Act III Broadcasting, Los Angeles, said it...

Act III Broadcasting, Los Angeles, said it has agreed to buy Fox affiliate WUTV Channel 29 in Buffalo, N.Y., from Citadel Co. and to buy the programming of WNYB-TV Channel 49 in Buffalo from Niagara Frontier Broadcasting Partnership. Act III said it will merge the programming of the two independent stations . . . New York-based Philip Morris Cos., flush with cash, said it was raising its dividend 22.2% and splitting its shares 4 for 1 to be distributed Oct. 10 to shareholders of record on Sept. 15 . . . HAL Inc., parent company of Hawaiian Airlines, has signed a definitive agreement for its sale to an investment group that includes former baseball commissioner Peter V. Ueberroth . . . Los Angeles-based Rykoff-Sexton Inc. said it expects to report earnings of about 30 to 35 cents a share for its first quarter ended July 29. The company earned 41 cents a share in the same 1988 period.