanying notes are an integral part of these
                       consolidated financial statements.



<PAGE>   5
                         TEAM COMMUNICATIONS GROUP, INC.

                      CONSOLIDATED STATEMENT OF CASH FLOWS
                  SUPPLEMENTAL SCHEDULE ON NON-CASH ACTIVITIES
                                  (UNAUDITED)
<TABLE>
<CAPTION>
<S>                                                              <C>                 <C>
     Issuance of shares in connection
        with the acquisition of film rights                       $    912,000       $         --
     Issuance of shares and warrants in connection
        with services provided to the Company                     $    171,700       $  1,235,900
     Issuance of shares in connection
        with extinguishment of debt                                         --          1,146,300
</TABLE>



              The accompanying notes are an integral part of these
                       consolidated financial statements


<PAGE>   6
                         TEAM COMMUNICATIONS GROUP, INC.

                 CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY
                                   (UNAUDITED)
<TABLE>
<CAPTION>

                                                           Common Stock
                                                   ---------------------------
                                                     Number                           Paid in        Comprehensive     Accumulated
                                                    of Shares       Par Value         Capital             Loss          (Deficit)
                                                   ----------      -----------      -----------      -------------     -----------
<S>                                                <C>             <C>              <C>              <C>               <C>
Balance at December 31, 1999                       12,895,509      $     1,000      $51,693,000      $   (26,000)      $ 1,611,800

Net Income for the six months
     ended June 30, 2000                                 --               --               --               --           1,646,700


Issuance of stock Acquisition of Film Rights          128,572             --            912,000             --                --


Issuance of warrants                                     --               --            171,800             --                --


Exercise of warrants and options                      984,660             --          3,153,800             --                --

Foreign currency translation adjustment                  --               --               --           (149,000)             --
                                                  -----------      -----------      -----------      -----------       -----------
Balance at June 30, 2000                           14,008,741      $     1,000      $55,930,600      $  (175,000)      $ 3,258,500
                                                  ===========      ===========      ===========      ===========       ===========
</TABLE>

              The accompanying notes are an integral part of these
                       consolidated financial statements




<PAGE>   7


                         TEAM COMMUNICATIONS GROUP, INC.
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

         NOTE 1 -- BASIS OF PREPARATION-SIGNIFICANT ACCOUNTING POLICIES:


    The accompanying unaudited financial statements have been prepared in
    accordance with generally accepted accounting principles for interim
    financial statements. Accordingly, they do not include all of the
    information and disclosures required for annual financial statements. These
    financial statements should be read in conjunction with the financial
    statements and related footnotes for the year ended December 31, 1999,
    included in the TEAM Communications Group, Inc. ("Company") financial report
    in the Company's 10-KSB.

    In the opinion of the Company's management, all adjustments (consisting of
    normal recurring accruals) necessary to present fairly the Company's
    financial position as of June 30, 2000, and the results of operations and
    cash flows for the six month period ended June 30, 2000 have been included.
    The results of operations for the three and six month periods ended June 30,
    2000, are not necessarily indicative of the results to be expected for the
    full fiscal year. For further information, refer to the financial statements
    and footnotes thereto included in the Company's 10-KSB filed for the year
    ended December 31, 1999.

    The preparation of financial statements in conformity with generally
    accepted accounting principles requires management to make estimates and
    assumptions that affect the reported amounts of assets and liabilities and
    disclosure of contingent assets and liabilities at the date of the financial
    statements and the reported amounts of revenues and expenses during the
    reporting period. Actual results could differ from those estimates.

    The Company recognizes revenues from licensing agreements covering
    entertainment product when the product is available to the licensee for
    telecast, exhibition or distribution, and other conditions of the licensing
    agreements have been met in accordance with Statement of Financial
    Accounting Standards ("SFAS") No. 53, "Financial Reporting by Producers and
    Distributors of Motion Picture Films."

    The Company, as required by SFAS No. 53, values its film cost at the lower
    of unamortized cost or net realizable value on an individual title basis.
    Film costs represent those costs incurred in the development, production and
    distribution of television projects. These costs




<PAGE>   8


    have been capitalized in accordance with SFAS No. 53. Amortization of film
    cost is charged to expense and third party participation are accrued using
    the individual film forecast method whereby expense is recognized in the
    proportion that current period revenues bear to an estimate of ultimate
    revenues. These estimates of revenues are prepared and reviewed
    periodically by management.

