Laugh at police operation, being the presenter (7)

I believe the answer is:

hosting

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'being the presenter' is the definition.
Although both the answer and definition are present participle verbs, I don't understand how they can define each other.

'laugh at police operation' is the wordplay.
'laugh' becomes 'ho' (representation of a laughing sound).
'at' means one lot of letters go next to another.
'police operation' becomes 'sting' (I've seen this in another clue).
'ho'+'sting'='HOSTING'

Can you help me to learn more?

I've seen this clue in The Daily Express.

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