ENTERTAINMENT

Carolco Announces $70 Million in Financing: Carolco Pictures Inc. said it completed a $65-million private placement of convertible securities with three foreign companies and a group of U.S. investors. A unit of the French cable-TV company Canal Plus bought $15-million in convertible exchangeable preferred stock; another $15 million went to U.S. institutions in a placement arranged by Bear, Stearns & Co. and Salomon Bros. Also, a unit of the Italian media company Rizzoli Corriere della Sera (RCS) and Japan’s Pioneer Electronic Corp. bought $20 million and $15 million, respectively, of a $35-million issue of 10% convertible subordinated debentures. Another RCS unit bought $5 million worth of Carolco common stock: 370,370 shares at $13.50 a share.