Hearst-Argyle Television Announces Results For The Third Quarter and Nine Months.

NEW YORK--(BUSINESS WIRE)--Nov. 13, 1997--

Initial Quarter Including August 1997 Merger of the Hearst

Broadcasting Group And Argyle Television, Inc.

Pro Forma Broadcast Cash Flow Up 14 Percent; Pro Forma After-tax

Cash Flow Up 22 Percent

Hearst-Argyle Television, Inc. (Nasdaq: HATV) today announced operating results for the third quarter and nine months for the period ending September 30, 1997. It is the initial quarter reported following the merger of the Company, formerly Argyle Television, Inc., and the broadcasting group of The Hearst Corporation, resulting in the formation of Hearst-Argyle Television, Inc. The merger, first announced on March 26, 1997, was completed on August 29, 1997 after a successful shareholder vote.

Pro Forma Same-Station Results

-- For the Three Months Ended September 30, 1997

On a pro forma basis, total revenues for the three months increased 6.5 percent, to $90.1 million from $84.6 million for the comparable period ended September 30, 1996. Broadcast cash flow on a pro forma basis increased by 13.8 percent, to $37.1 million from $32.6 million for the comparable period ended September 30, 1996. Pro forma operating cash flow for the three-month period was $34.4 million, up 15.4 percent from $29.8 million in the comparable period in 1996. Pro forma after-tax cash flow for the three months was $17.4 million, up 21.7 percent from $14.3 million in the comparable period in 1996.

-- For the Nine Months Ended September 30, 1997

For the nine months, total revenues on a pro forma basis increased 3.5 percent, to $275.4 million from $266.2 million for the comparable period ended September 30, 1996. Broadcast cash flow on a pro forma basis for the nine months increased by 11 percent, to 120.2 million from $108.2 million for the comparable period ended September 30, 1996. Pro forma operating cash flow for the three-month period was $111.9 million, up 12 percent from $99.9 million in the comparable period in 1996. Pro forma after-tax cash flow for the nine months was $59.6 million, up 11.6 percent from $53.4 million in the comparable period in 1996.

In the fourth quarter, advertising sales on a pro forma basis are pacing up more than 5 percent over the fourth quarter of 1996, despite political advertising revenue in the 1996 fourth quarter of $10.2 million.

GAAP - Reported Results

-- For the Three Months Ended September 30, 1997

Total revenues for the three-month period were $46.1 million, up 165 percent from $17.4 million for the three- month period ended September 30, 1996. Broadcast cash flow for the three-month period was $20.4 million, an increase of 176 percent from $7.4 million for the comparable period in 1996. Operating cash flow for the three-month period was $19.1 million, up 229 percent from $5.8 million in the comparable period in 1996. After-tax cash flow for the three months was $5.7 million, up 876 percent from approximately $584,000 in the comparable period for 1996.

-- For the Nine Months Ended September 30, 1997

Total revenues for the nine-month period were $85.9 million, up 66.8 percent from $51.5 million for the nine- month period ended September 30, 1996. Broadcast cash flow for the nine-month period was $36.5 million, up 72.2 percent from $21.2 million in the comparable period in 1996. Operating cash flow for the nine months was $33.2 million, up 87.6 percent from $17.7 million in the comparable period in 1996. After-tax cash flow for the nine months was $10.1 million, up 140 percent from $4.2 million in the comparable period in 1996.

Recent Corporate Developments

The Company established its corporate offices in New York City, and its senior management team and corporate staff were appointed. Early in the fourth quarter, the Company announced a Shelf Registration Statement, filed with the Securities and Exchange Commission, for the issuance of equity and debt securities. In November, the Company announced public offerings of 4.0 million shares of Series A Common Stock and $300 million of 10-year senior notes and 30- year debentures.

