DEALS

A group including Sony Corp., Liberty Media Group and investor Leon Black completed its $539-million purchase of Telemundo Group, the No. 2 Spanish-language broadcaster in the U.S., giving it access to one of the fastest-growing television markets.

The transaction was approved late last month by the Federal Communications Commission. The larger rival of Hialeah, Fla.-based Telemundo, Univision Communications Inc., had asked the FCC to block the purchase. Shareholders, who received $44.13 a share in cash, approved the buyout in June.

The television company is the first owned by Sony in the U.S. The Japanese electronics and entertainment company will oversee programming and marketing. --Bloomberg News

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Comcast Corp., the fourth-largest U.S. cable TV company, said it will accelerate its purchase of 2.9 million shares of Jones Intercable Inc. for $200 million in cash, giving it control of the Englewood, Colo.-based cable television company.

The purchase from Jones Chairman and Chief Executive Glenn Jones will let Comcast elect a majority of Jones’ directors when the transaction is completed in the first quarter of 1999.

Comcast acquired an option to buy Jones’ controlling shares in 2001 as part of an agreement in May to buy 12.8 million Intercable common shares from BCE Inc. and its units for $500 million in cash. Wednesday’s decision accelerates the options purchase.

Jones Intercable Class A common shares, its most widely traded shares, jumped $2.75 to close at $28.25 on Nasdaq. Although the announcement came after the close of trading, the Wall Street Journal reported Wednesday that Comcast would accelerate the purchase of Jones’ shares. Comcast shares rose $2.63 to close at $46.50, also on Nasdaq.