UNITED STATES

                       SECURITIES AND EXCHANGE COMMISSION

                             Washington, D. C. 20549

                                   FORM 10-Q/A
                               (AMENDMENT NO. 2)

(Mark One)

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

For the quarterly period ended _____DECEMBER 31, 1996_________________________

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 0-4028

                             TRANSMEDIA NETWORK INC.
       -----------------------------------------------------------------------
             (Exact name of Registrant as specified in its charter)

               DELAWARE                                          84-6028875   
       -------------------------------                       -----------------
       (State of other jurisdiction of                        (I.R.S. Employer
        incorporation or organization)                       Identification No.)

                 11900 BISCAYNE BOULEVARD, MIAMI, FLORIDA 33181
       -----------------------------------------------------------------------
               (Address of principal executive offices) (zip code)

                                  305-892-3300
                         -------------------------------
                         (Registrant's telephone number,
                              including area code)

Indicate by (X) 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 and (2) has been subject to such filing requirements for
the past 90 days.

                                                               Yes [X]  No [  ]

The number of shares outstanding of the issuer's Common Stock, $.02 par value,
as of January 31, 1997:  10,126,926

<PAGE>
<TABLE>
<CAPTION>

                             TRANSMEDIA NETWORK INC.
                           CONSOLIDATED BALANCE SHEETS
                    DECEMBER 31, 1996 AND SEPTEMBER 30, 1996
                                 (in thousands)
                                   (continued)

                                                                December 31,            *September 30,
                                                                    1996                     1996
                                                                    ----                     ----
                                                                (unaudited)

<S>                                                             <C>                     <C>
LIABILITIES AND
STOCKHOLDERS' EQUITY

Current liabilities:
          Accounts payable - rights to receive                    $   2,653               $   4,785
          Accounts payable - reimbursable
            tax and tips                                                506                     485
          Accounts payable - other                                    2,568                   2,679
          Accrued expenses                                              496                     773
                                                                  ---------               ---------

               Total current liabilities                              6,223                   8,722

Secured non-recourse notes payable                                   33,000                      --
Line of credit                                                           --                  15,000
Deferred membership fee income                                        3,546                   4,103
Deferred income taxes                                                   796                     936
Other long-term liability                                               990                      --
                                                                  ---------               ---------

               Total liabilities                                     44,555                  28,761
                                                                  ---------               ---------

Stockholders' equity:
Preferred stock - par value $.10 per share;
     authorized 1,000,000 shares; none issued                            --                     --
Common stock - par value $.02 per share;
     authorized 20,000,000 shares; issued and
     outstanding: 10,126,926 shares at
     December 31, 1996 and September 30, 1996                           202                    202

Additional paid-in capital                                           10,547                 10,547
Unrealized gain on securities available
     for sale                                                           756                    985
Retained earnings                                                    13,815                 14,019
                                                                  ---------               ---------

               Total stockholders' equity                            25,320                 25,753
                                                                  ---------               ---------

Total liabilities and stockholders' equity                         $ 69,875               $ 54,514
                                                                  =========               =========
</TABLE>

See notes to consolidated financial statements

*The balance sheet at September 30, 1996 is derived from the registrant's
audited consoldiated financial statements.

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<PAGE>

                               S I G N A T U R E S

         Pursuant to the requirements of the Securities and Exchange Act of
1934, the registrant has duly caused this Report to be signed on its behalf by
the undersigned thereunto duly authorized.

                                                      TRANSMEDIA NETWORK INC.
                                                            (Registrant)

May 12, 1997                            /S/MELVIN CHASEN  
                                        --------------------------------
                                        Melvin Chasen, President
                                        and Chief Executive Officer

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