Company Town

* Music: New York concert promotion whiz John Scher will announce the creation today of Metropolitan Entertainment Group, a new live entertainment firm with financing from the $2-billion global service conglomerate, Ogden Corp. The $50-million joint venture will promote concerts, produce Broadway and TV shows, develop amphitheaters, manage artists and open its own recording and music publishing divisions. Scher has been a powerful force on the national concert circuit for more than two decades, working closely with a wide range of stars including the Grateful Dead, U2 and Frank Sinatra.

* Music: Record producer Rick Wake, whose golden touch has graced hits by such pop stars as Mariah Carey and Celine Dion, will launch a joint-venture label today with A&M; Records. Wake, whose record productions have helped sell more than 40 million albums, weighed offers from several major record conglomerates before closing the deal with A&M; Chief Executive Al Cafaro.