<PAGE>   1

                                 EXHIBIT 10.47


                              SEVERANCE AGREEMENT


THIS SEVERANCE AGREEMENT ("Agreement"), entered into on this 28th day of
October, 1996, by and between Capitol Multimedia, Inc., a Delaware corporation
(the "Company"), and Robert I. Bogin ("Employee")

                                   WITNESSETH

         WHEREAS, Employee has been a key employee of the Company and has
announced his intention to resign from the Company;

         WHEREAS, Employee acknowledges that the consideration provided him
under this Agreement is over and above the compensation currently earned by
Employee;

         WHEREAS, Employee and the Company intend the terms and conditions of
this Agreement to govern all issues related to Employee's employment with and
resignation from the Company;


              THE EMPLOYEE AND COMPANY THEREFORE AGREE AS FOLLOWS:

         1.      Severance.  The Employee and the Company agree that Employee's
employment with the Company and that certain employment agreement dated January
27, 1992 between the Company and the Employee will, at the discretion of
Employee, terminate not later than December 31, 1996 ("Termination Date").
Assuming such Termination Date is December 31, 1996, Employee shall receive,
subject to Employee's execution of a letter in the form attached hereto (a
"Waiver Letter") as required by Section 11 hereof, a lump sum cash payment
equal to $258,550 plus any earned and unused vacation.  Should the Termination
Date be sometime between the date of this Agreement and December 31, 1996,
Employee will receive, also subject to Employee's execution of a Waiver Letter,
a lump sum cash payment equal to $258,550, plus Employee's salary and Company's
cost of providing Employee with non-medical benefits from Termination Date to
December 31, 1996, plus any earned and unused vacation. In either case, the
Company will provide medical benefits, comparable to those Employee currently
has, at no cost to Employee from Termination Date until March 31, 1998.

         2.      Options.  In substitution for the options previously granted
to Employee, the Company hereby grants to Employee under the Company's Amended
and Restated 1991 Non-Qualified Employee Stock Option Plan options to purchase
250,000 shares of Common Stock at the exercise prices set forth in the attached
schedule.  Such options shall become fully exercisable on December 31, 1996
unless Employee shall have resigned as an employee of the Company effective as
of a date prior to December 31, 1996.  Once vested, such options shall be
exercisable, notwithstanding the termination of Employee's employment with the
Company, for the periods set forth in the schedule attached hereto.  Employee
hereby consents to the issuance of such options in

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substitution for the options previously granted to Employee by the Company and
identified in the schedule attached hereto.

         3.      Termination.  The option grants to be made pursuant to Section
2 of this Agreement shall not be made in the event that Employee voluntarily
resigns or terminates his employment prior to such date.

         4.      Payment.  The Company shall pay Employee all amounts owed to
the Employee under this Agreement not later than fifteen (15) days after the
date of Employee's termination; provided that the Employee has executed and
delivered to the Company a Waiver Letter.  If for any reason, Employee is not
paid any or all amounts owed to Employee under this Agreement within the
aforementioned fifteen (15) days, then interest shall accrue on the unpaid
balance at 18% per annum.  In addition, the Company will be responsible for the
payment of all costs, including reasonable attorney fees, if any, incurred in
connection with Employee enforcing his rights to be paid under this Agreement.

         5.      Governing Law.    This Agreement shall be construed and
governed in all aspects by the laws of the State of Delaware (exclusive of
conflicts of law principles).

         6.      Modification.    This Agreement shall not be modified or
amended except as agreed to in writing signed by each party or an authorized
representative of each party.

         7.      No Waiver.  The failure of either party to this Agreement to
insist upon the performance of any of the terms and conditions of this
Agreement, or the waiver of any breach of any of the terms and conditions of
this agreement, shall not be construed as thereafter waiving any such terms and
conditions, but the same shall continue and remain in full force and effect as
if no such forbearance or waiver had occurred.

         8.      Headings.  Titles to the sections of this Agreement are solely
for the convenience of the parties and shall not be used to explain, modify,
simplify, or aid in the interpretation of the provisions of this Agreement.

         9.      Entire Agreement.  This Agreement constitutes the entire
agreement and understanding, and merges and supersedes all prior discussions,
agreements and understandings between the parties regarding the subject matter
described herein.

         10.     Survival of Indemnification.  All indemnification obligations
undertaken by the Company on behalf of Employee whereby the Company has agreed
to indemnify Employee against and in respect of any damages, losses, claims, or
liabilities, including, where applicable, any costs, expenses, and reasonable
fees incident or related thereto (including reasonable attorney's fees) whether
arising by contract or under the Articles of Incorporation or Bylaws of the
Company or otherwise shall survive the execution of this Agreement, the
termination of Employee's employment and the execution by Employee of a Waiver
Letter.





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         11.     Condition to Receipt of Benefits.  As a condition precedent to
receiving the benefits provided for under this Agreement, Employee must sign
the attached Waiver Letter on the date of Employee's termination.

         12.     This Agreement shall supersede and render null and void any
prior termination agreement between the Company and Employee.

