<PAGE>
 
                       SECURITIES AND EXCHANGE COMMISSION
                            Washington, D. C. 20549

                                  FORM 10-K/A
(Mark One)

[X]    ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d)
          OF THE SECURITIES EXCHANGE ACT OF 1934
                  For the fiscal year ended December 31, 1997

                                       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 0-2700

                         HEARST-ARGYLE TELEVISION, INC.
             (Exact name of registrant as specified in its charter)

          DELAWARE                                        74-2717523
(State or other jurisdiction of                           (I.R.S. Employer
incorporation or organization)                           Identification No.)
 
         888 Seventh Avenue                                    10106
            New York, NY                                     (Zip Code)
(Address of principal executive offices)

      Registrant's telephone number, including area code:  (212) 887-6800

          SECURITIES REGISTERED PURSUANT TO SECTION 12(b) OF THE ACT:

                                      NONE

          SECURITIES REGISTERED PURSUANT TO SECTION 12(g) OF THE ACT:

                Series A Common Stock, par value $.01 per share
                                (Title of Class)

  Indicate by check mark 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 (or for such shorter period that the
  Registrant was required to file such reports) and (2) has been subject to such
  filing requirements for the past 90 days.  Yes   X      No
                                                 ------     

  The aggregate market value of the Registrant's voting stock held by
  nonaffiliates on March 6, 1998, based on the closing price for the
  Registrant's Series A Common Stock on such date as reported on the Nasdaq
  National Market, was approximately $405,000,000.

  Shares of Common Stock outstanding at March 6, 1998: 53,839,252 shares
  (consisting of 12,540,604 shares of Series A Common Stock and 41,298,648
  shares of Series B Common Stock).

  Indicate by check mark if disclosure of delinquent filers pursuant to Item 405
  of Regulation S-K is not contained herein, and will not be contained, to the
  best of Registrant's knowledge, in definitive proxy or information statements
  incorporated by reference in Part III of this Form 10-K or any amendment to
  this Form 10-K.  [X]

  DOCUMENTS INCORPORATED BY REFERENCE:  Portions of the Company's Proxy
  Statement relating to the 1998 Annual Meeting of Stockholders are incorporated
  by reference into Part III (Items 10, 11, 12 and 13), and Item 4 of the
  Company's Current Reports on Form 8-K filed with the Commission on October 17,
  1997 and October 20, 1997, is incorporated into Part II (Item 9).
<PAGE>
 
                         HEARST-ARGYLE TELEVISION, INC.

This amendment No. 2 to Form 10-K amends and revises Part II: Item 6 of the
Annual Report on Form 10-K for the fiscal year ended December 31, 1997 of 
Hearst-Argyle Television, Inc. initially filed on March 31, 1998 (and amended on
December 16, 1998) with the Securities and Exchange Commission. Unless otherwise
indicated, capitalized terms used herein shall have the respective meanings
given such terms in the Form 10-K .

                                      -2-
<PAGE>
 
ITEM 6. SELECTED FINANCIAL DATA
-------------------------------

           The selected financial data should be read in conjunction with the
historical and pro forma financial statements and notes thereto included
elsewhere herein and in "Management's Discussion and Analysis of Financial
Condition and Results of Operations." As discussed herein and in the notes to
the accompanying consolidated financial statements, on August 29, 1997,
effective September 1, 1997 for accounting purposes, The Hearst Corporation
("Hearst") contributed its television broadcast group and related broadcast
operations, Hearst Broadcast Group, to Argyle Television, Inc. ("Argyle") and
merged the wholly-owned subsidiary of Hearst with and into Argyle, with Argyle
as the surviving corporation (renamed Hearst-Argyle, Inc.) (the "Hearst
Transaction"). The merger was accounted for as a purchase of Argyle by Hearst in
a reverse acquisition. The presentation of the historical consolidated financial
statements prior to September 1, 1997, has been revised to reflect the
consolidated financial statements of the Hearst Broadcast Group, the accounting
acquiror. The pro forma consolidated financial data for the year ended December
31, 1997 has been prepared as if the Gannett Swap and the Hearst Transaction had
been completed at the beginning of the year presented. Such pro forma data is
not necessarily indicative of the actual results that would have occurred nor of
results that may occur.

