<PAGE>   1
                                                                     EXHIBIT 4.3



THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER
THE SECURITIES ACT OF 1933, AS AMENDED. THE SECURITIES HAVE BEEN ACQUIRED FOR
INVESTMENT AND MAY NOT BE RESOLD, TRANSFERRED OR ASSIGNED IN THE ABSENCE OF AN
EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE SECURITIES ACT OF
1933, AS AMENDED, OR AN OPINION OF COUNSEL THAT REGISTRATION IS NOT REQUIRED
UNDER SAID ACT.

                                          Right to Purchase __________ Shares of
                                          Common Stock of IVI Publishing, Inc.


                              IVI PUBLISHING, INC.

                                     FORM OF

                          COMMON STOCK PURCHASE WARRANT
NO. W-1

                IVI PUBLISHING, INC., a Minnesota corporation (the "Company"),
hereby certifies that, for value received, [NAME OF BUYER] or registered assigns
(the "Holder"), is entitled, subject to the terms set forth below, to purchase
from the Company at any time or from time to time after the date hereof, and
before 5:00 p.m., New York City time, on the Expiration Date (as hereinafter
defined), __________ fully paid and nonassessable shares of Common Stock at a
purchase price per share equal to the Purchase Price (as hereinafter defined).
The number of such shares of Common Stock and the Purchase Price are subject to
adjustment as provided in this Warrant.

                As used herein the following terms, unless the context otherwise
requires, have the following respective meanings:

                "Common Stock" includes the Company's Common Stock, $.01 par
        value per share, as authorized on the date hereof, and any other
        securities into which or for which the Common Stock may be converted or
        exchanged pursuant to a plan of recapitalization, reorganization,
        merger, sale of assets or otherwise.

                "Company" shall include IVI Publishing, Inc. and any corporation
        that shall succeed to or assume the obligation of IVI Publishing, Inc.
        hereunder in accordance with the terms hereof.

                "Expiration Date" means April 10, 2003.

                "Issuance Date" shall mean the first date of original issuance
        of this Warrant.



<PAGE>   2

                "Other Securities" refers to any stock (other than Common Stock)
        and other securities of the Company or any other person (corporate or
        otherwise) which the Holder at any time shall be entitled to receive, or
        shall have received, on the exercise of this Warrant, in lieu of or in
        addition to Common Stock, or which at any time shall be issuable or
        shall have been issued in exchange for or in replacement of Common Stock
        or Other Securities pursuant to Section 4.

                "Purchase Price" shall mean $ 11.23 per share, subject to
        adjustment as provided in this Warrant.

                "Registration Rights Agreement" means the Registration Rights
        Agreement, dated as of April 10, 1998, by and between the Company and
        the original Holder of this Warrant, as amended from time to time in
        accordance with its terms.

                "Subscription Agreement" means the Subscription Agreement, dated
        as of April 10, 1998, by and between the Company and the original Holder
        of this Warrant.

                "Trading Day" means a day on which the principal securities
        market for the Common Stock is open for general trading of securities.

                1. EXERCISE OF WARRANT.

                1.1 EXERCISE. (a) This Warrant may be exercised by the Holder
hereof in full or in part at any time or from time to time during the exercise
period specified in the first paragraph hereof until the Expiration Date by
surrender of this Warrant and the subscription form annexed hereto (duly
executed by the Holder), to the Company's transfer agent and registrar for the
Common Stock, and by making payment, in cash or by certified or official bank
check payable to the order of the Company, in the amount obtained by multiplying
(a) the number of shares of Common Stock designated by the Holder in the
subscription form by (b) the Purchase Price then in effect. On any partial
exercise the Company will forthwith issue and deliver to or upon the order of
the Holder hereof a new Warrant or Warrants of like tenor, in the name of the
Holder hereof or as the Holder (upon payment by the Holder of any applicable
transfer taxes) may request, providing in the aggregate on the face or faces
thereof for the purchase of the number of shares of Common Stock for which such
Warrant or Warrants may still be exercised.

