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Grey Advertising, New York, is a leading investor in Prophecy Entertainment, Marina Del Rey, Calif., an interactive consumer marketing company developing applications for U S West and Hilton Hotels Corp. Prophecy Chairman Russ Collins is also president of ad agency Fattal & Collins, a Grey subsidiary in Marina Del Rey. Sheri Herman, former senior VP-marketing at E! Entertainment Television, is president-CEO of Prophecy. Prophecy is working on an interactive, in-room TV service for Hilton. It is also developing content for U S West Marketing Resources' GOtv, an interactive entertainment service that will be part of Time Warner's Full Service Network in Orlando. GOtv will offer movie previews from studios including Warner Bros. and Paramount Pictures, event listings and ads. Visa International is an initial advertiser.

London Publishing house EMAP Computing this month launched Internet, a monthly magazine targeting users of the global computer network. The 11 advertisers in the 36-page debut issue include service providers Electricmail and Delphi Internet Services Co. The magazine has a controlled circulation of 40,000, with another 12,000 copies sold at newsstands.

Time Warner signed The Orlando Sentinel to provide on-demand local news and other information services on its Full Service Network test there. The Tribune Co. newspaper will establish a multimedia production facility to feed the interactive TV test as well as online services, including America Online. In a related move, Tribune named Eugene F. Quinn to the new post of general manager, Tribune Interactive Network Services. He had been general manager of the Chicago Tribune's Chicago Online and the Orlando paper's Destination Florida.

SCTT Interactive's Interactive Index, tracking the aggregate stock performance of 65 new-media companies, closed at 101.92 on Sept. 28, up 0.34 from the previous day. ... EDS will provide database management and transaction software for IT Network's Interactive Channel, gearing up for a 1995 launch after a test in Denton, Texas. ... Warner Books and Time Warner Interactive will jointly develop and market CD-ROMs in traditional bookstore outlets. ... Catalog 1, a cable home-shopping network co-owned by Spiegel and Time Warner, will expand to a fifth market, Pittsburgh, that will more than double its audience reach.

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