Jefferson Smurfit completed its acquisition of an 80% stake in Publishers Paper, a subsidiary of Times Mirror . . . Fox Television Stations said it has extended until Feb. 27 the expiration date of its exchange offer to the holders of debt securities of Metromedia Broadcasting, noting that it has obtained the consent of a majority of the holders to the Fox acquisition of the company . . . Lone Star Steel officials reported that reduced oil drilling and foreign competition have led to layoffs of 400 to 600 employees in its oil pipe production operations, effective March 15 . . . Sheller-Globe Corp. has agreed to be acquired for about $482 million by an investor group that includes General Felt Industries, the investment firm Shearson Lehman Bros. and Sheller-Globe senior management for about $482 million.