         IN WITNESS WHEREOF, the parties have caused this Agreement to be
executed on the date first above written.


                                        /s/ Robert I. Bogin
                                        -------------------
                                        Robert I. Bogin

                                        Capitol Multimedia, Inc.,
                                        a Delaware corporation


                                        /s/ Igor R. Razboff
                                        -------------------
                                        By: Igor R. Razboff
                                        Its: Chief Executive Officer





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<PAGE>   4
Robert I. Bogin
Severance Agreement Option Schedule



<TABLE>
<CAPTION>
                                                                 Options Granted per Severance Agreement and pursuant to the
              Options Previously Granted                        Company's Amended and Restated 1991 Employee Stock Option Plan
              --------------------------                        --------------------------------------------------------------

Number of Shares    Exercise Price     Date        Expiration    Number of Shares  Exercise Price     Date      Expiration
Underlying Option     Per Share     Exercisable       Date      Underlying Option     Per Share    Exercisable     Date
-----------------   --------------  -----------    ----------   -----------------   -------------  -----------  ----------
   <S>               <C>            <C>            <C>              <C>                <C>           <C>         <C>
    25,000           $3.9625        9/13/95        3/31/00           25,000            $3.9625       12/31/96    3/31/00
                                                                                                             
    25,000           $3.9625         4/1/96        3/31/01           25,000            $3.9625       12/31/96    3/31/01
                                                                                                             
   100,000           $3.9625        9/13/95        3/30/02          100,000            $3.9625       12/31/96    3/30/02
                                                                                                             
   100,000           $3.9625         4/1/97        3/31/03          100,000            $3.9625       12/31/96    3/31/03
-----------------                                               -----------------

   250,000                                                          250,000
</TABLE>





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                                 WAIVER LETTER



Mr. Robert I. Bogin
[Home Address]
 ________


Dear Mr. Bogin:

         In connection with your termination as an employee of Capitol
Multimedia, Inc. (the "Company"), you and the Company have agreed to the terms
and conditions as contained in the Severance Agreement (to which the form of
this letter is an attachment) concerning your termination from employment no
later than December 31, 1996 (the "Termination Date").

         In consideration of the Company's agreement to provide the benefits,
payments, and other items described in the Severance Agreement, some of which
are in addition to anything which you would otherwise be entitled to receive
and the receipt and sufficiency of which is hereby acknowledged, you hereby
release and forever discharge the Company, its officers, directors, agents,
servants, and employees, their successors, assigns, and insurers, and their
parents, subsidiaries and affiliates, and any and all other persons, firms
organizations, and corporations from any and all damage, losses, causes of
action, expenses, demands, liabilities, and claims on behalf of yourself, your
heirs, executors, administrators, and assigns with respect to all matters
relating to the Company and you hereby accept the cash payments, benefits, and
other items described in the Severance Agreement in full settlement of all such
damages, losses, causes of action, expenses, demands, liabilities, and claims
you now have or may have with respect to such matters.

         This release includes, but is not limited to, claims arising under the
Age Discrimination in Employment Act, the Older Workers' Benefit Protection
Act, Title VII of the Civil Rights Act of 1964, the Americans with Disabilities
Act, the Family and Medical Leave Act, any claims for breach of contract, tort
or personal injury of any sort, and any claim under any other state or federal
statute or regulation.  Further, by accepting the payments described in the
Severance Agreement, you agree not to sue the Company or the related persons
and entities described above.  You affirm and agree that as of the Termination
Date your employment relationship has ended and waive all rights in connection
with such





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relationship except to vested benefits and the payments and benefits described
in the Severance Agreement.  You acknowledge that you have been advised in
writing to consult with an attorney prior to signing this letter agreement and
have had an adequate opportunity to seek advice of your own choosing. You
acknowledge that you have read this letter agreement, have had an opportunity
to ask questions and have it explained to you and that you understand that this
letter agreement will have the effect of knowingly and voluntarily waiving any
action you might pursue, including breach of contract, personal injury,
retaliation discrimination on the basis of race, age, sex, national origin, or
disability and any other claims arising prior to the date of this letter
agreement.  Notwithstanding the foregoing, as provided in Section 10 of the
Severance Agreement, the execution of this letter agreement by you will not
constitute the waiver of any indemnification rights that may otherwise be
available to you.

         The purpose of the arrangements described in this letter and the
Severance Agreement is to arrive at a mutually agreeable and amicable basis
upon which to separate your employment with the Company.  You and the Company
agree to refrain from any criticisms or disparaging comments about each other
or in any way relating to your termination from employment.  Furthermore, you
agree that you have returned or will return immediately, and to maintain in
strictest confidence and not to use in any way, any proprietary, confidential,
or other nonpublic information or documents relating to the business and
affairs of Company and its affiliates.

                                        Very truly yours,

                                        Capitol Multimedia, Inc.

                                        /s/ Igor R. Razboff
                                        -------------------
                                        By: Igor R. Razboff
                                        Its: Chief Executive Officer


AGREED TO AND ACCEPTED this
______ day of __________, ___.


-----------------------------

Robert I. Bogin