<PAGE>   1
================================================================================



                       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, 1997

                                    OR

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

                         Commission file number 1-10784


                              AMERICAN MEDIA, INC.
           (EXACT NAME OF THE REGISTRANT AS SPECIFIED IN ITS CHARTER)
           ----------------------------------------------------------



           Delaware                                           65-0203383
(State or other jurisdiction                                (IRS Employee 
of incorporation or organization)                         Identification No.)



600 East Coast Avenue, Lantana , Florida                      33464-0002
(Address of principal executive offices)                      (Zip Code)




        Registrant's telephone number, including area code (561) 540-1000




         American Media, Inc. (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, and (2) HAS BEEN subject to such filing requirements for the past 90
days.


         As of August 7, 1997 there were 21,080,849 shares of Class A Common
Stock and 20,702,005 shares of Class C Common Stock outstanding.



================================================================================



<PAGE>   2

                       AMERICAN MEDIA, INC. AND SUBSIDIARY
                                INDEX TO FORM 10Q
                                  JUNE 30, 1997



<TABLE>
<CAPTION>

                                                                          PAGES(S)
                                                                          --------
                          PART I. FINANCIAL INFORMATION
<S>                                                                          <C>
 Item 1. Financial Statements -
 Consolidated Balance Sheets..........................................       3
 Consolidated Statements of Income ...................................       4
 Consolidated Statements of Cash Flows ...............................       5
 Notes to Consolidated Financial Statements ..........................     6 - 7

 Item 2. Management's Discussion and Analysis of Financial
   Condition and Results of  Operations ..............................     8 - 9

                          PART II. OTHER INFORMATION

 Item 6. Exhibits and Reports on Form 8-K ............................      10

 Signature .... ......................................................      11


</TABLE>



                                       2
<PAGE>   3



                       AMERICAN MEDIA, INC. AND SUBSIDIARY
                           CONSOLIDATED BALANCE SHEETS
                        AS OF JUNE 30 AND MARCH 31, 1997
                    (IN 000'S, EXCEPT PER SHARE INFORMATION)


<TABLE>
<CAPTION>
                                                                                 JUNE 30        MARCH 31
                                                                               ---------       ---------
                                                                              (Unaudited)
<S>                                                                            <C>             <C>      
                                      ASSETS
CURRENT ASSETS:
  Cash and cash equivalents                                                    $   6,135       $   8,230
  Receivables, net                                                                 6,446           8,190
  Inventories                                                                     13,220          13,391
  Prepaid expenses and other                                                       3,040           2,719
                                                                               ---------       ---------
      Total current assets                                                        28,841          32,530
                                                                               ---------       ---------

PROPERTY AND EQUIPMENT, at cost:
  Land and buildings                                                               4,039           4,039
  Machinery, fixtures and equipment                                               17,077          16,159
  Display racks                                                                   18,561          18,854
                                                                               ---------       ---------
                                                                                  39,677          39,052
  Less - accumulated depreciation                                                (15,470)        (14,819)
                                                                               ---------       ---------
                                                                                  24,207          24,233
                                                                               ---------       ---------
DEFERRED DEBT COSTS, net                                                          10,313          11,011
                                                                               ---------       ---------
GOODWILL, net of accumulated amortization of $115,074 and $111,285               490,177         493,966
                                                                               ---------       ---------
OTHER INTANGIBLES, net of accumulated amortization of $41,326 and $39,846        106,674         108,154
                                                                               ---------       ---------
                                                                               $ 660,212       $ 669,894
                                                                               =========       =========
                      LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
  Current portion of term loan                                                 $  43,355       $  43,355
  10.09% Zero Coupon Notes Due 1997                                                 --            15,772
  Accounts payable                                                                13,158          13,863
  Accrued expenses                                                                17,423          18,143
  Accrued interest                                                                 3,287          10,037
  Accrued and current deferred income taxes                                       14,243          11,022
  Deferred revenues                                                               28,001          32,348
                                                                               ---------       ---------
      Total current liabilities                                                  119,467         144,540
                                                                               ---------       ---------

LONG TERM DEBT:
  Term Loan and Revolving Credit Commitment, net of current portion              281,401         269,401
  11.63% Senior Subordinated Notes Due 2004                                      200,000         200,000
  10.38% Senior Subordinated Notes Due 2002                                          134             134
                                                                               ---------       ---------
                                                                                 481,535         469,535
                                                                               ---------       ---------