                (b) Notwithstanding any other provision of this Warrant, in no
event shall the Holder be entitled at any time to purchase a number of shares of
Common Stock on exercise of this Warrant in excess of that number of shares upon
purchase of which the sum of (1) the number of shares of Common Stock
beneficially owned by the Holder and all persons whose beneficial ownership of
shares of Common Stock would be aggregated with the Holder's beneficial
ownership of shares of Common Stock for purposes of Section 13(d) of the
Securities Exchange Act of 1934, as amended (the "Exchange Act"), and Regulation
13D-G thereunder, (each such person other than the Holder an "Aggregated Person"
and all such persons other than the Holder, collectively, the "Aggregated
Persons") (other than shares of Common Stock deemed beneficially owned through
the ownership by the Holder and all Aggregated Persons of the Holder of the



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unexercised portion of this Warrant and any other security of the Company which
contains similar provisions) and (2) the number of shares of Common Stock
issuable upon exercise of the portion of this Warrant with respect to which the
determination in this sentence is being made, would result in beneficial
ownership by the Holder and all Aggregated Persons of the Holder of more than
4.9% of the outstanding shares of Common Stock. For purposes of the immediately
preceding sentence, beneficial ownership shall be determined in accordance with
Section 13(d) of the Exchange Act and Regulation 13D-G thereunder, except as
otherwise provided in clause (1) of the immediately preceding sentence. For
purposes of the second preceding sentence, the Company shall be entitled to
rely, and shall be fully protected in relying, on any statement or
representation made by the Holder to the Company in connection with a particular
exercise of this Warrant, without any obligation on the part of the Company to
make any inquiry or investigation or to examine its records or the records of
any transfer agent for the Common Stock.

                1.2 NET ISSUANCE. Notwithstanding anything to the contrary
contained in Section 1.1, the Holder may elect to exercise this Warrant in whole
or in part by receiving shares of Common Stock equal to the net issuance value
(as determined below) of this Warrant, or any part hereof, upon surrender of
this Warrant to the Company's transfer agent and registrar for the Common Stock
the principal office of the Company together with the subscription form annexed
hereto (duly executed by the Holder), in which event the Company shall issue to
the Holder a number of shares of Common Stock computed using the following
formula:

                   X = Y (A-B)
                       -------
                         A

           Where:    X =   the number of shares of Common Stock to be issued to
                           the Holder

                           Y =     the number of shares of Common Stock as to
                                   which this Warrant is to be exercised

                           A =     the current fair market value of one share of
                                   Common Stock calculated as of the last
                                   trading day immediately preceding the
                                   exercise of this Warrant

                           B =     the Purchase Price

                As used herein, current fair market value of Common Stock as of
a specified date shall mean with respect to each share of Common Stock the
average of the closing sale price of the Common Stock on the principal
securities market on which the Common Stock may at the time be listed or, if
there have been no sales on any such exchange on such day, the average of the
highest bid and lowest asked prices on the principal securities market at the
end of such day, or, if on such day the Common Stock is not so listed, the
average of the representative bid and asked prices quoted in the Nasdaq System
as of 4:00 p.m., New York City time, or, if on such day the Common Stock is not
quoted in the Nasdaq System, the average of the highest bid and lowest asked
price on such day in the domestic over-the-counter market as reported by the
National Quotation Bureau, Incorporated, or any similar successor organization,
in each such case 



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<PAGE>   4

averaged over a period of five consecutive Trading Days consisting of the day as
of which the current fair market value of a share of Common Stock is being
determined (or if such day is not a Trading Day, the Trading Day next preceding
such day) and the four consecutive Trading Days prior to such day. If on the
date for which current fair market value is to be determined the Common Stock is
not listed on any securities exchange or quoted in the Nasdaq System or the
over-the-counter market, the current fair market value of Common Stock shall be
the highest price per share which the Company could then obtain from a willing
buyer (not a current employee or director) for shares of Common Stock sold by
the Company, from authorized but unissued shares, as determined in good faith by
the Board of Directors of the Company, unless prior to such date the Company has
become subject to a merger, acquisition or other consolidation pursuant to which
the Company is not the surviving party, in which case the current fair market
value of the Common Stock shall be deemed to be the value received by the
holders of the Company's Common Stock for each share thereof pursuant to the
Company's acquisition.

