www.hearstargyle.com

NEWS Contact: Harry T. Hawks (212) 887-6823

Thomas W. Campo (212) 887-6827

HEARST-ARGYLE TELEVISION ANNOUNCES RESULTS FOR THE SECOND QUARTER AND SIX MONTHS

NEW YORK, N.Y., July 26, 2000 – Hearst-Argyle Television, Inc. (NYSE: HTV) today announced operating results for the second quarter and six months ended June 30. Revenues for the quarter grew 5.6% over last year’s second quarter, to $196.5 million. Broadcast cash flow grew 9.8% to $98.5 million. After-tax cash flow rose 10.8%, to $48.1 million, or $0.52 per share. Income applicable to common stockholders before extraordinary item grew 22.1%, to $16 million, or $0.17 per share.

For the six months, revenues on a GAAP-reported basis rose 22.4%, to $366.5 million. Broadcast cash flow climbed 28%, to $172.4 million. After-tax cash flow grew 34.7%, to $84.2 million or $0.91 per share. Income applicable to common stockholders before extraordinary item grew 29.5% to $20.2 million or $0.22 per share. GAAP results include the operations of the Pulitzer broadcast group since March 18, 1999, the date on which Hearst-Argyle’s acquisition of that group was completed.

The Company also announced pro forma, same-station results for the year-to-date as if it owned the Pulitzer properties at the beginning of 1999. On a pro forma basis, the Company’s revenues for the six months grew 6.5%, to $366.5 million. Broadcast cash flow rose 13.3%, to $172.4 million. After-tax cash flow grew 15.8%, to $84.2 million, or $0.91 per share. Income applicable to common stockholders rose 74.1% to $20.2 million, or $0.22 per share.

During the quarter, the Company received $3.2 million in gross political . Excluding political advertising from the second quarters of 1999 and 2000, the Company’s net operating revenues would have been up by approximately 5% on a same- station basis. -more- Hearst-Argyle Second Quarter…2

The following tables summarize the Company’s results.

Three Months Ended June 30 ($ in millions, except per share data) Pro Forma GAAP – Reported Same-station 1999 2000 Change 1999 2000 Change Total Revenues $186.1 $196.5 5.6% $186.1 $196.5 5.6% Broadcast Cash Flow* $ 89.7 $ 98.5 9.8% $ 89.7 $ 98.5 9.8% Operating Cash Flow* $ 85.4 $ 94.5 10.7% $ 85.4 $ 94.5 10.7% After-Tax Cash Flow* $ 43.4 $ 48.1 10.8% $ 42.7 $ 48.1 12.6% After-Tax Cash Flow/Share* $ 0.49 $ 0.52 6.1% $ 0.46 $ 0.52 13.0% Income Applicable to Common Bef. Extra Item $ 13.1 $ 16.0 22.1% $ 12.4 $ 16.0 29.0% Income per Common Share $ 0.15 $ 0.17 13.3% $ 0.13 $ 0.17 30.8% Before Extra Item (diluted)

Six Months Ended June 30 ($ in millions, except per share data) Pro Forma GAAP – Reported Same-station 1999 2000 Change 1999 2000 Change Total Revenues $299.5 $366.5 22.4% $344.1 $366.5 6.5% Broadcast Cash Flow* $134.7 $172.4 28.0% $152.2 $172.4 13.3% Operating Cash Flow* $126.3 $164.4 30.2% $143.9 $164.4 14.2% After-Tax Cash Flow* $ 62.5 $ 84.2 34.7% $ 72.7 $ 84.2 15.8% After-Tax Cash Flow/Share* $ 0.85 $ 0.91 7.1% $ 0.78 $ 0.91 16.7% Income Applicable to Common Bef. Extra Item $ 15.6 $ 20.2 29.5% $ 11.6 $ 20.2 74.1% Income per Common Share $ 0.21 $ 0.22 4.8% $ 0.13 $ 0.22 69.2% Before Extra Item (diluted)

* Definitions for Broadcast Cash Flow, Operating Cash Flow, After-tax Cash Flow and After-tax Cash Flow per Share are provided in the Notes to the accompanying financial tables.

