By Erin Richter
Updated March 31, 1995 at 05:00 AM EST

Paul G. Allen, a cofounder of the Microsoft Corp., will invest approximately $500 million to acquire 18.3 percent of DreamWorks SKG, the entertainment start-up of David Geffen, Jeffrey Katzenberg, and Steven Spielberg. Microsoft cofounder and CEO Bill Gates is reportedly also close to a production deal with DreamWorks. * Washington, D.C.’s Internet Multicasting Service is organizing the first cyberspace world’s fair. The Internet 1996 World Exposition will provide educational and entertainment information to anyone with network access. * Music industry reps, including Don Henley, recently testified before the Senate Judiciary Committee to support legislation compensating performers for music transmitted digitally. Sponsored by Senators Orrin Hatch (R-Utah) and Dianne Feinstein (D-Calif.), the act now faces a committee vote.