Talking Deals; How Nintendo Can Help A.T.&T.

THERE is no signed contract yet, or even a handshake on a deal, but the American subsidiary of the Nintendo Company, the Japanese manufacturer of electronic games, and the American Telephone and Telegraph Company are in the midst of discussions that could lead to the creation of another interactive communications network in the United States.

If the deal goes through, the Nintendo Entertainment System, which was the best-selling game in the United States last year and is already in about 20 percent of all American households, would be linked to the telephone. That would allow people to play video games with others across the country.

The Nintendo machine could also be used as a personal computer, which would give the system the potential to receive and send information about the stock market, consumer products, travel reservations and other topics. Such information services are currently available through other networks that use the telephone and a personal computer.

Nintendo, by openly discussing its plans, may be trying to put pressure A.T.&T. to complete the deal as soon as possible, industry consultants said yesterday. Although Nintendo had sales of $1.7 billion last year and is expecting sales of $2.6 billion this year, the company cannot afford to be complacent.

''Despite the bravado we hear from Nintendo, I suspect that they don't want this video boom to fizzle like the last one,'' said Gary H. Arlen, a Washington consultant who specializes in interactive media. In the early 1980's, Mr. Arlen noted, a $3 billion-a-year home video business trickled down to $100 million a year when consumers grew disenchanted by poor-quality products.

Such an arrangement ''would be a perfect marriage made in heaven for both parties,'' said Bernell Wright, vice president for electronic communications at Link Resources Inc., a New York research and consulting company.

A.T.&T., which expects to receive Federal approval to enter the information services business, would benefit from the deal by ''leapfrogging'' past its competitors through Nintendo's substantial market share, Mr. Wright said.

And, he added, Nintendo would enjoy the benefits of branching out from the fickle toy business.

Earlier this week, some reports suggested that a partnership between Nintendo and A.T.&T. had already been formed and that the new network would be announced at an analysts' meeting in New York yesterday. Both A.T.&T. and Nintendo subsequently denied that a deal had been made. They said they were continuing to have discussions.

Peter Main, vice president of marketing at Nintendo, said the company had never intended to announce a final deal with A.T.&T. at the analysts meeting. ''We have not changed any part of our game plan or overall marketing schedule,'' he said.

Since entering the American market in the fall of 1985, Nintendo has enjoyed enormous success. The Nintendo Entertainment System, which sells for about $100, has about 80 percent of the video-game market and is thought to be in 20 percent of all American homes, toy industry analysts said.

So far, the entertainment system, a book-sized machine that plugs into a color television, has been used in the United States only to play video games like ''Mike Tyson's Punchout'' and ''Super Mario Brothers II.'' But the machine contains an eight-bit microprocessor that would enable it to act more like a personal computer, if a keyboard, monitor and modem were attached, Mr. Main noted.

In Japan, where Nintendo video games can be found in 37 percent of the households, Mr. Main said, the company has had an interactive-game network for two years now. Nintendo has also created a stock information network there.

The machines used in Japan and the United States are essentially the same, so there is no reason Nintendo could not introduce similar networks in America, possibly by early 1990, Mr. Main said.

''To Nintendo, finding a partner like A.T.&T. is incredibly important, because it gives it name recognition and credibility'' in developing an information network, Mr. Arlen said. A.T.&T. is probably more cautious about the project, he added, because its previous experiences with electronic information services did not meet its expectations.

But A.T.&T. may have a lot to gain in a joint venture with Nintendo, Mr. Wright said. On Aug. 31, he noted, the company is expected to receive permission from Federal regulators to enter electronic publishing. As part of the agreement governing the breakup of A.T.&T. in 1984, the company had been banned from owning, originating or compiling information that is transmitted over its network.

By teaming with Nintendo, Mr. Wright said, A.T.&T. would instantly be able to compete with other networks like Prodigy, a joint venture by the International Business Machines Corporation and Sears, Roebuck & Company. ''This is just the beginning of the real battle for electronic publishing turf,'' he said. I.B.M.