In response to the Shelf Registration, Moody's Investors Service assigned a Baa3 rating to these debt securities and confirmed its Baa3 rating of the Company's $1 billion senior unsecured bank facility and its Ba2 rating of the Company's $150 million of senior subordinated notes. Standard & Poor's assigned its preliminary BBB- rating to the Shelf filing, along with BBB- ratings for the Company's corporate credit and bank facility. S&P also raised its rating on the senior subordinated debt to BB+ from B-, citing the Company's greater audience coverage as well as implicit support from The Hearst Corporation.

"We have succeeded in launching one of the largest and best-financed independent television station groups and the largest publicly-owned, pure-play, all-television company," said Bob Marbut, chairman and co-chief executive officer of Hearst-Argyle Television, Inc. "Already, we're witnessing the positive results -- both financial and otherwise --- of the greater scale the merger brings and the unique benefits of the relationship with The Hearst Corporation.

Continuing, Marbut said, "Television station broadcasting is consolidating rapidly, and Hearst-Argyle is well positioned to be a premier consolidator with significant financial capacity for acquisitions:

-- A $1 billion senior credit facility is in place on very favorable terms;

-- Recently, the Company successfully completed a four- million share equity offering and a $300-million public debt offering with extended maturities and favorable coupon rates;

-- As a result of the equity offering, the public float has been increased by about 50 percent, and the number of market makers has nearly doubled; and,

-- Both Moody's and S&P have given investment grade ratings to our public debt.

"And, most important of all," Marbut noted, "we already have in place the employee-management team that will ensure Hearst-Argyle's success."

Added John G. Conomikes, president and co-chief executive officer, "We are highly encouraged by the strong early results we've seen in terms of improvements in our stations' ability to acquire the kinds of programming, equipment and people to take them to leadership positions in their markets. As part of our efforts, we are further developing our sales training programs, as well as our promotional and branding efforts, throughout the station group."

Recent Station Activities

Among major recent developments at the Hearst-Argyle Television

stations:

-- The Company announced that KITV-TV, its ABC affiliate in Honolulu, would be the first commercially licensed digital television station in the United States. The station will begin digital broadcasting in December 1997, when it moves into what is believed to be the first facility built from the ground up as an all-digital television station. WCVB-TV, Boston, WTAE-TV, Pittsburgh, WLWT-TV, Cincinnati, and KMBC-TV, Kansas City, also are proceeding with digital upgrades expected to be completed by 1999;

-- WCVB-TV, Boston, won two of the industry's most prestigious awards, the Columbia DuPont Award and the Radio and Television News Directors Association's Edward R. Murrow Award for Best Newscast in the Nation. WCVB General Manager Paul La Camera was named to President Clinton's special advisory committee studying public interest obligations of television stations in the digital era;

-- WLWT-TV, Cincinnati, saw newscast ratings gains compared to its competition. Through the July ratings period, WLWT News5 had ratings increases for its 5:00p.m., 6:00p.m. and 11:00p.m. newscasts in a variety of demographic categories. The Hearst-Argyle Television board of directors approved construction of a new facility to house the station, which has been at its current location for 50 years;

-- WTAE-TV, Pittsburgh, launched "Steelers Primetime," a popular live, local hour-long program airing prior to televised Pittsburgh Steeler football games on ABC, ESPN and TNT;

-- WBAL-TV, Baltimore, launched the successful, locally originated "Following ER" news segment providing medical tips and updates based on NBC's top rated weekly series. "Following ER" is now available to NBC affiliates nationwide via the NBC NewsChannel. WBAL-TV News also produces daily updates for NBC's MSNBC cable news channel, for cable systems across Maryland. The station also expanded its sales team; and

-- "Rebecca's Garden," produced by Hearst-Argyle Television Productions and syndicated by Kelly News & Entertainment, began its second fall season in more than 90 percent of U.S. television markets.

"Due largely to our strong local news, most of our ABC stations `overindex' the network, outperforming the ABC national prime time ratings in some markets by more than 20 percent," said David J. Barrett, executive vice president and chief operating officer. "Most of our stations continue to improve their news ratings positions, and we are confident that the recent merger will better enable us to make the capital improvements and programming investments necessary to bring us to leadership in our various markets."