DEFERRED INCOME TAXES                                                              7,955           8,038
                                                                               ---------       ---------

COMMITMENTS AND CONTINGENCIES (NOTE 7)

STOCKHOLDERS' EQUITY:
  Common stock, $.01 par value; issued and outstanding as follows -
    Class A - 21,405 and 21,081 in June; 21,402 and 21,078 in March                  214             214
    Class C - 20,702 in June and March                                               207             207
  Additional paid-in capital                                                      53,964          53,927
  Retained earnings (deficit)                                                      2,853            (584)
  Less - Stock held in treasury, at cost                                          (5,983)         (5,983)
                                                                               ---------       ---------
TOTAL STOCKHOLDERS' EQUITY                                                        51,255          47,781
                                                                               ---------       ---------
                                                                               $ 660,212       $ 669,894
                                                                               =========       =========

</TABLE>

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


                                       3
<PAGE>   4


                       AMERICAN MEDIA, INC. AND SUBSIDIARY
                   UNAUDITED CONSOLIDATED STATEMENTS OF INCOME
          FOR THE FISCAL QUARTERS ENDED JUNE 30, 1997 AND JULY 1, 1996
                    (IN 000'S, EXCEPT PER SHARE INFORMATION)


<TABLE>
<CAPTION>
                                                         JUNE 30,        JULY 1,
                                                           1997           1996
                                                         --------       --------
                                                        (13 Weeks)    (14 Weeks)
<S>                                                      <C>            <C>     
OPERATING REVENUES:
  Circulation                                            $ 71,033       $ 69,123
  Advertising                                               6,137          7,059
  Other                                                     4,946          3,667
                                                         --------       --------
                                                           82,116         79,849
                                                         --------       --------
OPERATING EXPENSES:
  Editorial                                                 7,877          7,026
  Production                                               21,008         22,628
  Distribution, circulation and other cost of sales        17,053         14,797
  Selling, general and administrative expenses              7,081          6,973
  Television advertising                                      468            406
  Depreciation and amortization                             7,450          7,193
                                                         --------       --------
                                                           60,937         59,023
                                                         --------       --------

  Operating income                                         21,179         20,826

INTEREST EXPENSE                                          (13,022)       (15,175)
OTHER EXPENSE, net                                           (335)          (469)
                                                         --------       --------

  Income before provision for income taxes                  7,822          5,182

PROVISION FOR INCOME TAXES                                  4,385          3,450
                                                         --------       --------
    Net income                                           $  3,437       $  1,732
                                                         ========       ========


 EARNINGS PER SHARE                                      $   0.08       $   0.04
                                                         ========       ========

WEIGHTED AVERAGE SHARES                                    41,774         41,773
                                                         ========       ========

DIVIDENDS PER SHARE                                           $--            $--
                                                         ========       ========

</TABLE>


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


                                       4
<PAGE>   5



                       AMERICAN MEDIA, INC. AND SUBSIDIARY
                 UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS
          FOR THE FISCAL QUARTERS ENDED JUNE 30, 1997 AND JULY 1, 1996
                                   (IN 000'S)

<TABLE>
<CAPTION>
                                                                             JUNE 30,        JULY 1,
                                                                               1997           1996
                                                                             --------       --------
                                                                            (13 Weeks)     (14 Weeks)
<S>                                                                          <C>            <C>     
Cash Flows from Operating Activities:
  Net income                                                                 $  3,437       $  1,732
                                                                             --------       --------
Adjustments to reconcile net income to net cash provided from operating
activities -
    Depreciation and amortization                                               7,450          7,193
    Deferred debt cost amortization                                               698            811
    Senior subordinated discount note accretion                                   190            382
    Decrease (increase) in -
        Receivables, net                                                        1,744            547
        Inventories                                                               171            986
        Prepaid expenses and other                                               (321)         1,053
    Increase (decrease) in -
        Accounts payable                                                         (705)        (4,115)
        Accrued expenses                                                       (7,470)        (3,715)
        Accrued and current deferred income taxes                               3,138          2,136
        Deferred revenues                                                      (4,347)        (4,662)
                                                                             --------       --------
          Total adjustments                                                       548            616
                                                                             --------       --------

        Net cash provided from operating activities                             3,985          2,348
                                                                             --------       --------

Capital expenditures representing net cash 
  used in investing activities                                                 (2,155)        (1,968)
                                                                             --------       --------