                2. DELIVERY OF STOCK CERTIFICATES, ETC., ON EXERCISE. As soon as
practicable after the exercise of this Warrant, and in any event within three
Trading Days thereafter, the Company at its expense (including the payment by it
of any applicable issue or stamp taxes) will cause to be issued in the name of
and delivered to the Holder hereof, or as the Holder (upon payment by the Holder
of any applicable transfer taxes) may direct, a certificate or certificates for
the number of fully paid and nonassessable shares of Common Stock (or Other
Securities) to which the Holder shall be entitled on such exercise, in such
denominations as may be requested by the Holder, plus, in lieu of any fractional
share to which the Holder would otherwise be entitled, cash equal to such
fraction multiplied by the then current fair market value (as determined in
accordance with subsection 1.2) of one full share, together with any other stock
or other securities any property (including cash, where applicable) to which the
Holder is entitled upon such exercise pursuant to Section 1 or otherwise. Upon
exercise of this Warrant as provided herein, the CompanyAEs obligation to issue
and deliver the certificates for Common Stock shall be absolute and
unconditional, irrespective of the absence of any action by the Holder to
enforce the same, any waiver or consent with respect to any provision thereof,
the recovery of any judgment against any person or any action to enforce the
same, any failure or delay in the enforcement of any other obligation of the
Company to the Holder, or any setoff, counterclaim, recoupment, limitation or
termination, or any breach or alleged breach by the Holder or any other person
of any obligation to the Company, and irrespective of any other circumstance
which might otherwise limit such obligation of the Company to the Holder in
connection with such exercise. If the Company fails to issue and deliver the
certificates for the Common Stock to the Holder pursuant to the first sentence
of this paragraph as and when required to do so, in addition to any other
liabilities the Company may have hereunder and under applicable law, the Company
shall pay or reimburse the Holder on demand for all reasonable out-of-pocket
expenses including, without limitation, fees and expenses of legal counsel
incurred by the Holder as a result of such failure.

                3. ADJUSTMENT FOR DIVIDENDS IN OTHER STOCK, PROPERTY, ETC.;
RECLASSIFICATION, ETC. In case at any time or from time to time, all the holders
of Common Stock (or Other Securities) shall have received, or (on or after the
record date fixed for the determination of shareholders eligible to receive)
shall have become entitled to receive, without payment therefor,



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<PAGE>   5

                (a) other or additional stock or other securities or property
        (other than cash) by way of dividend, or

                (b) any cash (excluding cash dividends payable solely out of
        earnings or earned surplus of the Company), or

                (c) other or additional stock or other securities or property
        (including cash) by way of spin-off, split-up, reclassification,
        recapitalization, combination of shares or similar corporate
        rearrangement,

other than additional shares of Common Stock (or Other Securities) issued as a
stock dividend or in a stock-split (adjustments in respect of which are provided
for in Section 5), then and in each such case the Holder, on the exercise hereof
as provided in Section 1, shall be entitled to receive the amount of stock and
other securities and property (including cash in the cases referred to in
subdivisions (b) and (c) of this Section 3) which the Holder would hold on the
date of such exercise if on the date thereof the Holder had been the holder of
record of the number of shares of Common Stock called for on the face of this
Warrant and had thereafter, during the period from the date hereof to and
including the date of such exercise, retained such shares and all such other or
additional stock and other securities and property (including cash in the case
referred to in subdivisions (b) and (c) of this Section 3) receivable by the
Holder as aforesaid during such period, giving effect to all adjustments called
for during such period by Section 4.

                4. EXERCISE UPON REORGANIZATION, CONSOLIDATION, MERGER, ETC. In
case at any time or from time to time, the Company shall (a) effect a
reorganization, (b) consolidate with or merge into any other person, or (c)
transfer all or substantially all of its properties or assets to any other
person under any plan or arrangement contemplating the dissolution of the
Company, then, in each such case, as a condition of such reorganization,
consolidation, merger, sale or conveyance, the Company shall give at least 20
days notice to the Holder of such pending transaction whereby the Holder shall
have the right to exercise this Warrant prior to any such reorganization,
consolidation, merger, sale or conveyance. Any exercise of this Warrant pursuant
to notice under this Section shall be conditioned upon the closing of such
reorganization, consolidation, merger, sale or conveyance which is the subject
of the notice and the exercise of this Warrant shall not be deemed to have
occurred until immediately prior to the closing of such transaction.

