<PAGE>
 
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                      SECURITIES AND EXCHANGE COMMISSION
                            WASHINGTON, D.C. 20549
 
                               ----------------
 
                                  Form 10-K/A
                       FOR ANNUAL AND TRANSITION REPORTS
                    PURSUANT TO SECTIONS 13 OR 15(d) OF THE
                        SECURITIES EXCHANGE ACT OF 1934
 
(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, 1998
 
                                      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)
 
<TABLE>
<CAPTION>
                  Delaware                               74-2717523
<S>                                    <C>
       (State or other jurisdiction of                (I.R.S. Employer
        incorporation or organization)              Identification No.)
</TABLE>
 
<TABLE>
<CAPTION>
             888 Seventh Avenue                                 10106
                New York, NY                                  (Zip code)
<S>                                         <C>
  (Address of principal executive Offices)
</TABLE>
      Registrant's telephone number, including area code: (212) 887-6800
          SECURITIES REGISTERED PURSUANT TO SECTION 12(b) OF THE ACT:
 
<TABLE>
<S>                                            <C>
             Title of Each Class                 Name of Each Exchange On Which Registered
             -------------------                 -----------------------------------------
      Series A Common Stock, par value                    New York Stock Exchange
                $.01 per share
</TABLE>
 
          SECURITIES REGISTERED PURSUANT TO SECTION 12(g) OF THE ACT:
                                     None
 
  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
 
  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. [  ]
 
  The aggregate market value of the Registrant's voting stock held by
nonaffiliates on March 22, 1999, based on the closing price for the
Registrant's Series A Common Stock on such date as reported on the New York
Stock Exchange (the "NYSE"), was approximately $859,000,000.
 
  Shares of Common Stock outstanding at March 22, 1999: 89,147,879 shares
(consisting of 47,849,231 shares of Series A Common Stock and 41,298,648
shares of Series B Common Stock).
 
  DOCUMENTS INCORPORATED BY REFERENCE: Portions of the Company's Proxy
Statement relating to the 1999 Annual Meeting of Stockholders are incorporated
by reference into Part III (Items 10, 11, 12 and 13).
 
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                        HEARST-ARGYLE TELEVISION, INC.
 
This amendment No. 1 to Form 10-K amends and revises Part II: Item 8 of the
Annual Report on Form 10-K for the fiscal year ended December 31, 1998 of
Hearst-Argyle Television, Inc. initially filed on March 31, 1999 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
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                       QUARTERLY INFORMATION (UNAUDITED)
 
<TABLE>
<CAPTION>
                            1st Quarter      2nd Quarter      3rd Quarter      4th Quarter
                          ---------------  ---------------- --------------- -----------------
                           1997    1998     1997     1998    1997    1998     1997     1998
                          ------- -------  ------- -------- ------- ------- -------- --------
<S>                       <C>     <C>      <C>     <C>      <C>     <C>     <C>      <C>
(In thousands, except
 per share data)
Total revenues..........  $62,053 $87,252  $81,513 $109,713 $77,730 $95,045 $112,365 $115,303
Station operating
 income.................   18,367  25,146   37,361   48,561  25,754  32,003   47,030   48,959
Income before
 extraordinary item.....    6,396   5,835   16,326   21,262   9,328  10,905   19,088   21,681
Net income (loss) (a)...    6,396  (4,134)  16,326   20,454   9,328  10,856    2,876   21,681
Income (loss) applicable
 to common stockholders
 (b)....................    6,396  (4,490)  16,326   20,099   8,973  10,501    2,520   21,325
Income (loss) per common
 share-basic: (c)
Income before
 extraordinary item.....  $  0.15 $  0.10  $  0.40 $   0.39 $  0.20 $  0.20 $   0.36 $   0.40
Net income (loss).......  $  0.15 $ (0.09) $  0.40 $   0.37 $  0.20 $  0.20 $   0.05 $   0.40
Number of common shares
 used in the calculation
 (d)....................   41,299  53,833   41,299   53,798  43,998  53,409   51,824   52,904
Income (loss) per common
 share-diluted: (c)
Income before
 extraordinary item.....  $  0.15 $  0.10  $  0.40 $   0.39 $  0.20 $  0.20 $   0.36 $   0.40
Net income (loss).......  $  0.15 $ (0.08) $  0.40 $   0.37 $  0.20 $  0.20 $   0.05 $   0.40
Number of common shares
 used in the calculation
 (d)....................   41,299  54,043   41,299   54,095  44,043  53,690   51,944   52,978
</TABLE>
--------
(a) Net income (loss) for the fourth quarter of 1997 and each of the first,
    second and third quarters of 1998 includes an extraordinary item
    representing the write-off of unamortized financing costs and premiums
    paid upon early extinguishment of Hearst-Argyle Television, Inc. debt. See
    Note 6 of the notes to the consolidated financial statements.
(b) Net income (loss) applicable to common stockholders gives effect to
    dividends on the Preferred Stock issued in connection with the acquisition
    of KHBS/KHOG.
(c) Per common share amounts for the quarters and the full years have each
    been calculated separately. Accordingly, quarterly amounts may not add to
    the annual amounts because of differences in the average common shares
    outstanding during each period and, with regard to diluted per common
    share amounts only, because of the inclusion of the effect of potentially
    dilutive securities only in the periods in which such effect would have
    been dilutive.
(d) The number of shares used in the per share calculation reflects
    retroactively approximately 41.3 million shares received by The Hearst
    Corporation in the merger of the Hearst Broadcast Group and Argyle
    Television, Inc. ("Argyle"), referred to as the "Hearst Transaction", for
    all periods prior to September 1, 1997. See Notes 2 and 3 of the notes to
    the consolidated financial statements.
 
