THE MEDIA BUSINESS;Murdoch's News Corp. Buying New World

New World Communications Group Inc. said yesterday that it had agreed to be acquired by the News Corporation in a stock deal worth $2.48 billion that will make the News Corporation the biggest owner of television stations in the country.

News Corporation, which is controlled by Rupert Murdoch, already owns 20 percent of New World and had been in talks to acquire the rest of it earlier this year. Its offer for the television company controlled by Ronald O. Perelman was valued at about $27 a share.

New World's stock jumped $6.1875, to $21.375, in trading on the Nasdaq market, where it was one of the most heavily traded issues. News Corporation's American depository receipts lost $1.375, to $20.625, on the New York Stock Exchange.

Fallout from the deal came quickly at New World. Brandon Tartikoff, the company's chairman, said he would resign to pursue other interests, including his book imprint and network television programming development. Mr. Tartikoff, who is credited with rebuilding NBC, had been hired by Mr. Perelman to create programming for New World.

The acquisition will give the News Corporation's Fox network ownership of television stations in 11 of the 12 biggest television markets in the United States. New World's 10 Fox-affiliated stations will be joined with News Corporation's 12 stations to extend the company's reach to 40 percent of American homes.

The deal also gives the News Corporation a programming library; ownership of Stephen Cannell Productions, creator of "The Commish" and other shows, and a stake in the animation company Klasky Csupo Inc.

The announcement of the deal, which must still be approved by New World stockholders and the Federal Communications Commission, ended speculation that New World would buy King World Productions Inc., a television syndication company.

A New World spokesman said the deal was reached between Mr. Murdoch and Mr. Perelman after talks were restarted just a few days ago.

New World said each of its shares would be exchanged for 1.45 preferred, limited voting News Corporation A.D.R.'s, which trade on the New York Stock Exchange. Based on their closing price of $18.50 on Tuesday, the offer was worth about $27 a share.

"The offer by News Corporation represents an extremely attractive opportunity for our shareholders to realize the value which has been steadily accruing in New World," the chief executive of New World, William Bevins, said in a statement.

The deal, which is expected to close early next year, will be considered a taxable transaction for New World stockholders.

News Corporation currently owns 20 million of New World's 112 million fully diluted shares outstanding.

New World operates television stations in Atlanta; Austin, Tex.; Birmingham, Ala.; Cleveland; Dallas; Detroit; Kansas City, Mo..; Milwaukee; Phoenix; San Diego; St. Louis, and Tampa, Fla.

However, the stations in Birmingham and San Diego are under contract to be sold to NBC for $425 million.

New World also produces and distributes television programming for network and cable television.

Mr. Perelman controls about 80 percent of the voting stock of New World through his MacAndrews & Forbes Group Inc. He also controls Revlon Inc., Consolidated Cigar Holdings Inc. and Marvel Entertainment Group Inc.

The News Corporation's acquisition of New World leaves King World Productions still looking for a buyer. Until this week, New World was reported set to acquire King World in a stock deal valued at $1.5 billion.

King World is a production and distribution company whose programs include "The Oprah Winfrey Show," "Jeopardy" and "Wheel of Fortune." Shares of King World rose 62.5 cents, to $37.

A New World spokesman, Michael Diamond, declined to discuss his company's reported interest in King World, saying only, "Obviously, we did not reach a deal with King World."