                5. ADJUSTMENT FOR EXTRAORDINARY EVENTS. In the event that the
Company shall (i) issue additional shares of the Common Stock as a dividend or
other distribution on outstanding Common Stock, (ii) subdivide or reclassify its
outstanding shares of Common Stock, or (iii) combine its outstanding shares of
Common Stock into a smaller number of shares of Common Stock, then, in each such
event, the Purchase Price shall, simultaneously with the happening of such
event, be adjusted by multiplying the Purchase Price in effect immediately prior
to such event by a fraction, the numerator of which shall be the number of
shares of Common Stock outstanding immediately prior to such event and the
denominator of which shall be the number of shares of Common Stock outstanding
immediately after such event, and the product so 



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<PAGE>   6

obtained shall thereafter be the Purchase Price then in effect. The Purchase
Price, as so adjusted, shall be readjusted in the same manner upon the happening
of any successive event or events described herein in this Section 5. The Holder
shall thereafter, on the exercise hereof as provided in Section 1, be entitled
to receive that number of shares of Common Stock determined by multiplying the
number of shares of Common Stock which would be issuable on such exercise
immediately prior to such issuance by a fraction of which (i) the numerator is
the Purchase Price in effect immediately prior to such issuance and (ii) the
denominator is the Purchase Price in effect on the date of such exercise.

                6. FURTHER ASSURANCES. The Company will take all action that may
be necessary or appropriate in order that the Company may validly and legally
issue fully paid and nonassessable shares of stock, free from all taxes, liens
and charges with respect to the issue thereof, on the exercise of all or any
portion of this Warrant from time to time outstanding.

                7. NOTICES OF RECORD DATE, ETC. In the event of

                (a) any taking by the Company of a record of the holders of any
        class of securities for the purpose of determining the holders thereof
        who are entitled to receive any dividend on, or any right to subscribe
        for, purchase or otherwise acquire any shares of stock of any class or
        any other securities or property, or to receive any other right, or

                (b) any capital reorganization of the Company, any
        reclassification or recapitalization of the capital stock of the Company
        or any transfer of all or substantially all of the assets of the Company
        to or consolidation or merger of the Company with or into any other
        person, or

                (c) any voluntary or involuntary dissolution, liquidation or
        winding-up of the Company,

then and in each such event the Company will mail or cause to be mailed to the
Holder, at least ten days prior to such record date, a notice specifying (i) the
date on which any such record is to be taken for the purpose of such dividend,
distribution or right, and stating the amount and character of such dividend,
distribution or right, (ii) the date on which any such reorganization,
reclassification, recapitalization, transfer, consolidation, merger,
dissolution, liquidation or winding-up is to take place, and the time, if any is
to be fixed, as of which the holders of record of Common Stock (or Other
Securities) shall be entitled to exchange their shares of Common Stock (or Other
Securities) for securities or other property deliverable on such reorganization,
reclassification, recapitalization, transfer, consolidation, merger,
dissolution, liquidation or winding-up, and (iii) the amount and character of
any stock or other securities, or rights or options with respect thereto,
proposed to be issued or granted, the date of such proposed issue or grant and
the persons or class of persons to whom such proposed issue or grant is to be
offered or made. Such notice shall also state that the action in question or the
record date is subject to the effectiveness of a registration statement under
the Securities Act of 1933, as amended (the "Securities Act"), or a favorable
vote of shareholders if either is required. Such notice shall be



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<PAGE>   7

mailed at least ten days prior to the date specified in such notice on which any
such action is to be taken or the record date, whichever is earlier.

                8. RESERVATION OF STOCK, ETC., ISSUABLE ON EXERCISE OF WARRANTS.
The Company will at all times reserve and keep available out of its authorized
but unissued shares of capital stock, solely for issuance and delivery on the
exercise of this Warrant, a sufficient number of shares of Common Stock (or
Other Securities) to effect the full exercise of this Warrant and the exercise,
conversion or exchange of any other warrant or security of the Company
exercisable for, convertible into, exchangeable for or otherwise entitling the
holder to acquire shares of Common Stock (or Other Securities), and if at any
time the number of authorized but unissued shares of Common Stock (or Other
Securities) shall not be sufficient to effect such exercise, conversion or
exchange, the Company shall take such action as may be necessary to increase its
authorized but unissued shares of Common Stock (or Other Securities) to such
number as shall be sufficient for such purposes.