    In June 2000, the FASB rescinded FASB Statement No. 53, Financial Reporting
    by Producers and Distributors of Motion Picture Films which was replaced by
    Statement of Position, SOP 00-02. An entity that previously was subject to
    the requirements of SFAS No. 53 will now follow the guidance in the
    Statement of Position, "Accounting by Producers and Distributors if Films."
    This Statement of Position will be effective financial statements for fiscal
    years beginning after December 15, 2000 and could have a significant impact
    on our results of operations and financial position depending on its final
    outcome. We have not concluded on its impact.

    Short-term investments: The Company accounts for short-term investments in
    accordance with statement of Financial Accounting Standards (SFAS) No. 115
    "Accounting for Certain Investments in Debt and Equity Securities". The
    Company's short-term investments, all of which are classified as
    available-for-sale as defined by SFAS No. 115, consist primarily of
    corporate bonds. Pursuant to SFAS No. 115, such investments are stated at
    market value, and unrealized gains and losses on such securities are
    reflected, net of tax, in shareholders' equity.

    NOTE 2 -- SHORT-TERM INVESTMENTS:

    It is the Company's intent to maintain a liquid portfolio to take advantage
    of investment opportunities; therefore, all securities are considered to be
    available-for-sale. Short-term investments as of June 30, 2000 consist of:
<TABLE>
<CAPTION>

                                                                          Gross
                                                                        Unrealized
                                                                          Holding
                                                                         (Losses)
                                                     Cost                  Gains                   Fair Value
-------------------------------------------------------------------------------------------------------------
<S>                                              <C>                     <C>                       <C>
    Corporate bonds and other                    $10,344,700             (17,400)                  10,327,300

</TABLE>
    Maturities of short-term investments at June 30, 2000 were as follows:
<PAGE>   9

<TABLE>
<CAPTION>
                                                           Cost                   Fair Value
--------------------------------------------------------------------------------------------
<S>                                                   <C>                       <C>
    Due within one year.............................. $ 9,617,500               $  9,601,100
    Due after one year through five years...........      727,200                    726,200
--------------------------------------------------------------------------------------------
                                                      $10,344,700                $10,327,300
--------------------------------------------------------------------------------------------
</TABLE>


    NOTE 3 -- TELEVISION PROGRAM COSTS:


       Television program costs as of June 30, 2000, consist of the following:

                 In process and development                         $   851,800
                 Released, less accumulated amortization             46,740,900
                                                                    -----------
                    Total television program costs                  $47,592,700
                                                                    ===========


    NOTE 4 -- LITIGATION AND CONTINGENCIES:

    In the ordinary course of business, the Company has or may become involved
    in disputes or litigation. On the basis of information available to it,
    management believes such contingencies will not have a materially adverse
    impact on the Company's financial position or results of operations.


<PAGE>   10



    NOTE 5 -- LINE OF CREDIT:

    The Company maintains a revolving line of credit with Paine Webber. The
    credit line is up to $7,500,000. As of June 30, 2000, the outstanding
    balance of the line of credit was $3,522,000. The line of credit is secured
    by the Company's investment account at Paine Webber of approximately
    $10,327,300.

    NOTE 6 --- NOTES PAYABLE:

    Notes payable consists primarily of one note originated in June 2000 when
    the Company obtained a loan in the amount of $1,000,000 from Mercantile
    National Bank. The loan carries interest at prime plus 0.25% or currently at
    9.75% and matures June 17, 2002. This loan is secured by substantially all
    the assets of the Company.

    NOTE 7 -- RELATED PARTY TRANSACTIONS:

    As a consequence of the Company's October 1999 acquisition of Dandelion,
    certain receivables resulting from sales made prior to the acquisition are
    now considered due from related parties for financial reporting purposes. In
    June 1999 the Company entered into a five year license agreement for
    certain territories including the UK of 20 made-for-television movies with
    Renown Pictures, Ltd., a UK company owned by Noel Cronin, formerly the owner
    of Dandelion. At June 30, 2000 the receivable due from Renown was $725,000.

    Noel Cronin is also a director of String of Pearls Plc. In September 1999,
    the Company entered into a ten year license agreement for certain European
    territories including Germany, France and Italy, of 20 made-for-television
    movies with String of Pearls Plc. At June 30, 2000, the receivable due from
    String of Pearls Plc. was $3,085,000. Mr. Cronin has personally guaranteed
    the obligation of String of Pearls Plc. and pledged $1,875,000 in escrow,
    which is owed to him by the Company from the Company's acquisition of
    Dandelion.

