New media: Two Time Warner subsidiaries, Home Box Office and Warner Music Group, have invested about $5 million to form a multimedia company called Inscape, to be headed by developer Michael Nash and based in West Los Angeles. The venture reflects the growing realization among big media companies looking to get into the interactive business that good talent is hard to find. "So much in this industry is not what it appears, but Michael Nash is for real," HBO Executive Vice President John Billock said. Nash left Voyager Co. when it moved from Malibu to New York last year. He was the executive producer of the critically acclaimed CD-ROM "Freak Show," Inscape's first title, which Nash describes as "a cross between 'Sim City' and 'Twin Peaks.' "