"We are very excited about the opportunities ahead for Hearst-Argyle Television," Marbut added. "Network- affiliated television broadcasting is an excellent business, and we couldn't be better positioned in this business at a more opportune time."

The Hearst-Argyle television stations reach approximately 11.5 percent of U.S. television households and comprise the third largest non-network owned television station group in the United States in terms of audience delivered.

Hearst-Argyle Television, Inc. owns and operates network affiliated television stations WCVB-TV, the ABC affiliate in Boston, MA; WTAE-TV, the ABC affiliate in Pittsburgh, PA; WBAL-TV, the NBC affiliate in Baltimore, MD; WLWT-TV, the NBC affiliate in Cincinnati, OH; WISN-TV, the ABC affiliate in Milwaukee, WI; KMBC-TV, the ABC affiliate in Kansas City, MO; KOCO-TV, the ABC affiliate in Oklahoma City, OK; WNAC-TV, the Fox affiliate in Providence, R.I.; WDTN-TV, the ABC affiliate in Dayton, OH; KITV-TV, the ABC affiliate in Honolulu, HI; WAPT-TV, the ABC affiliate in Jackson, MS; and KHBS-TV, the ABC affiliate in Fort Smith, AR, and its satellite, KHOG-TV, the ABC affiliate in Fayetteville, AR.

Hearst-Argyle Television also owns and operates Hearst- Argyle Television Productions, which is engaged in the production of programming for cable networks and broadcast stations. In addition, Hearst-Argyle Television provides management services for WWWB-TV, the WB affiliate in Tampa, FL; WPBF-TV, the ABC affiliate in West Palm Beach, FL; KCWB-TV, the WB affiliate in Kansas City, MO; and two radio stations, WBAL-AM and WIYY-FM, Baltimore, MD. These managed stations, other than KCWB, which is operated through a local marketing agreement, are owned by The Hearst Corporation, which is privately held.

In accordance with an order of the Federal Communications Commission, WNAC-TV in Providence, RI, will be divested because of an overlap with WCVB-TV in Boston, MA; and WDTN-TV in Dayton, OH, will be divested because of an overlap with WLWT-TV in Cincinnati, OH.

Hearst-Argyle Television's Series A Common Stock trades on the NASDAQ National Market under the trading symbol "HATV." -0-

This news release contains forward-looking statements that are subject to risks and uncertainties. Forward looking statements include the information concerning the Company's advertising sales "pacing" in the fourth quarter, and those preceded by, followed by, or that include 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; the possibility that currently unanticipated difficulties may arise in integrating the operations of the Company's predecessors; and competition from others in the broadcast television markets served by the business.

Discussion of Financial Results

Actual/Historical Results

Third quarter and nine months ended September 30, 1997 for the Company (WZZM and WGRZ for January; KITV, WAPT, the Arkansas Stations, and the Company's share of broadcast cash flows from the Clear Channel Venture for both periods presented, WLWT and KOCO from February through September, the Hearst Broadcast Group for September, only [which includes WCVB, WBAL, WTAE, WISN, KMBC and WDTN] and fees from the Managed Stations for September, only [which include WWWB, WPBF and KCWB stations, two of which are owned by Hearst and the other of which Hearst provides certain services to under a local marketing agreement, and are managed by the Company in exchange for a management fee]) compared to third quarter and nine months ended September 30, 1996 for the Company (WZZM, WAPT, KITV and WGRZ for both periods presented, the Arkansas Stations from June through September and the Company's share of broadcast cash flows from the Clear Channel Venture for the third quarter and WNAC from January through June). The Company receives 50% of the combined broadcast cash flows of the Company's WNAC and of WPRI, a CBS affiliate located in Providence, Rhode Island, owned by Clear Channel Communications, Inc. pursuant to a Joint Marketing and Programming Agreement. The Company records its share of the Clear Channel Venture broadcast cash flows in total revenues, which affects the comparability of total revenues with prior periods, accordingly.

