Time Warner has taken the wraps off its reincarnated multimedia company, giving it a new name and broader purpose.The new Time Warner Interactive Group will have a larger focus than its predecessor, Warner New Media. At its core is access to the company’s treasury of copyright material — the world’s largest. The new moniker, said TWIG president Terry Hershey, reflects the unit’s effort to reach out to all parts of Time Warner. As an indication of the group’s importance, Geoff Holmes, TW’s senior vice president for technology, is chairman. The group will be focusing on developing interactive material not only for compact discs, but also for Time Warner’s Full Service Network (FSN), the two-way cable system rolling out in 1994. Hershey noted that each Time Warner division can use TWIG to develop, produce and publish product, or go its own way. For example, the multimedia game version of Joel Silver’s “Demolition Man” is reportedly being done through Warner Bros. But one attraction could be a new digital production studio being constructed at TWIG’s new Burbank facility. Hershey expects to produce titles that will be able to play both on TV sets and PCs. Warner New Media had been undergoing a “clean sweep” since Hershey replaced WNM founder Stan Cornyn last October. In February she brought in Craig Moody as exec VP, and has also replaced several top execs.