August 9, 1985

Companies MTV Networks received a $471 million takeover offer from Forstmann Little and a management group. The music channel is two-thirds owned by Warner Amex Cable, the venture of American Express and Warner Communications, and the rest by the public. Sources close to Warner Communications said its board appeared likely to vote to exercise its option to buy American Express's half interest of Warner Amex Cable for $450 million. [Page D1.] Petro-Canada is expected to buy Gulf Canada's refining and marketing assets in western Canada for over $500 million. [D1.]

''If necessary, we can even take stronger steps than we have taken so far.'' - President P. W. Botha of South Africa. [A1:6.]

As 77-year-old Lillian Robbins sat in her wheelchair and talked of being old in New York City, she broke down and started to weep. She talked of ''disgruntled'' bus drivers who, irritated by her need to use wheelchair lifts, had frightened her away from public transportation. She talked of being afraid to ride alone in her building's elevator because of crime. She talked of not having enough money.

An article yesterday about broadcasters' reactions to the Federal Communications Commission's attack on the Fairness Doctrine omitted a phrase - ''of news content'' -in quoting Corydon B. Dunham, executive vice president and general counsel of NBC. He said: ''Government regulation of news content is wrong, whatever it is called. We welcome the F.C.C.'s principled stand that its Fairness Doctrine should be repealed.''

Reagan Administration officials say they are searching for a new approach to the increasing problems of farmers and their bankers while putting aside the White House's earlier plans for fundamental changes in Government agriculture programs. An increase in loan defaults among American farmers and the spread of associated bank failures have added to the White House's worries about the security of the nation's financial structure. In addition, the deepening national recession in agriculture, characterized by falling farm prices, has led to a large rise in Federal payments to farmers, which threatens to undermine efforts by the Administration and Congress to cut budget deficits. Overhaul Plan Abandoned Political restraints have led President Reagan to largely abandon for now his plan to overhaul the nation's farm economy by reducing Government regulation. At the same time, Administration officials say they have begun to consider other measures to help agriculture.