his independent television production company to British media giant Pearson Plc for $279 million.

Bermuda-registered Grundy Worldwide Ltd., the maker of popular Australian TV export "Neighbours'', is 85 percent owned by Mr. Grundy, its 71-year-old chairman.

"Neighbours'' is seen on ZFB television Sunday mornings.

Grundy, founded in 1958 by Mr. Grundy, earns most of its programme sales revenue in Europe and Australia.

Mr. Grundy has a home on South Shore, Warwick.

Grundy Worldwide, one of the world's largest indepedent television producers, said yesterday that its shareholders had accepted a bid by Pearson's television unit to buy all of Grundy's issued capital.

The deal still faces regulatory approval but Grundy said it expected the purchase to be completed in May.

As a result of the purchase, Grundy will not proceed with a planned $106.3 million float on the New York and Australian stock exchanges, announced in mid-March. That float valued Grundy Worldwide Ltd. at around $300 million.

Pearson Television's newly-appointed chief executive and chairman, Mr. Greg Dyke, said one of the priorities for the purchase of Grundy would be to bring its mass-market television skills to the Asian market.

"Grundy is an expert in low-cost, popular programming and that is just what you want for those developing markets,'' Mr. Dyke said in an interview.

He said the merger transforms Pearson's television operations from a national British producer to an international producer with production bases in 14 countries and reflected a plan to expand into all major global television territories.

"Grundy fits in with the group's TV and programming strategy,'' said one analyst. "It's international and has some good long term series'.'' Another added: "The price looks fair, and the company has said it will be earnings positive.'' Grundy produces, co-produces and distributes programs with a forte for low-budget quizz shows and soap operas. Among the television shows it distributes are "Sale of the Century,'' "Wheel of Fortune,'' "Neighbours'' and "The Restless Years.'' More than 60 percent of its work is conducted outside Australia and it makes 50 hours of TV programming a week.

Mr. Dyke at Pearson said in a statement that Mr. Reg Grundy and his team have proved an ability to make major hits.

"Grundy has a legendary reputation for the efficient financial managemenat of its productions in different markets around the world and I see the acquisition as a vital ingredient in both our expansion and our positioning,'' Mr. Dyke said.

Grundy Worldwide Ltd has current work of 23 programmes in Australia, New Zealand, Britain, France, Germany, Netherlands, Sweden, Spain, Italy and Chile.

Grundy's operations have been highly profitable. The group earned a net profit of $11.4 million, after-tax, on revenue of around $58 million in the 12 months to June, 1994.