Music: Bertelsmann Music Group plans to discontinue...

Music: Bertelsmann Music Group plans to discontinue its joint venture with Imago Recording Co. as of Jan. 1, BMG Entertainment Chairman Michael Dornemann confirmed. Sources said the venture never really took off, and that sales had been disappointing. Imago founder Terry Ellis in a news release said that the 5-year-old label, which has such artists as singer-poet Henry Rollins, Aimee Mann, Love Spit Love and Paula Cole, will continue operating. The announcement comes as BMG in a separate move is said to be planning a new label with former A&M; Records executive Jim Guerinot that will be financed through BMG’s Arista Records unit.

Film: Savoy Pictures said it boosted its stockholder equity by an additional $28 million from investors taking advantage of an offer to convert their bonds into stock at $10 a share instead of the original $18.60 conversion price. Last month, Savoy announced it would swap $40 million in bonds held by four institutional investors for common stock and make the same offer to holders of an additional $65 million in bonds.