Cash Flows from Financing Activities:
    Term loan and revolving credit commitment principal repayments            (24,000)       (22,107)
    Proceeds from revolving credit commitment                                  36,000         22,000
    Repayment of senior subordinated indebtedness                             (15,962)            --
    Other                                                                          37             28
                                                                             --------       --------
        Net cash used in financing activities                                  (3,925)           (79)
                                                                             --------       --------

Net Increase (Decrease) in Cash and Cash Equivalents                           (2,095)           301
Cash and Cash  Equivalents at Beginning of Period                               8,230          4,643
                                                                             --------       --------
Cash and Cash  Equivalents at End of Period                                  $  6,135       $  4,944
                                                                             ========       ========

Supplemental Disclosures of Cash Flow Information:
  Cash paid during the period for -
    Income taxes                                                             $  1,120       $    130
    Interest                                                                   18,884         17,946

</TABLE>


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



                                       5
<PAGE>   6


                       AMERICAN MEDIA, INC. AND SUBSIDIARY
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                  JUNE 30, 1997
                          (000'S OMITTED IN ALL TABLES)
                                   (UNAUDITED)


(1)  BASIS OF PRESENTATION

The accompanying unaudited consolidated financial statements have been prepared
in accordance with generally accepted financial principles for interim financial
information and with the instructions to Form 10-Q. Except as disclosed herein,
there has been no material change in the information disclosed in the notes to
consolidated financial statements included in the Annual Report on Form 10-K of
American Media, Inc., (together with its wholly-owned subsidiary, American Media
Operations, Inc. and its subsidiaries, the "Company") for the fiscal year ended
March 31, 1997. In the opinion of management, all adjustments considered
necessary for a fair presentation have been included. Operating results for the
fiscal quarter ended June 30, 1997 are not necessarily indicative of the results
that may be expected for the fiscal year ending March 30, 1998.

The fiscal quarter ended June 30, 1997 includes 13 weeks as compared to 14 weeks
in the same prior year quarter which ended July 1, 1996.

(2) ACCOUNTING FOR DERIVATIVE FINANCIAL INSTRUMENTS

On occasion the Company enters into interest rate swap agreements and purchases
interest rate caps to reduce the interest rate exposure associated with a
portion of its variable rate indebtedness. The Company does not utilize
derivative financial instruments for trading or other speculative purposes. The
accounting policy for these derivative financial instruments, which are
designated as hedges of its interest rate risk, follows -

  * Interest rate swap - Interest rate swap agreements modify the interest
characteristics of the Company's variable rate indebtedness by synthetically
converting a portion of the indebtedness to fixed rate. Interest earned
(payable) under the interest rate swap is credited (charged) to interest expense
using the accrual method. The related accrued receivable or payable is included
in accounts receivable or accrued interest payable. The fair market value of the
swap agreement is not reflected in the financial statements.

  * Interest rate cap - Interest rate caps are used to limit the maximum rate
should interest rates rise. The cost of the interest rate cap is amortized to
interest expense using the straight-line method over the life of the cap.
Amounts receivable under the interest rate cap are credited against interest
expense using the accrual method. The unamortized cost of the interest rate cap
is included in deferred debt costs.

Derivative financial instruments terminated at a gain (loss) prior to maturity
are credited (charged) to interest expense over the remaining original life of
the derivative financial instrument.

(3) INVENTORIES

Inventories are generally stated at the lower of cost or market. The Company
uses the last-in, first-out (LIFO) cost method of valuing its inventories. If
the first-in, first-out (FIFO) cost method of valuation, which approximates
market value, had been used, inventories would have been approximately $222,000
and $810,000 lower, due to recent declines in paper costs, than the amounts
reported in the accompanying consolidated balance sheets for June 30 and March
31, 1997, respectively. Paper inventory is stated in accordance with generally
accepted accounting



                                       6
<PAGE>   7


principles at LIFO cost as the use of such inventory would result in normal
historical gross margins. Inventories are comprised of the following:

                                                       June 30     March 31
                                                       -------     --------
        Raw materials - paper                          $ 9,209      $ 9,477
        Finished product - paper, production
          and distribution costs of future issues        4,011        3,914
                                                       -------      -------
                                                       $13,220      $13,391
                                                       =======      =======


(4) INCOME TAXES

The Company files a consolidated Federal income tax return. Income taxes have
been provided based upon the Company's anticipated annual income tax rate.