Total revenues for the three months ended September 30, 1997 were $46.1 million, up 164.9% from total revenues of $17.4 million for the three months ended September 30, 1996. Approximately $25.7 million of the $28.7 million increase in total revenues for the quarter is attributable to the Hearst Transaction. In addition, approximately $2.3 million of the increase is due to the Gannett Swap which occurred on January 31, 1997.

Broadcast cash flow was $20.4 million for the three months ended September 30, 1997, a 175.7% increase from $7.4 million for the three months ended September 30, 1996, and broadcast cash flow margin was 44.2% for the three months ended September 30, 1997 versus 42.5% for the three months ended September 30, 1996. Operating cash flow was $19.1 million for the same 1997 period, a 229.3% increase from $5.8 million for the same 1996 period. The broadcast cash flow and operating cash flow increase resulted primarily from the Hearst Transaction and to a lesser degree, the effects of the Gannett Swap.

Total revenues for the nine months ended September 30, 1997 were $85.9 million, up 66.8% from total revenues of $51.5 million for the nine months ended September 30, 1996.

Approximately $25.7 million of the $34.4 million increase in total revenues for the nine months is attributable to the Hearst Transaction. In addition, approximately $6.5 million of the increase is due to the Gannett Swap, net and $3.7 million is due to the acquisition the Arkansas Stations, during June 1996. These revenue gains were offset by the Clear Channel Venture, which accounts for a $2.5 million decrease in recorded total revenues for the nine months because only the Company's share of the Clear Channel Venture (closed in third quarter 1996) broadcast cash flows is included in total revenues in the current period.

Broadcast cash flow was $36.5 million for the nine months ended September 30, 1997, a 72.2% increase from $21.2 million for the nine months ended September 30, 1996, and broadcast cash flow margin was 42.4% for the nine months ended September 30, 1997 versus 41.2% for the nine months ended September 30, 1996. Operating cash flow was $33.2 million for the same 1997 period, a 87.6% increase from $17.7 million for the same 1996 period. The broadcast cash flow and operating cash flow increase resulted primarily from the Hearst Transaction and to a lesser degree, the net effects of the Gannett Swap and the acquisition the Arkansas Stations.

Pro Forma Results

Comparative pro forma results for the three and nine months ended September 30, 1997 and 1996 include: i) WLWT, KOCO, WAPT, KITV, the Arkansas Stations and Argyle's share of broadcast cash flows from the Clear Channel Venture; ii) the Hearst Broadcast Group; and, iii) fees associated with the Managed Stations. Both periods include the elimination of certain transaction related expenses and other combining adjustments. For comparability purposes, only broadcast cash flows for WNAC have been included in total revenues for all periods. Pro forma results do not give effect to any other opportunities or strategies for improvement which may be available to management in connection with the Gannett Swap or to synergies or economies of scale which may result due to the Hearst Transaction.

On a pro forma basis, total revenues for the three months ended September 30, 1997 were $90.1 million, up 6.5% over total revenues of $84.6 million for the same period in 1996. Pro forma broadcast cash flow for the three months ended September 30, 1997 was $37.1 million, up 13.8% over broadcast cash flow of $32.6 million for the same period in 1996, operating cash flow for the three months ended September 30, 1997 was $34.4 million up 15.4% over $29.8 million for the same period in 1996.

On a pro forma basis, total revenues for the nine months ended September 30, 1997 were $275.4 million, up 3.5% over total revenues of $266.2 million for the same period in 1996. Pro forma broadcast cash flow for the nine months ended September 30, 1997 was $120.2 million, up 11.1% over broadcast cash flow of $108.2 million for the same period in 1996, and operating cash flow for the nine months ended September 30, 1997 was $111.9 million, up 12.0% over $99.9 million for the same period in 1996.

