Nelson Entertainment, Los Angeles, has completed the previously reported acquisition of Embassy Home Entertainment from Coca-Cola Co. for about $85 million . . . People Express Airlines has cut the salaries of its full-time employees 12% because of falling bookings, a spokesman said . . . The Extrion Division of Palo Alto-based Varian Associates said it is reducing employment at its semiconductor equipment manufacturing facilities in Gloucester and Danvers, Mass., by about 90 persons.