Eagle River in merger

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Eagle River Interactive, Avon, Colo., merged with Graphic Media, a Portland, Ore., developer of interactive marketing and training products. Eagle River paid 550,000 shares of common stock and about $350,000 in cash for all outstanding shares of Graphic Meida stock.

Eagle River was founded in 1994 as a developer of interactive and Internet marketing solutions. The company's clients include Walt Disney Co., American Express Co., Sony Corp. of America and McDonald's Corp. Graphic Media has worked with Chase Manhattan Bank, Intel Corp. and Microsoft Corp. The company had revenues of about $5 million in 1995.

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