During the quarter and in recent weeks, Hearst-Argyle: • Announced jointly with Emmis that Emmis would manage Hearst- Argyle's three stations in Phoenix, AZ, for a three-year term with an option to buy the stations for $160 million. Hearst-Argyle is currently seeking suitable television properties to acquire in a three-way exchange for the radio stations. The Emmis management agreement, which has received H-S-R clearance, will take effect August 1. • Agreed to sell its two smaller radio stations, WLKY-AM, Louisville, KY, and WXII- AM, Greensboro/Winston-Salem, NC, to Truth Broadcasting. This transaction was approved by the FCC last week and will close shortly. • Announced jointly with NBC that it has reached a 10-year affiliation-renewal agreement with the network including continued compensation to Hearst-Argyle.

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Hearst-Argyle Second Quarter…3

• Announced a retransmission-consent agreement with DirecTV allowing the satellite provider to carry Hearst-Argyle stations in DirecTV markets. • Repurchased 525,800 shares of its Series A Common Stock, invested approximately $6.4 million on capital expenditures and paid down bank debt, reducing its leverage ratio to 4.76 times operating cash flow, or EBITDA.

Commenting on activities during the quarter, Bob Marbut, chairman and co-chief executive officer, said, “We posted solid growth throughout the Company with the prospect of very strong growth for the second half. Also, our various interactive-media partners are making impressive gains:

• The Internet Broadcasting Systems (www.ibsys.com) network gained another name partner, McGraw-Hill Broadcasting, with stations in San Diego, Indianapolis, Denver and Bakersfield, CA. This brings the IBS network of local TV-station web ‘channels’ to 16 of the top 25 U.S. TV markets, 29 of the top 50, and -- adding in Canadian markets -- 49 markets overall. In June IBS served more than 30 million page views -- 2.5 million page views over their plan and up from about 29 million pageviews in May; • Our partners at Consumer Financial Network (http://www.youdecide.com ) not only formed a strategic content alliance with IBS, but they also received a $150 million investment from Gateway, which will jointly market products and services with CFN; • Geocast Network Systems (http://www.geocast.com) is now testing its breakthrough datacasting service using the spectrum of our digital TV station in Sacramento. This field trial comes on the heels of Geocast’s highly successful field test in San Francisco -- the first use of digital broadcast spectrum to deliver content to PCs. Geocast now has its entire infrastructure, staff, and hardware and software support in place and will soon be ready to commercialize its technology.”

“Our recent radio dispositions were important in unlocking the value of these properties and in giving us the opportunity of benefiting our shareholders,” added David J. Barrett, president and co-chief executive officer. “Our NBC agreement secures for us a guaranteed programming stream, for 10 years, from a leading network, with a vision toward potential additional business partnerships with the network. We boosted our companywide broadcast cash flow margin from 48% in last year’s second quarter to 50% in the most recent quarter. For the year-to-date, our stations have converted 90 cents of every incremental revenue dollar to broadcast cash flow, reflecting our strong, ongoing cost discipline.

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Hearst-Argyle Second Quarter…4

“We’re encouraged by signs that the second half of this year should perform to the levels we’d anticipated,” Barrett continued, “thanks to the Olympics on our NBC stations and strong political advertising in key states and markets. The fundamentals of our business continue to be quite positive, as we aggregate leading mass audiences and provide the best solutions for our advertisers.”

Tony Vinciquerra, executive vice president and chief operating officer, added: “Our agreement with DirecTV, like the agreements we now have with most major cable system operators, secures our position on various important distribution platforms and recognizes the value and brand loyalty of our local stations within the universe of programming options.”

Hearst-Argyle Television, Inc. owns and/or manages 26 television stations and several radio stations, in geographically diverse U.S. markets. The Company’s television stations reach about 17.5% of U.S. TV households, making it one of the two largest U.S. groups not primarily aligned with a single network, as well as one of the seven largest television groups overall as measured by audience delivered. The Company also is a leader in the convergence of broadcast television and interactivity and is engaged in partnerships with several fast-growing interactive-media companies. Hearst-Argyle trades on the New York Stock Exchange under the symbol “HTV.” Hearst-Argyle’s corporate Web address is www.hearstargyle.com.

This news release contains forward-looking statements that are subject to risks and uncertainties. Forward looking statements include information preceded by, followed by, or that includes the words “believes,” “expects,” “anticipates,” “could,” or similar expressions. For these statements, the Company claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. The following important factors, among them, could affect the future results of the Company and could cause those results to differ materially from those expressed in each forward-looking statement: material adverse changes in economic conditions in the markets served by the Company; future regulatory actions and conditions in the television stations’ operating areas; and competition from others in the broadcast television markets served by the business.