(5) CREDIT AGREEMENT

As of June 30, 1997 the Company had $324.8 million in loans outstanding with its
bank syndicate led by The Chase Manhattan Corporation, as agent bank, (the
"Credit Agreement"). As of June 30, 1997, borrowings of $20,000,000 were
outstanding under the Credit Agreement's $75 million revolving credit
commitment.

As of June 30, 1997 the Company's effective interest rate on borrowings under
the Credit Agreement was 7.7%. The effective rate for borrowings under the
Credit Agreement averaged 7.8% for the fiscal quarter ended June 30, 1997 as
compared to 7.9% on borrowings for the fiscal quarter ended July 1, 1996.

(6) EARNINGS PER SHARE

Earnings per share was calculated based upon net income and the weighted average
number of common equivalent shares outstanding during the quarter. Fully diluted
earnings per share is the same as primary earnings per share for both quarters
presented.

In 1997, the Financial Accounting Standards Board issued SFAS No. 128, "Earnings
Per Share". SFAS No. 128 supersedes the previous standard (APB No. 15), modifies
the methodology for calculating earnings per share, and is effective for fiscal
periods ending after December 15, 1997; early adoption is not permitted. Upon
adoption in its consolidated financial statements for the fiscal year ending
March 30, 1998, the Company will be required to restate its previously reported
earnings per share data to conform with the requirements of SFAS No. 128. Had
the provisions of SFAS No. 128 been applicable to the accompanying consolidated
financial statements, basic and diluted earnings per share, as calculated in
accordance with SFAS No. 128, would not have been different than the earnings
per share amounts reported herein.

(7)  LITIGATION

Various suits and claims arising in the ordinary course of business have been
instituted against the Company. The Company has various insurance policies
available to recover potential legal costs incurred by it. The Company
periodically evaluates and assesses the risks and uncertainties associated with
litigation independent from those associated with its potential claim for
recovery from third party insurance carriers. At present, in the opinion of
management, after consultation with legal counsel, the liability resulting from
litigation, if any, will not have a material effect on the Company's
consolidated financial statements.



                                       7
<PAGE>   8


ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF
         FINANCIAL CONDITION AND RESULTS OF OPERATIONS


LIQUIDITY AND CAPITAL RESOURCES

At June 30, 1997, the Company had cash and cash equivalents of $6.1 million
compared to $8.2 million at March 31, 1997. The Company's primary sources of
liquidity are cash generated from operations and amounts available under the
Company's revolving credit commitment.

As of June 30, 1997, the Company had a working capital deficit of $90.6 million.
The Company does not consider its large working capital deficit as a true
measure of its liquidity position as its working capital needs are met by the
large amounts of cash generated by its business as well as amounts available
under the Credit Agreement's $75 million revolving credit commitment. A
substantial portion of the Company's cash is used to service its indebtedness,
including the payment of principal and interest. Temporary shortfalls in
available cash are covered by borrowings under the revolving credit commitment
which are reflected as long-term liabilities.

Management believes that cash provided by operations will be adequate to meet
its operating liquidity requirements, including all required payments of
principal and interest and is not aware of any commitment which would require
unusual amounts of cash or which would change or otherwise restrict the
Company's currently available capital resources. In addition, the Company does
not intend to pay any cash dividends on its common stock in the foreseeable
future. As of June 30, 1997, $55.0 million was available under the Credit
Agreement's revolving credit commitment.

RESULTS OF OPERATIONS

FISCAL QUARTER ENDED JUNE 30, 1997 VS FISCAL QUARTER ENDED JULY 1, 1996. Total
revenues were $82,116,000 for the current fiscal quarter (which includes 13
weeks as compared to 14 weeks in the prior year quarter), an increase of
$2,267,000 or 2.8% from the same prior year quarter.

Circulation revenues (which includes all single copy and subscription sales) of
$71,033,000 increased $1,910,000 or 2.8% from the comparable prior year quarter.
On an equivalent number of weeks basis, current quarter circulation revenues
increased by $6,847,000 or 10.7% attributable primarily to a 4.4% increase in
NATIONAL ENQUIRER'S average weekly single copy unit sales combined with a July
1996 $.10 cover price increase as well as the revenues contributed by the
Company's newest publication, SOAP OPERA NEWS, launched in March. Revenues
contributed by the Company's other publications were unchanged when compared to
the same prior year period as cover price increases largely offset declines in
average weekly single copy unit sales of 6.7%, 6.8% and 5.7% for STAR, WEEKLY
WORLD NEWS and SOAP OPERA MAGAZINE, respectively. COUNTRY WEEKLY'S average
weekly single copy unit sales were flat for these same periods. Management
believes the declines in average weekly single copy unit sales for STAR, which
is more celebrity focused than NATIONAL ENQUIRER, is due to the increased
attention given celebrity news by all forms of media.

