SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                 ---------------


                                    FORM 8-K


                                 CURRENT REPORT


                     PURSUANT TO SECTION 13 OR 15(d) OF THE
                         SECURITIES EXCHANGE ACT OF 1934




Date of Report (Date of earliest event reported): October 31, 1997



                         ALLEGHENY TELEDYNE INCORPORATED
             (Exact name of registrant as specified in its charter)



            DELAWARE               1-12001                25-1792394
(State or other jurisdiction    (Commission           (IRS Employer
      of incorporation)           File Number)         Identification No.)


           1000 SIX PPG PLACE,  PITTSBURGH,  PENNSYLVANIA 15222-5479 (Address of
  principal executive offices) (Zip code)



Registrant's telephone number, including area code:  412-394-2800







Item 5.     Other Events.

            On October 31, 1997, Allegheny Teledyne  Incorporated issued a press
release, a copy of which is filed as Exhibit 99.1 hereto.

Item 7.     Financial Statements, Pro Forma Financial Information and
            Exhibits.

      (a)   Not applicable.

      (b) Not applicable.

      (c)  Exhibits.  The  following  exhibit  is filed as part of this  Current
Report on Form 8-K:

                                                 Exhibit
            Description                            No.
            -----------                         --------

Press Release dated October 31, 1997              99.1

                                       2





                                    SIGNATURE
                                    ---------

      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 hereunto duly authorized.

                                    Allegheny Teledyne Incorporated



Date:  November 3, 1997             By:   /s/ Jon D. Walton
                                          ------------------------------
                                          Senior Vice President-General
                                            Counsel and Secretary
 

                                      3




                                  EXHIBIT INDEX
                                  -------------

Exhibit
  No.                         Description
- -------                       -----------

 99.1                  Press Release dated October 31, 1997

                                       4