Company Town

* Cable: Time Warner Inc. completed its previously announced acquisition of Kblcom Inc., the cable television business of Houston Industries Inc., for about $2.4 billion. The entertainment conglomerate issued about $1.1 billion in stock and assumed about $1.27 billion of Kblcom debt. Kblcom has about 700,000 subscribers in such areas as San Antonio; Minneapolis; Portland, Ore., and Orange County. Kblcom also owns 50% of Paragon Communications, a cable joint venture with Time Warner that serves about 972,000 subscribers. * TV: Fox Television Stations has bought stations in Colorado and Tennessee for $150 million as part of its effort to expand its network. Fox bought WHBQ-TV in Memphis--an ABC affiliate--from Comcorp of Tennessee Inc. for $80 million. On Monday, Fox bought another ABC affiliate, KDVR-TV in Denver, from Renaissance Communications Corp. for $70 million. Fox also sold to Renaissance KDAF-TV in Dallas for $100 million.