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IAC Takes Majority Stake in Game Developer GarageGames; Launching Gaming Site InstantAction

By Rafat Ali - Mon 17 Sep 2007 10:36 PM PST

Interactive Corp. (NSDQ: IACI) is getting serious about games: it has taken a majority stake in game developer GarageGames.com, and will launch gaming site, InstantAction in private beta today, reports WSJ. The company plans to focus on 3-D games in the browser, more advanced than the casual games genre.

Eugene, Oregon-based GarageGames launched in 1999, and has provided game development tools for platforms like Xbox 360. But more recently it began developing its Web-based platform as a step toward distributing games as well.

IAC is also launching a multimillion-dollar fund to develop new online action games. Meanwhile, its Zwinky virtual platform is taking off thanks to those annoying and ubiquitous TV ads, and it says now has 9 million members, and just today it launched virtual trading/e-commerce within its Zwinky community.

Posted in: Companies, IACI, Entertainment, Gaming, VC+M&A



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