                                      -3-
<PAGE>
 
                        Hearst-Argyle Television, Inc.
                        -----------------------------
<TABLE> 
<CAPTION> 
                                                                Years Ended December 31,                         Pro Forma
                                                         (In thousands, except per share data)                 (In thousands)

                                             1993        1994         1995         1996       1997(a)             1997(b)
<S>                                       <C>         <C>          <C>          <C>          <C>               <C> 
Statement of operations data:
Total revenues                             $224,067    $259,459     $ 279,340    $283,971      $333,661         $387,782
Station operating expenses                  103,880     106,281       117,535     121,501       142,096          168,443
Amortization of program rights               37,087      40,266        38,619      40,297        40,129           42,978
Depreciation and amortization                26,008      23,071        22,134      16,971        22,924           36,240
                                             ------      ------        ------      ------        ------           ------
Station operating income                     57,092      89,841       101,052     105,202       128,512          140,121
Corporate expenses                            5,924       8,007         7,857       7,658         9,527           11,000
                                             ------      ------        ------      ------        ------           ------
Operating income                             51,168      81,834        93,195      97,544       118,985          129,121
Interest expense, net                        22,773      22,678        22,218      21,235        32,484           38,377
                                             ------      ------        ------      ------        ------           ------
Income  from continuing                                                                                       
  operations before income taxes                                                                              
  and extraordinary item                     28,395      59,156        70,977      76,309        86,501           90,744
Income taxes                                 17,123      25,265        30,182      31,907        35,363           37,732
                                             ------      ------        ------      ------        ------           ------
Income  from continuing operations
  before extraordinary item                  11,272      33,891        40,795      44,402        51,138           53,012
Extraordinary item(c)                                                                           (16,212)
                                             ------      ------        ------      ------        ------           ------
Net income                                   11,272      33,891        40,795      44,402        34,926           53,012
Less preferred stock dividends(d)                 -           -             -                      (711)          (1,422)
                                             ------      ------        ------      ------        ------           ------
Income applicable to common
  stockholders                              $11,272     $33,891       $40,795     $44,402       $34,215          $51,590
                                            =======     =======       =======     =======       =======          =======

Earnings per common share - basic:
    Income from continuing
      operations before extraordinary      
item                                          $0.27       $0.82         $0.99       $1.08         $1.13            $0.96
                                            =======     =======       =======     =======       =======          =======
    Income applicable to
common  stockholders                          $0.27       $0.82         $0.99       $1.08         $0.77            $0.96
                                            =======     =======       =======     =======       =======          =======
    Number of shares used in
the  calculation(k)                          41,299      41,299        41,299      41,299        44,632           53,828
                                            =======     =======       =======     =======       =======          =======
Earnings per common share - diluted:
    Income from continuing
      operations before extraordinary       
item                                          $0.27       $0.82         $0.99       $1.08         $1.13            $0.96
                                            =======     =======       =======     =======       =======          =======
    Income applicable to
common stockholders                           $0.27       $0.82         $0.99       $1.08         $0.77            $0.96
                                            =======     =======       =======     =======       =======          =======
   Number of shares used in the
     calculation(k)                          41,299      41,299        41,299      41,299        44,674           53,873
                                            =======     =======       =======     =======       =======          =======  
</TABLE>

                                      -4-
<PAGE>
 
                         Hearst-Argyle Television, Inc.
                         ------------------------------

<TABLE> 
<CAPTION> 
                                                                                                                The Company
                                                            Years Ended December 31,                             Pro Forma

                                           1993         1994         1995         1996         1997(a)             1997(b)
<S>                                     <C>          <C>          <C>          <C>           <C>                <C> 
Other data:
Broadcast cash flow(e)                    $82,626     $113,999     $123,038     $117,947      $150,972            $175,834
Broadcast cash flow margin(f)                36.9%        43.9%        44.0%        41.5%         45.2%               45.3%
Operating cash flow(g)                    $79,147     $108,749     $117,087     $109,457      $141,445            $164,834
Operating cash flow margin(h)                35.3%        41.9%        41.9%        38.5%         42.4%               42.5%
After-tax cash flow(i)                    $37,280      $56,962      $62,929      $61,373       $74,062            $ 89,252
Cash flow provided by operating
  activities                                N/A        $44,460      $61,185      $65,801       $67,689               (l)
Cash flow used in investing
  activities                                N/A        $(8,430)     $(8,621)     $(7,764)    $(131,973)              (l)
Cash flow provided by (used in)
   financing  activities                    N/A       $(33,584)    $(52,020)    $(58,145)      $74,161               (l)
Capital expenditures                       $4,879       $8,430       $8,621       $7,764       $21,897               N/A
Program payments                          $37,561      $39,179      $38,767      $44,523       $40,593            $ 43,505
Balance sheet data (at year end):
Cash and cash equivalents                   N/A         $2,446       $2,990       $2,882       $12,759             $12,759
Total assets                                N/A       $387,984     $385,406     $366,956    $1,044,109          $1,044,109
Total debt (including current portion)      N/A         N/A          N/A          N/A         $490,000            $500,000
Divisional/Stockholders' equity(j)          N/A       $283,988     $272,762     $259,020      $326,654            $326,654
</TABLE>