For both periods presented, the increase in total revenues was primarily attributable to an increase in local revenues. The increase in broadcast cash flow was primarily attributable to the increase in total revenues, a relatively smaller increase in operating expenses and a decrease in certain program payments. -0-

                      Hearst-Argyle Television, Inc.
              Condensed Consolidated Statements of Operations
                               (Unaudited)

                                       Three Months Ended
                                          September 30
                                        1996 (1)    1997 (3)

                               (In thousands, except per share data)

Total revenues                         $ 17,439    $ 46,136

Station operating expenses                9,172      21,059
Amortization of program rights            1,137       4,438
Depreciation and amortization             6,503       7,115

Station operating income                    627      13,524

Corporate general and administrative
 expenses                                 1,636       1,333
Non-cash compensation expense               169       3,015

Operating income/(loss)                  (1,178)      9,176

Interest expense, net                     4,741       7,212

Income/(loss) before income taxes        (5,919)      1,964

Income taxes                               --        (3,418)

Net loss                                 (5,919)     (1,454)

Less preferred stock dividends             (356)       (355)

Loss applicable to  common stock       $ (6,275)   $ (1,809)


Loss per common share                  $  (0.55)   $  (0.08)


Weighted average number of common
 shares outstanding                      11,347      22,936
-0-

                                         Nine Months Ended
                                            September 30
                                       1996 (2)      1997 (4)

Total revenues                         $ 51,496    $ 85,901

Station operating expenses               27,544      42,426
Amortization of program rights            3,708       6,557
Depreciation and amortization            17,227      19,875
Station operating income                  3,017      17,043

Corporate general and administrative
 expenses                                 3,503       3,237
Non-cash compensation expense               506       3,518
Operating income/(loss)                    (992)     10,288

Interest expense, net                    12,045      16,619
Income/(loss) before income taxes       (13,037)     (6,331)

Income taxes                               --        (3,418)
Net loss                                (13,037)     (9,749)

Less preferred stock dividends             (474)     (1,066)
Loss applicable to  common stock       $(13,511)   $(10,815)

Loss per common share                  $  (1.21)   $  (0.71)

Weighted average number of common
 shares outstanding                      11,212      15,253

Supplemental Financial Data:

Broadcast cash flow (5)                 $ 7,415     $20,392
Broadcast cash flow margin                42.5%       44.2%
Operating cash flow (6)                 $ 5,779     $19,059
Operating cash flow margin                33.1%       41.3%
After tax cash flow (7)                 $   584     $ 5,661
Program payments                        $   852     $ 4,685


                                         Nine Months Ended
                                            September 30
                                       1996 (2)      1997 (4)

Broadcast cash flow (5)                 $21,191     $36,452
Broadcast cash flow margin                41.2%       42.4%
Operating cash flow (6)                 $17,688     $33,215
Operating cash flow margin                34.3%       38.7%
After tax cash flow (7)                 $ 4,190     $10,126
Program payments                        $ 2,761     $ 7,023

     The Hearst Broadcast Group includes WCVB, WBAL, WTAE, WISN, KMBC
and WDTN. The Mangaged Stations include WWWB, WPBF and KCWB, two of
which are owned by Hearst and the other of which Hearst provides
ceratin services to under a local marketing agreement, and are managed
by Hearst-Argyle in exchange for a management fee.

See notes below.

Notes to Condensed Consolidated Statements of Operations

(1)   Includes results from WZZM, WAPT, KITV, WGRZ, the Arkansas
      Stations and the Company's share of the Clear Channel Venture
      for the entire period.

(2)   Includes results from WZZM, WAPT, KITV, WGRZ for the entire
      period, WNAC from January 1 through June 30, the Company's share
      of the Clear Channel Venture from July 1 through September 30
      and the Arkansas Stations from June 1 through September 30.