                9. TRANSFER OF WARRANT. This Warrant shall inure to the benefit
of the successors to and assigns of the Holder. This Warrant and all rights
hereunder, in whole or in part, are registrable at the office or agency of the
Company referred to below by the Holder hereof in person or by his duly
authorized attorney, upon surrender of this Warrant properly endorsed.

                10. REGISTER OF WARRANTS. The Company shall maintain, at the
principal office of the Company (or such other office as it may designate by
notice to the Holder hereof), a register in which the Company shall record the
name and address of the person in whose name this Warrant has been issued, as
well as the name and address of each successor and prior owner of such Warrant.
The Company shall be entitled to treat the person in whose name this Warrant is
so registered as the sole and absolute owner of this Warrant for all purposes.

                11. EXCHANGE OF WARRANT. This Warrant is exchangeable, upon the
surrender hereof by the Holder hereof at the office or agency of the Company
referred to in Section 10, for one or more new Warrants of like tenor
representing in the aggregate the right to subscribe for and purchase the number
of shares of Common Stock which may be subscribed for and purchased hereunder,
each of such new Warrants to represent the right to subscribe for and purchase
such number of shares as shall be designated by said Holder hereof at the time
of such surrender.

                12. REPLACEMENT OF WARRANT. On receipt of evidence reasonably
satisfactory to the Company of the loss, theft, destruction or mutilation of
this Warrant and, in the case of any such loss, theft or destruction of this
Warrant, on delivery of an indemnity agreement or security reasonably
satisfactory in form and amount to the Company or, in the case of any such
mutilation, on surrender and cancellation of this Warrant, the Company at its
expense will execute and deliver, in lieu thereof, a new Warrant of like tenor.

                13. WARRANT AGENT. In accordance with the Transfer Agent
Instruction, dated April 9, 1998, from the Company to American Stock Transfer &
Trust Company, as Transfer Agent and Registrar (the "Transfer Agent"), the
Company has appointed the Transfer Agent as 



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<PAGE>   8

the exercise agent for purposes of issuing shares of Common Stock (or Other
Securities) on the exercise of this Warrant pursuant to Section 1, exchanging
this Warrant pursuant to Section 11 and replacing this Warrant pursuant to
Section 12, or any of the foregoing, and thereafter any such exchange or
replacement, as the case may be, shall be made at such office by such agent.

                14. REMEDIES. The Company stipulates that the remedies at law of
the Holder in the event of any default or threatened default by the Company in
the performance of or compliance with any of the terms of this Warrant are not
and will not be adequate, and that such terms may be specifically enforced by a
decree for the specific performance of any agreement contained herein or by an
injunction against a violation of any of the terms hereof or otherwise.

                15. NO RIGHTS OR LIABILITIES AS A SHAREHOLDER. This Warrant
shall not entitle the Holder hereof to any voting rights or other rights as a
shareholder of the Company. No provision of this Warrant, in the absence of
affirmative action by the Holder hereof to purchase Common Stock, and no mere
enumeration herein of the rights or privileges of the Holder hereof, shall give
rise to any liability of the Holder for the Purchase Price or as a shareholder
of the Company, whether such liability is asserted by the Company or by
creditors of the Company.

                16. NOTICES, ETC. All notices and other communications from the
Company to the registered Holder shall be mailed by first class certified mail,
postage prepaid, at such address as may have been furnished to the Company in
writing by the Holder or at the address shown for the Holder on the register of
Warrants referred to in Section 10.