See footnotes on the following page.

                                      -5-
<PAGE>
 
                       Notes To Selected Financial Data

(a)        The Hearst Transaction was consummated on August 29, 1997. The
           selected financial data includes results from (i) WCVB, WTAE, WBAL,
           WISN, KMBC and WDTN for the entire period presented; (ii) WAPT, KITV,
           KHBS/KHOG, WLWT, KOCO and the Company's share of the 1996 Joint
           Marketing and Programming Agreement relating to the television
           station WNAC, with the owner of another television station in the
           same market (the "Clear Channel Venture") from September 1 through
           December 31, 1997; and, (iii) management fees derived by the Company
           from WWWB, WPBF, KCWE and WBAL-AM and WIYY-FM (the "Managed
           Stations") from September 1 through December 31, 1997.

(b)        Includes the results of operations of Argyle, Hearst Broadcast Group
           and the management fee derived by the Company from the Managed
           Stations, on a combined pro forma basis as if the Hearst Transaction
           and the definitive agreement with Gannett Co., Inc. to swap Argyle's
           WZZM and WGRZ for Gannett's WLWT and KOCO (the "Gannett Swap") had
           occurred at the beginning of the period presented.

(c)        Represents the write-offs of unamortized financing costs and premiums
           paid upon early extinguishment of debt for Hearst-Argyle. 

(d)        Gives effect to dividends on the Preferred Stock issued in connection
           with the acquisition of KHBS/KHOG.

(e)        Broadcast cash flow is defined as station operating income, plus
           depreciation and amortization and write down of intangible assets,
           plus amortization of program rights, minus program payments. The
           Company has included broadcast cash flow data because management
           utilizes and believes that such data are commonly used as a measure
           of performance among companies in the broadcast industry. Broadcast
           cash flow is also frequently used by investors, analysts, valuation
           firms and lenders as one of the important determinants of underlying
           asset value. Broadcast cash flow should not be considered in
           isolation or as an alternative to operating income (as determined in
           accordance with generally accepted accounting principles) as an
           indicator of the entity's operating performance, or to cash flow from
           operating activities (as determined in accordance with generally
           accepted accounting principles) as a measure of liquidity. This
           measure is believed to be, but may not be, comparable to similarly
           titled measures used by other companies.


(f)        Broadcast cash flow margin is broadcast cash flow divided by total
           revenues, expressed as a percentage. This measure may not be
           comparable to similarly titled measures used by other companies.

(g)        Operating cash flow is defined as operating income, plus depreciation
           and amortization and write down of intangible assets, plus
           amortization of program rights, minus program payments, plus non-cash
           compensation expense. The Company has included operating cash flow
           data, also known as EBITDA, because management utilizes and believes
           that such data are commonly used as a measure of performance among
           companies in the broadcast industry. Operating cash flow is also used
           by investors, analysts, rating agencies and lenders to measure a
           company's ability to service debt. Operating cash flow should not be
           considered in isolation or as an alternative to operating income (as
           determined in accordance with generally accepted accounting
           principles) as an indicator of the entity's operating performance, or
           to cash flow from operating activities (as determined in accordance
           with generally accepted accounting principles) as a measure of
           liquidity. This measure is believed to be, but may not be, comparable
           to similarly titled measures used by other companies.

(h)        Operating cash flow margin is operating cash flow divided by total
           revenues, expressed as a percentage. This measure may not be 
           comparable to similarly titled measures used by other companies.

