Exhibit 10(e)(xiv)
_____________________


Mr. Gregory Ionna
Executive Vice President
Gibson Division
Gibson Greetings, Inc.
2100 Section Road
Cincinnati, OH  45237


Re:  Employment Agreement


Dear Greg:


     In accordance  with our  discussions, this  letter serves  as a  contract
confirming your employment as Executive Vice President of the Card Division of
Gibson  Greetings,  Inc.    This  agreement  supersedes  and  terminates  that
Employment Agreement entered into on January 2, 1991 and amended and  extended
by agreement  of December  6, 1994.   The  terms of  this new Agreement are as
follows:

     1.You have agreed to serve the  Company on a full-time basis as  a senior
       executive employee, and the Company agrees to employ you as such, for a
       period of  three years  commencing as  of April  1, 1996  and ending on
       March 31,  1999.   Your employment  and this  Agreement may be extended
       thereafter on an indefinite basis  by mutual agreement of the  parties.
       In the event that  either you or the  Company elect not to  extend your
       employment on an indefinite basis after March 31, 1999, then you  shall
       be treated  as having  been terminated  without Cause  and you shall be
       entitled to those termination benefits set forth in Paragraph 5.

     2.Your annual salary,  effective as of  April 1, 1996,  shall be $210,000
       and effective as of the date of the signing of this Agreement shall  be
       $230,000 and which  amount may be  increased from time  to time by  the
       Company in accordance with the Company's salary administration program.
       In addition, you will qualify for participation in the Incentive  Bonus
       Program.

     3.In addition to the above salary and bonus, you will also be included in
       Gibson's Supplemental Executive Retirement  Plan and in Gibson's  other
       programs   for   executives   which   include:      executive  physical
       examinations, supplemental life insurance, tax preparation, and  estate
       planning assistance.  Further, you  will continue to receive all  other
       fringe benefits  as are  generally available  to Company  executives as
       such benefit plans may exist from time to time.


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Mr. Gregory Ionna

_________________

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     4.In the event  you are unable  to perform your  duties hereunder due  to
       illness or other incapacity,  which incapacity continues for  more than
       six consecutive or  nonconsecutive months in  any 12 month  period, the
       Company shall have the right, on  not less than 30 days written  notice
       to you, to  terminate this Agreement;  your employment and  your salary
       and rights  to participate  in the  Incentive Bonus  Plan and  benefits
       described in  Paragraph 3  shall cease  on the  effective date  of your
       termination.

       In  the  event  of  your  death  during your employment hereunder, your
       salary shall cease as of the last day of the sixth full calendar  month
       following the month in which your death occurs; except for such  salary
       continuation rights, this Agreement  and your rights to  participate in
       the Incentive Bonus  Plan and benefits  described in Paragraph  3 shall
       terminate as  of the  date of  death.   Provided, however,  that in the
       event of your death  during your employment hereunder  health insurance
       coverage shall be extended to  your wife and dependent children  at the
       Company's expense for at least six months.

     5.The Company reserves the right to terminate your employment at any time
       during  the  term  or  extended  term  of this Agreement.  Except where
       termination is pursuant to Paragraph 4,  or is for Cause as defined  in
       Paragraph  6,  the  Company  will  pay  to  you  immediately  upon such
       termination, two times your yearly salary at the salary level in effect
       on the date of termination,  plus any unpaid bonus under  the Incentive
       Bonus Program with respect to a completed calendar year of  employment.
       In addition,  you will  continue to  be covered  at the  Company's cost
       under  the  Company's  medical  benefits  plan  until  you commence new
       employment or until two years  from the date of termination,  whichever
       first occurs.   In  the event  any person,  corporation, partnership or
       joint venture becomes  the beneficial owner  of fifty percent  (50%) or
       more of  the voting  securities of  the Company  then the provisions of
       this Paragraph for  two times salary  and bonus shall  be automatically
       revised to 2.9 times such salary  plus any unpaid bonus but subject  to
       the  provisions  of   the  attached  Exhibit   A.  Further,  upon   the
       consummation of  such a  change of  ownership you  may, within 30 days,
       elect to terminate your employment and if you make such an election the
       Company shall, upon such termination  immediately pay to you 2.9  times
       your yearly salary plus any unpaid bonus.











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Mr. Gregory Ionna

_________________

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     6.In the event you voluntarily terminate your employment during the  term
       or extended term of this Agreement, other than 1) on March 31, 1999  as
       provided in Paragraph  1, above, or  2) within 30  days of a  change of
       ownership as provided in Paragraph  5, above, or if your  employment is
       terminated by the Company for Cause, your right to salary and rights to
       participate  in  the  Incentive  Bonus  Plan  and benefits described in
       Paragraph 3 shall cease as of  the date of termination.  "Cause"  shall
       mean   dishonesty,   insubordination,   gross   negligence  or  willful
       misconduct in  the performance  of your  duties --  failure to  perform
       duties in a diligent and  competent manner, or any willful  or material
       breach of  this Agreement  - provided,  however, that  in instances  of
       alleged insubordination, gross negligence, failure to perform duties in
       a diligent and competent manner,  or any willful or material  breach of
       this Agreement  you shall  be promptly  given notice  and shall have 90
       days in which to correct or cure any alleged deficiency.