                17. TRANSFER RESTRICTIONS. By acceptance of this Warrant, the
Holder represents to the Company that this Warrant is being acquired for the
HolderAEs own account and for the purpose of investment and not with a view to,
or for sale in connection with, the distribution thereof, nor with any present
intention of distributing or selling the Warrant or the Common Stock issuable
upon exercise of the Warrant. The Holder acknowledges and agrees that this
Warrant and, except as otherwise provided in the Registration Rights Agreement,
the Common Stock issuable upon exercise of this Warrant (if any) have not been
(and at the time of acquisition by the Holder, will not have been or will not
be), registered under the Securities Act or under the securities laws of any
state, in reliance upon certain exemptive provisions of such statutes. The
Holder further recognizes and acknowledges that because this Warrant and, except
as provided in the Subscription Agreement, the Common Stock issuable upon
exercise of this Warrant (if any) are unregistered, they may not be eligible for
resale, and may only be resold in the future pursuant to an effective
registration statement under the Securities Act and any applicable state
securities laws, or pursuant to a valid exemption from such registration
requirements. Unless the shares of Common Stock issuable upon exercise of this
Warrant have theretofore been registered for resale under the Securities Act,
the Company may require, as a condition to the issuance of Common Stock upon the
exercise of this Warrant (i) in the case of an exercise in accordance with
Section 1.1 hereof, a confirmation as of the date of exercise of the Holder's
representations pursuant to this Section 17, or (ii) in the case of an exercise
in accordance with Section 1.2 hereof, an opinion of counsel reasonably
satisfactory to the Company that the shares of Common Stock to be issued upon
such exercise may be issued without registration under the Securities Act.



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<PAGE>   9

                18. LEGEND. Unless theretofore registered for resale under the
Securities Act, each certificate for shares issued upon exercise of this Warrant
shall bear the following legend:

           The securities represented by this certificate have not been
           registered under the Securities Act of 1933, as amended. The
           securities have been acquired for investment and may not be resold,
           transferred or assigned in the absence of an effective registration
           statement for the securities under the Securities Act of 1933, as
           amended, or an opinion of counsel that registration is not required
           under said Act.

                19. MISCELLANEOUS. This Warrant and any terms hereof may be
changed, waived, discharged or terminated only by an instrument in writing
signed by the party against which enforcement of such change, waiver, discharge
or termination is sought. This Warrant shall be construed and enforced in
accordance with and governed by the internal laws of the State of Nevada. The
headings in this Warrant are for purposes of reference only, and shall not limit
or otherwise affect any of the terms hereof. The invalidity or unenforceability
of any provision hereof shall in no way affect the validity or enforceability of
any other provision.



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<PAGE>   10

        IN WITNESS WHEREOF, the Company has caused this Warrant to be executed
on its behalf by one of its officers thereunto duly authorized.

Dated:  April 10, 1998                       IVI PUBLISHING, INC.



                                             By:________________________________


                                             Title:_____________________________



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<PAGE>   11

                              FORM OF SUBSCRIPTION

                              IVI PUBLISHING, INC.

                   (To be signed only on exercise of Warrant)

TO:        American Stock Transfer & Trust Company,
              as Exercise Agent
           6201 Fifteenth Avenue
           Brooklyn, New York 11219

        1. The undersigned Holder of the attached original, executed Warrant
hereby elects to exercise its purchase right under such Warrant with respect to
______________ shares of Common Stock, as defined in the Warrant, of IVI
Publishing, Inc., a Minnesota Corporation (the "Company").

        2. The undersigned Holder (check one):

   -    (a)     elects to pay the aggregate purchase price for such shares of
                Common Stock (the "Exercise Shares") (i) by lawful money of the
                United States or the enclosed certified or official bank check
                payable in United States dollars to the order of the Company in
                the amount of $___________, or (ii) by wire transfer of United
                States funds to the account of the Company in the amount of
                $____________, which transfer has been made before or
                simultaneously with the delivery of this Form of Subscription
                pursuant to the instructions of the Company;

           or

   -    (b)     elects to receive shares of Common Stock having a value equal to
                the value of the Warrant calculated in accordance with Section
                1.2 of the Warrant.

           3. Please issue a stock certificate or certificates representing the
appropriate number of shares of Common Stock in the name of the undersigned or
in such other names as is specified below:

           4. The undersigned Holder hereby represents to the Company that the
exercise of the Warrant elected hereby does not violate Section 1.1(b) of the
Warrant.



                                        Name:___________________________________

                                        Address:________________________________



<PAGE>   12

Dated:____________ ___, ____            ________________________________________
                                        (Signature must conform to name of
                                        Holder as specified on the face of the
                                        Warrant)



                                      -12-