Television: New World Communications Group Inc.’s stock...

Television: New World Communications Group Inc.’s stock rose 8.1% on Monday amid speculation that investor Ronald Perelman may sell his 37% stake in the TV company. New World’s stock rose $1.625 to $20 on volume of 996,400 shares, more than twice the number traded on average over the last 90 days. The stock has risen 16.3% since March 11. Trade paper Communications Daily said that Fox Broadcasting, a unit of Rupert Murdoch’s News Corp., may buy out Perelman’s stake. The paper, citing unidentified sources, said a transaction between Fox and Perelman could be concluded before the National Assn. of Broadcasters convention April 14-18. Fox bought a 20% stake in the company for $500 million in 1994 in return for affiliation agreements with 10 of New World’s 12 TV stations. A New World spokesman declined comment, and Fox officials could not be immediately reached.

* Securities: Time Warner Inc. plans to sell $1 billion in preferred shares linked to its Time Warner Entertainment venture, using the proceeds to ease its burdensome debt load. The 20-year securities will mirror a portion of the film, music and publishing company’s stake in Time Warner Entertainment, a cable TV and entertainment partnership it owns with US West Inc. that Time Warner is seeking to dissolve. The sale helps Time Warner by raising cash from an investment it can’t touch for at least two more years. It also strengthens Time Warner’s hand in its restructuring battle with US West by placing a value on the partnership’s complex capital structure, and showing it has financial flexibility with that investment. The sale may also help New York-based Time Warner move closer to its goal of improving its ratings with Moody’s Investors Service by lowering its debt and interest expenses.