IAC buys stake in GarageGames

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NEW YORK -- Internet conglomerate IAC/InterActiveCorp. said Tuesday it acquired a majority stake in game developer GarageGames, and that it has created InstantAction.com, a Web-based video-game network.

Terms of the deal were not disclosed.

IAC, controlled by media veteran and Web investor Barry Diller, said the initial portfolio of InstantAction.com's original games will be announced in the coming weeks.
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