Subscription revenues, which represent approximately 15% of total circulation
revenues, increased $861,000 or 8.7% on an equivalent number of weeks basis due
largely to increases in average weekly subscription unit sales of 70% and 56%
for SOAP OPERA MAGAZINE and COUNTRY WEEKLY, respectively. The Company continues
to promote discounted subscriptions for these magazines as a means of generating
future full-price subscription renewals. Average weekly subscription unit sales
of NATIONAL ENQUIRER and STAR rose 7.4% and 8.9%, respectively, as compared to
the same prior year period reflecting, in large part, the timing of certain
discounted subscription offers.

Advertising revenues of $6,137,000 decreased $922,000 compared to same prior
year quarter. On an equivalent number of weeks basis, advertising revenues
decreased by approximately $418,000 or 6.4% primarily reflecting lower levels of
national advertising in NATIONAL ENQUIRER and STAR. National advertising has
been adversely affected primarily by the loss of tobacco related product
advertising; declines in tobacco advertising is expected to continue for the
foreseeable future. Advertising revenues were also negatively impacted, to a
lesser extent, by reductions in the average revenue per page generated by direct
mail order advertising in the current period.

Other revenues of $4,946,000 increased $1,279,000 or 34.9% over the comparable
prior year period as the Company's subsidiary, Distribution Services, Inc.
("DSI"), continues to expand the marketing, merchandising and information
gathering services it provides to various clients. In addition, the current year
quarter reflects the 




                                       8
<PAGE>   9

revenues generated by another subsidiary, Frontline Marketing, Inc.
("Frontline"), which sells in-store advertising to various product manufacturers
and service providers.

Operating expenses for the current fiscal quarter on an equivalent number of
weeks basis (after deducting depreciation and amortization) increased by
$5,539,000 or 11.1% reflecting the expenses associated with both SOAP OPERA NEWS
and Frontline which were not included in the comparable prior year period as
well as higher expenses associated with DSI's expanded marketing, merchandising
and information gathering services. Despite the addition of production costs
associated with SOAP OPERA NEWS, overall production costs on an equivalent
number of weeks basis was unchanged reflecting the benefit of lower paper costs
for all of the Company's publications.

Interest expense decreased $2,153,000 in the current fiscal quarter to
$13,022,000 from $15,175,000 in the comparable prior year period reflecting the
effect of one fewer week's interest and decreases in the average balance of
outstanding indebtedness in the current fiscal quarter.

The Company's effective income tax rates were 56.1% and 66.6% of income before
income taxes for the fiscal quarters ended June 30, 1997 and July 1, 1996,
respectively, as compared to the federal statutory income tax rate of 35%. The
higher effective tax rates result primarily from goodwill amortization which is
not deductible for income tax reporting purposes.

INFORMATION RELATED TO FORWARD-LOOKING STATEMENTS

Certain matters discussed in this Form 10-Q may include forward-looking
statements which reflect the Company's views with respect to future events and
financial performance. These forward-looking statements are subject to certain
risks and uncertainties which could cause actual results to differ materially
from both historical or anticipated results and readers are cautioned not to
place undue reliance upon them. The Company undertakes no obligation to publicly
update or revise any forward-looking statements, whether as a result of new
information, future events or otherwise. Factors that, among others, could cause
actual results to differ materially from historical results or those anticipated
include: 1) market conditions for the Company's publications 2) competition 3)
market prices for the paper used in printing the Company's publications 4) the
Company's ability to develop new publications and services and 5) changes in
economic climate, including interest rate risk.

                                       9
<PAGE>   10


PART II. OTHER INFORMATION


ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K

Exhibit 27     Financial Data Schedule  (for S.E.C. use only).


During the fiscal quarter ended June 30, 1997, the Company filed no reports on
Form 8-K.






                                       10
<PAGE>   11





                                   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 by the
undersigned, thereto duly authorized.

                                                  AMERICAN MEDIA, INC.
                                                  ----------------------------
                                                  Registrant


Date: August 12, 1997                             By /s/ RICHARD W. PICKERT
                                                     -------------------------
                                                     Richard W. Pickert
                                                     Senior Vice President
                                                     Chief Financial Officer






                                       11