<PAGE>   11




    ITEM 2-MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL POSITION AND
    RESULTS OF OPERATIONS

    This Management's Discussion and Analysis of Financial Conditions and
    Results of Operations contains certain "forward-looking statements" as
    defined in the Private Securities Litigation Reform Act of 1995. Such
    statements relating to future events and financial performance are
    forward-looking statements involving risks and uncertainties that are
    detailed from time to time in our various Securities and Exchange Commission
    filings. Our actual results could differ materially from those anticipated
    in these forward-looking statements as a result of uncontrollable factors.
    The following discussion should be read in conjunction with the Consolidated
    Financial Statements and Notes thereto appearing elsewhere in this 10-QSB.


       RESULTS OF OPERATIONS

    For the three months ended June 30, 2000, the Company reported a net income
    of approximately $1,292,800 on total revenues of approximately $12,897,300
    compared to net income of approximately $455,500 on total revenues of
    approximately $3,517,900 for the same period ended June 30, 1999. Net income
    increased by approximately $837,300 for the three months ended June 30,
    2000, versus the three months ended June 30, 1999, primarily due to the sale
    of certain rights of a library of twenty-nine movie of the week titles and
    continuing revenue from "Total Recall 2070" which is airing in syndication
    in the United States. Revenue for the period ended June 30, 2000 included
    approximately $6,690,000 on the sale of certain broadcast rights for movies
    of the week included in the acquired library and $3,950,000 from the
    syndication of "Total Recall 2070". Revenue for the period ended June 30,
    1999, included approximately $3,300,000 on the sale of certain European
    broadcast rights for movies of the week included in a previously acquired
    library.

    Cost relating to revenues was $9,212,600 for the three months ended June 30,
    2000 as compared to $1,575,000 for the three months ended June 30, 1999. The
    costs relate to amortization of production or acquisition costs of
    television programming for which revenue was recognized during the period.
    Gross profit margin on sales of television programming for the three months
    end June 30, 2000 was 29 percent compared to 55 percent for the period ended
    June 30, 1999. The decrease in gross profit margin as a percentage of
    revenue is due to the Company in 2000 concentrating on sales of newly
    produced programming, i.e. "Total Recall 2070" and "Call of the Wild", which
    is more expensive and has less of a sales history to demonstrate significant
    future sales cycles; therefore, has a higher amortization of production
    costs as compared to the older product which was responsible for most of the
    revenue in 1999.


<PAGE>   12


    General and administrative expense increased to $1,673,900 for the three
    months ended June 30, 2000 from $653,400 for the same period in 1999. The
    increase in general and administrative expenses are a result of an increase
    in expenses for staff of approximately $350,000 primarily for production and
    development, approximately $360,000 in general and administrative expenses
    associated with the newly acquired Team Dandelion in the U.K., approximately
    $300,000 in new expenses related to investor relations primarily due to the
    Company's expanded investor base in Europe resulting from the German
    Offering in November 1999.

    In 1999, the Company had incurred an extraordinary loss of $248,200 related
    to the conversion of $850,000 in debt to common stock.

    For the three months ended June 30, 2000, the Company incurred and
    capitalized approximately $115,000 in interest on debt related to
    production. This is compared to $128,800 incurred and expensed for the three
    months ended June 30, 1999. In the first six months of 1999, the Company had
    no production in process.

    For the six months ended June 30, 2000, the Company reported a net income of
    approximately $1,747,600 on total revenues of approximately $19,463,600
    compared to net income of approximately $804,300 on total revenues of
    approximately $7,019,900 for the same period ended June 30, 1999. Net income
    increased by approximately $943,300 for the six months ended June 30, 2000,
    versus the six months ended June 30, 1999, primarily due to the sale of
    certain rights of Company's library of movie of the week titles. Revenue for
    the period ended June 30, 2000 included approximately $6,690,000 on the
    sales of certain broadcast rights for movies of the week included in the
    Company's acquired library and approximately $5,150,000 on the U.S.
    syndication of "Total Recall 2070".

    Cost relating to revenues was $14,640,600 for the six months ended June 30,
    2000 as compared to $4,136,200 for the six months ended June 30, 1999. The
    costs relate to amortization of production costs of television programming
    for which revenue was recognized during the period. Gross profit margin on
    sales of television programming for the six months end June 30, 2000 was 25
    percent compared to 41 percent for the period ended June 30, 1999. The lower
    gross profit margin for the six months ended June 30, 2000 was due to the
    Company selling more expensive television drama programming, such as "Total
    Recall 2070" and "Call of the Wild", produced and owned by the Company and
    its partners as opposed to distributing more reality based programming and
    programming previously produced and acquired by the Company in the six
    months ended June 30, 1999.