(3)  Includes results from WAPT, KITV and the Arkansas Stations, WLWT,
     KOCO and the Company's share of the Clear Channel Venture for the
     entire period and the Hearst Broadcast Group and fees from the
     Managed Stations for the month of September, only.

(4)   Includes the results from i) WZZM and WGRZ for January, only;
      ii) WAPT, KITV, the Arkansas Stations and the Company's share of
      the Clear Channel Venture for the entire period; iii) WLWT and
      KOCO from February 1 through September 30; and iv) the Hearst
      Broadcast Group and fees from the Managed Stations for
      September, only.

(5)   Broadcast cash flow is defined as station operating income, plus
      depreciation and amortization, plus amortization of program
      rights minus program payments. Broadcast cash flow is presented
      here not as a measure of operating results and does not purport
      to represent cash provided by operating activities. Broadcast
      cash flow should not be considered in isolation or as a
      substitute for measures of performance prepared in accordance
      with generally accepted accounting principles.

(6)   Operating cash flow is defined as operating income, plus
      depreciation and amortization, plus amortization of program
      rights, minus program payments plus non-cash compensation
      expense. Operating cash flow is presented here not as a measure
      of operating results, but rather as a measure of debt service
      ability. Operating cash flow does not purport to represent cash
      provided by operating activities and should not be considered in
      isolation or as a substitute for measures of performance
      prepared in accordance with generally accepted accounting
      principles.

(7)   After-tax cash flow is defined as net income plus depreciation
      and amortization. After tax cash flow does not present a measure
      of operating results and does not purport to represent cash
      provided by operating activities. After tax cash flow should not
      be consdiered in isolation or as a substitiute for measures of
      performance prepared in accordance with generally accepted
      accounting principles. This measure may not be comparable to
      similary titled measures used by other companies.
-0-

                       Hearst Argyle Television, Inc.
       Pro Forma Condensed Consolidated Statements of Operations
                              (Unaudited)

                                          Three Months Ended
                                             September 30
                                          1996        1997
                               (In thousands, except per share data)

Total  revenues (1)                   $  84,601   $  90,085


Station operating expenses (2)           40,983      41,912
Amortization of program rights           10,202      10,863
Depreciation and amortization (3) (4)    10,191      11,697
Station operating income                 23,225      25,613

Corporate general and administrative
 expenses                                 2,750       2,750
Operating income                         20,475      22,863

Interest expense, net (5)                 9,195       9,195

Income before income taxes               11,280      13,668
Income taxes                              7,199       7,951

Net income                                4,081       5,717
Less preferred stock dividends (6)    $    (355)  $    (355)
Earnings applicable to  common stock  $   3,726   $   5,362

Earnings per common share             $    0.07   $    0.10

Pro Forma number of common shares
 outstanding (7)                         53,576      53,576
-0-

                                         Nine Months Ended
                                           September 30
                                        1996          1997

Total  revenues (1)                   $ 266,172   $ 275,417

Station operating expenses (2)          120,973     122,859
Amortization of program rights           33,967      32,050
Depreciation and amortization (3) (4)    26,310      27,422
Station operating income                 84,922      93,086

Corporate general and administrative
 expenses                                 8,250       8,250
Operating income                         76,672      84,836

Interest expense, net (5)                27,585      27,585

Income before income taxes               49,087      57,251
Income taxes                             21,998      25,113

Net income                               27,089      32,138
Less preferred stock dividends (6)    $  (1,066)  $  (1,066)
Earnings applicable to  common stock  $  26,023   $  31,072

Earnings per common share             $    0.49   $    0.58

Pro Forma number of common shares
 outstanding (7)                         53,576      53,576

Supplemental Financial Data:

Broadcast cash flow (8)                $ 32,580    $ 37,105
Broadcast cash flow margin                38.5%       41.2%
Operating cash flow (9)                $ 29,830    $ 34,355
Operating cash flow margin                35.3%       38.1%
After tax cash flow (10)               $ 14,272    $ 17,414
Program payments                       $ 11,038    $ 11,068
Net debt (11)                               N/A    $475,000
-0-

                                         Nine Months Ended
                                           September 30
                                        1996          1997

Broadcast cash flow (8)                $108,156    $120,167
Broadcast cash flow margin                40.6%       43.6%
Operating cash flow (9)                $ 99,906    $111,917
Operating cash flow margin                37.5%       40.6%
After tax cash flow (10)               $ 53,399    $ 59,560
Program payments                       $ 37,043    $ 32,391
Net debt (11)                               N/A    $475,000

See notes below.

