Milken Buys Into Multimedia Craze

Michael Milken, whose wheeling and dealing epitomized the financial climate of the 1980s, is carrying out plans to be in on the ‘90s multimedia craze.

He’s invested in 7th Level, a Burbank start-up headed by computer graphics whiz George Grayson. Merv Adelson, co-founder of the former Lorimar Inc., is also backing the company, whose first product is an interactive cartoon starring a teddy bear named Howie, due out in January on CD-ROM.

Since announcing in March that he was forming a multimedia company, Milken has reviewed plans of more than 300 companies hoping to do business with him.