     7.Termination of employment  under Paragraph 4,  5, or 6  shall terminate
       this Agreement with the exception of the provisions of Paragraphs 8, 9,
       and 11 and any other provisions of this Agreement which by their  terms
       survive termination of employment.

     8.In the event of termination of your employment for whatever reason, you
       agree that for a period of one year after such termination you will not
       compete, directly or indirectly, with the Company or with any division,
       subsidiary or affiliate of Gibson  Greetings, Inc. or participate as  a
       director,  officer,  employee,  consultant,  advisor,  partner or joint
       venturer in any business engaged in the manufacture or sale of greeting
       cards, gift wrap or other products  produced by the Company, or by  any
       division, subsidiary  or affiliate  of Gibson  Greetings, Inc., without
       the Company's prior consent.

     9.In connection  with this  Agreement, you  agree to  continue to receive
       confidential  information  of  the  Company  in  confidence, and not to
       disclose to  others, assist  others in  the application  of, or use for
       your own gain, such information, or any part thereof, unless and  until
       it  has  become  public  knowledge  or  has come into the possession of
       others by  legal and  equitable means.   You  further agree  that, upon
       termination of  employment with  the Company,  all documents,  records,
       notebooks, and similar writings, including copies thereof, then in your
       possession, whether prepared by you or by others, will be left with the
       Company.   For purposes  of this  Paragraph, "confidential information"
       means  information   concerning  Company's   finances,  plans,   sales,
       products, processes and services,  or those of Company's  subsidiaries,
       divisions or affiliates, which is disclosed to you or known by you as a
       consequence of or through your  employment with the Company, and  which
       is not  generally known  in the  industry in  which the  Company or its
       subsidiaries, divisions or affiliates are or may become engaged.


                                     -63-
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Mr. Gregory Ionna

_________________

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    10.Nothing herein is intended to be granted to you to the exclusion of any
       other rights or privileges to which you may be entitled as an executive
       employee   of   the   Company   under   any   retirement,    insurance,
       hospitalization, or other plan which may now or hereafter be in effect.

    11.This agreement shall inure  to the benefit of  and be binding upon  you
       and your legal representatives as  well as the Company, its  successors
       and  assigns  including,  without  limitation, any person, partnership,
       corporation or  other entity  which may  acquire all,  or substantially
       all, of the Company's assets and business.

     To  indicate  your  acceptance  of  and  willingness  to be bound by this
Agreement, please sign and return one duplicate original of this letter.



                                            Sincerely,


                                            GIBSON GREETINGS, INC.

                                            By  /s/ Frank O'Connell
                                                --------------------

AGREED:

/s/ Gregory Ionna
-------------------
Gregory Ionna


December 28, 1996
--------------------
Date















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EXHIBIT A


     Anything in this Agreement to the contrary notwithstanding, in the  event
that the Corporation's auditors (the "Auditors") determine that any payment or
distribution by the  Corporation to or  for the benefit  of Executive, whether
paid or payable (distributed or  distributable) pursuant to this Agreement  or
otherwise (a "Payment"), would be nondeductible by the Corporation for federal
income tax purposes because  of Section 280G of  the Internal Revenue Code  of
1986, as amended (the "Code"), then the aggregate present value of the amounts
payable or distributable to or for  the benefit of Executive pursuant to  this
Agreement  or  any  other  agreement  between  Executive  and Corporation (the
"Agreement Payments") shall  be reduced (but  not below zero)  to the "Reduced
Amount."  For  purposes of this  Agreement, the "Reduced  Amount" shall be  an
amount expressed in present value terms which maximizes the aggregate  present
value of Agreement Payments without causing any Payment to be nondeductible by
the Corporation because of Section 280G of the Code.

     As a result of the uncertainty in the application of Section 280G of  the
Code at the time of the initial determination by the Auditors, it is  possible
that Agreement Payments  will have been  made by the  Corporation which should
not have been  made (an "Overpayment")  or that additional  Agreement Payments
which will  not have  been made  by the  Corporation could  have been made (an
"Underpayment"), consistent in each case  with the calculation of the  Reduced
Amount hereunder.  In the event that the Auditors, based on the assertion of a
deficiency  by  the  Internal  Revenue  Service  against  the  Corporation  or
Executive  which  the  Auditors  believe  has  a  high probability of success,
determine that an Overpayment has been made, such Overpayment shall be treated
for  all  purposes  as  a  loan  to  Executive  which  he  shall  repay to the
Corporation, together with  interest at the  applicable federal rate  provided
for in Section 7872(f)(2) of the Code; provided, however, that no amount shall
be payable  by Executive  to the  Corporation if  and to  the extent that such
payment would not reduce the amount which is subject to taxation under Section
4999  of  the  Code.    In  the  event that the Auditors, based on controlling
precedent,  determine  that  an  Underpayment  has occurred, such Underpayment
shall promptly be paid by the Corporation to or for the benefit of  Executive,
together with interest at the applicable federal rate provided for in  Section
7872(f)(2) of the Code.



















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