Notes to Pro Forma Condensed Consolidated Statements of Operations

(1) Includes the effect of the Company's share of WNAC/WPRI broadcast
cash flow in total revenues.

(2) Reflects the elimination of certain expenses relating to
employees who have either been terminated or will be terminated and
not replaced and certain other expenses which would have been
eliminated under the Company's transition plan for the Gannett Swap.

(3) Reflects change in depreciation expense due to purchase
accounting adjustments to equipment and buildings, net of depreciation
already recorded in the historical financial statements. The estimated
useful lives used for equipment range from 5 to 25 years and the
estimated useful life used for buildings range from 25 to 39 years.

(4) Reflects amortization of intangible assets resulting from
purchase accounting adjustments, net of amortization already recorded
in the historical financial statements. The estimated useful lives
used for these intangible assets were as follows: FCC licenses,
network affiliation agreements and goodwill 40 years; other
intangibles 2 to 5 years

(5) Reflects interest expense recorded in conjunction with FASB
Statement No. 119 relating to interest rate protection agreements,
interest expense on the pro forma debt and the amortization of
deferred financing costs over the period of the related financings.
-0-

                             Three Months Ended   Nine Months Ended
                               1996     1997      1996       1997

The Senior Notes due 2007
 at an interest rate of 7.0%   $2,188  $2,188     $6,563     $6,563

The Senior Notes due 2027 at
 an interest rate of 7.5%       3,281   3,281      9,844      9,844

Credit Facility at an assumed
 interest rate of 6.5%, net     3,326   3,326      9,979      9,979

Noncash interest charges          400     400      1,200      1,200
                               $9,195  $9,195    $27,585    $27,585

(6) Reflects preferred stock dividends relating to the preferred
stock issued in conjunction with the acquisition of the Arkansas
Stations. The dividend calculation is shown here for purposes of
calculating earnings per common share.

(7) Includes shares issued in connection with the Hearst
Transaction and the 4.0 million shares issued during November 1997.

8) Broadcast cash flow is defined as station operating income,
plus depreciation and amortization, plus amortization of program
rights, minus program payments. Broadcast cash flow is presented here
not as a measure of operating results and does not purport to
represent cash provided by operating activities. Broadcast cash flow
should not be considered in isolation or as a substitute for measures
of performance prepared in accordance with generally accepted
accounting principles.

(9) Operating cash flow is defined as operating income, plus
depreciation and amortization, plus amortization of program rights,
minus program payments plus noncash compensation expense. Operating
cash flow is presented here not as a measure of operating results and
does not purport to represent cash provided by operating activities.
Operating cash flow should not be considered in isolation or as a
substitute for measures of performance prepared in accordance with
generally accepted accounting principles.

(10) Aftertax cash flow is defined as net income plus
depreciation and amortization. After tax cash flow does not present a
measure of operating results and does not purport to represent cash
provided by operating activities. This calculation does not give
effect to deferred taxes or other historical Argyle tax benefits.
After tax cash flow should not be considered in isolation or as a
substitiute for measures of performance prepared in accordance with
generally accepted accounting principles. This measure may not be
comparable to similary titled measures used by other companies.

(11) Net debt represents total debt less cash.

CONTACT: Harry T. Hawks

Senior Vice President & Chief

Financial Officer

[phone]

or

Thomas W. Campo

Manager, Investor Relations

[phone]