(i)        After-tax cash flow is defined as income before extraordinary item
           plus depreciation and amortization. The Company has included after-
           tax cash flow data because management utilizes and believes that such
           data are commonly used by investors, analysts, rating agencies and
           lenders to measure a company's ability to service debt and as an
           alternative determinant of enterprise value. After-tax cash flow
           should not be considered in isolation or as an alternative to
           operating income (as determined in accordance with generally accepted
           accounting principles) as an indicator of the entity's operating
           performance, or to cash flow from operating activities (as determined
           in accordance with generally accepted accounting principles) as a
           measure of liquidity. This measure is believed to be, but may not be,
           comparable to similarly titled measures used by other companies.

(j)        Divisional equity includes net amounts due to Hearst and affiliates.
           Hearst-Argyle has not paid any dividends on its Series A Common Stock
           since inception.

(k)        The number of shares used in the per share calculation retroactively
           reflects approximately 41.3 million shares received by Hearst in the
           Hearst Transaction for all periods prior to September 1, 1997.

(l)        The cash flow data for operating activities, investing activities and
           financing activities is not determinable for pro forma purposes.

                                      -6-
<PAGE>
 
                                   SIGNATURES

     Pursuant to the requirements of Section 13 or 15(d) of the Securities
Exchange Act of 1934, the Company has duly caused this Report to be signed on
its behalf by the undersigned, thereunto duly authorized.

                                    HEARST-ARGYLE TELEVISION, INC.

                                    By:   /s/  Dean H. Blythe
                                       ----------------------------------
                                    Name:   Dean H. Blythe
                                    Title:  Secretary




                                     -7-
<PAGE>
 
     Pursuant to the requirements of the Securities Exchange Act of 1934, this
Report has been signed below by the following persons on behalf of the Company
in the capacities indicated on January 15, 1999.

                               POWER OF ATTORNEY

     KNOW ALL MEN BY THESE PRESENTS that each of the undersigned directors and
officers of Hearst-Argyle Television, Inc. hereby constitutes and appoints Dean
H. Blythe and Harry T. Hawks, or either of them, his or her true and lawful
attorney-in-fact and agent, for him or her and in his or her name, place and
stead, in any and all capacities, with full power to act alone, to sign any and
all amendments to this Report, and to file each such amendment to this Report,
with all exhibits thereto, and any and all other documents in connection
therewith, with the Securities and Exchange Commission, hereby granting unto
said attorney-in-fact and agent full power and authority to do and perform any
and all acts and things requisite and necessary to be done in and about the
premises as fully to all intents and purposes as he or she might or could do in
person, hereby ratifying and confirming all that said attorney-in-fact and agent
may lawfully do or cause to be done by virtue hereof.



<TABLE>
<CAPTION>
Name                                         Title
----                                         -----
<S>                                          <C>
/s/ Bob Marbut                               Co-Chief Executive Officer and Chairman of the Board
------------------------------------------
Bob Marbut                                   (principal executive officer)

 
/s/ John G. Conomikes                        President, Co-Chief Executive Officer and Director
------------------------------------------
John G. Conomikes                            (principal executive officer)


/s/ David J. Barrett                         Executive Vice President, Chief Operating Officer and
------------------------------------------
David J. Barrett                             Director

 
/s/ Harry T. Hawks                           Senior Vice President and Chief Financial Officer
------------------------------------------
Harry T. Hawks                               (principal financial officer)


/s/ Teresa Lopez                             Vice President and Controller (principal accounting
------------------------------------------
Teresa Lopez                                 officer)


/s/ Frank A. Bennack, Jr.                    Director
------------------------------------------
Frank A. Bennack, Jr.


/s/ Victor F. Ganzi                          Director
------------------------------------------
Victor F. Ganzi


/s/ George R. Hearst                         Director
------------------------------------------
George R. Hearst


/s/ William R. Hearst III                    Director
------------------------------------------
William R. Hearst III


/s/ Gilbert C. Maurer                        Director
------------------------------------------
Gilbert C. Maurer


/s/ David Pulver                             Director
------------------------------------------
David Pulver


/s/ Virginia H. Randt                        Director
-----------------------------------------
Virginia H. Randt


/s/ Caroline L. Williams                     Director
-----------------------------------------
Caroline L. Williams
</TABLE> 

                                      -8-