    General and administrative expense is $2,399,300 for the six months ended
    June 30, 2000 compared to $1,039,000 for the same period in 1999. The 2000
    General and administrative




<PAGE>   13


    costs increased $450,000 due to the increase in staff salaries primarily in
    production and development, an increase of approximately $600,000
    associated with the new U.K. operations of Team Dandelion and approximately
    $300,000 in new expenses related to investor relations primarily in Europe
    resulting from the Company's German Offering in November 1999.

    In 1999, the Company had incurred an extraordinary loss of $248,200 related
    to the conversion of $850,000 in debt to common stock.

    For the six months ended June 30, 2000, the Company incurred approximately
    $150,000 in interest and capitalized approximately $115,000 in interest on
    debt related to production. This is compared to $280,100 incurred and
    expensed for the six months ended June 30, 1999. In the first six months of
    1999, the Company had no production in process. The reduction in the amount
    of interest incurred by the Company is due to retirement of debt in 1999.


    Receivables at June 30, 2000 were $15,162,300, approximately $13,000,000 of
    which are from entities domiciled outside the United States. These
    international receivables represent approximately 17% of the total assets of
    the Company.

             LIQUIDITY AND CAPITAL RESOURCES

    Primarily as a result of our German Offering in December 1999, we have a
    liquidity surplus of approximately $10.8 million at June 30, 2000. We define
    liquidity surplus as:

         o  cash and cash equivalents, investments and accounts receivable
            (net), less
         o  accounts payable, accrued expenses and other liabilities,taxes,
            deferred revenue, accrued participations, notes payable due
            within one year, line of credit and accrued interest.

    We continue to finance our operations from our own sales and production
    activities, equity financing, notes payables and lines of credit.

    On December 2, 1999, we completed the sale of 6,150,000 shares of our common
    stock, 150,000 shares of which were sold by and for the account of a selling
    shareholder, in the German Offering. The German Offering was underwritten by
    Gontard & MetallBank AG and a group of associated underwriters. The offering
    price was $6.21 per share. The net proceeds to us were approximately $31.5
    million after deducting underwriting fees




<PAGE>   14


    and estimated offering expenses. Approximately $9.4 million of the net
    proceeds have been used to repay all of our outstanding indebtedness.

    We are involved in a financing transaction with Imperial Bank with respect
    to "Call of the Wild" which closed in the third quarter of 2000. Pursuant to
    that transaction, we will defer all of our distribution fees of "Call of the
    Wild" until Imperial Bank's loan has been repaid. The Company continues to
    pursue alternative financing for production and under the terms of such
    financing the Company will defer a significant portion if not all of our
    distribution fees until the facilities have been reimbursed.

    We currently have a liquidity surplus of approximately $10.8 million,
    however, as the entertainment industry is highly capital intensive we
    continue to pursue and work toward financing alternatives and search for
    additional capital. We also continue to explore a variety of other financial
    alternatives to increase our working capital, including obtaining a
    significant production line of credit with a commercial bank, or pursuing
    other types of debt or equity financing. No assurance can be given that such
    financing can ultimately be obtained or that it will be on reasonably
    attractive terms.

             RECENT ACCOUNTING PRONOUNCEMENTS

    In June 2000, the FASB rescinded FASB Statement No. 53, Financial Reporting
    by Producers and Distributors of Motion Picture Films which was replaced by
    Statement of Position, SOP 00-02. An entity that previously was subject to
    the requirements of SFAS No. 53 will now follow the guidance in the
    Statement of Position, "Accounting by Producers and Distributors if Films."
    This Statement of Position will be effective financial statements for fiscal
    years beginning after December 15, 1999 and could have a significant impact
    on our results of operations and financial position depending on its final
    outcome. We have not concluded on its impact.



<PAGE>   15



    PART II - OTHER INFORMATION

    Item 1 - Legal Proceedings

    In the ordinary course of business, the Company has or may become involved
    in disputes or litigation. On the basis of information available to it,
    management believes such contingencies will not have a materially adverse
    impact on the Company's financial position or results of operations.

    Item 6 - Exhibits and Reports on Form 8-K

    Exhibits

    27   Financial Data Schedule

    Form 8-K

    None



<PAGE>   16

                                   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: August 21, 2000


                                             TEAM COMMUNICATIONS GROUP, INC.


                                             By:  /s/ DREW S. LEVIN
                                                  ------------------------------
                                                  Drew S. Levin
                                                  Chairman of the Board of
                                                  Directors and Chief Executive
                                                  Officer