                                       3
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                                  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.
 
                                              /s/ Dean H. Blythe
                                          By: _________________________________
                                            Name:Dean H. Blythe
                                            Title:Senior Vice President,
                                            Secretary and
                                                 General Counsel
 
                                                April 14, 1999
                                          Dated: ______________________________
 
                               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 Bob
Marbut, John G. Conomikes and Dean H. Blythe, or any 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.
 
  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 April 14, 1999.
 
             Signatures                        Title                 Date
 
/s/ Bob Marbut                         Co-Chief Executive       April 14, 1999
-------------------------------------   Officer and
Bob Marbut                              Chairman of the
                                        Board (Principal
                                        Executive Officer)
 
/s/ John G. Conomikes                  President, Co-Chief      April 14, 1999
-------------------------------------   Executive Officer
John G. Conomikes                       and Director
                                        (Principal
                                        Executive Officer)
 
/s/ David J. Barrett                   Executive Vice           April 14, 1999
-------------------------------------   President, Chief
David J. Barrett                        Operating Officer
                                        and Director
 
/s/ Harry T. Hawks                     Senior Vice              April 14, 1999
-------------------------------------   President and Chief
Harry T. Hawks                          Financial Officer
                                        (Principal
                                        Financial Officer)
 
                                       4
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             Signatures                         Title                Date
 
/s/ Teresa Lopez                        Vice President and      April 14, 1999
-------------------------------------    Controller
Teresa Lopez                             (Principal
                                         Accounting Officer)
 
/s/ Frank A. Bennack, Jr.               Director                April 14, 1999
-------------------------------------
Frank A. Bennack, Jr.
 
/s/ Ken J. Elkins                       Director                April 14, 1999
-------------------------------------
Ken J. Elkins
 
/s/ Victor F. Ganzi                     Director                April 14, 1999
-------------------------------------
Victor F. Ganzi
 
/s/ George R. Hearst                    Director                April 14, 1999
-------------------------------------
George R. Hearst
 
/s/ William R. Hearst III               Director                April 14, 1999
-------------------------------------
William R. Hearst III
 
/s/ Gilbert C. Maurer                   Director                April 14, 1999
-------------------------------------
Gilbert C. Maurer
 
/s/ Michael E. Pulitzer                 Director                April 14, 1999
-------------------------------------
Michael E. Pulitzer
 
/s/ David Pulver                        Director                April 14, 1999
-------------------------------------
David Pulver
 
/s/ Virginia H. Randt                   Director                April 14, 1999
-------------------------------------
Virginia H. Randt
 
/s/ Caroline L. Williams                Director                April 14, 1999
-------------------------------------
Caroline L. Williams
 
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