ENTERTAINMENT

MGM, Carolco Report Quarterly Losses: The Metro-Goldwyn-Mayer studio reported that it narrowed its first-quarter loss to $51.2 million from $87.4 million a year earlier, and would have narrowed it even more except for an extraordinary loss of $9.8 million to repurchase senior notes. Meanwhile, big-budget film producer Carolco, which is on the verge of restructuring, lost $6.8 million in the quarter. Carolco also disclosed that it has defaulted on the terms of some bonds and is in violation of some lending covenants.