On the Wall Street Journal Online is word that IAC, owned by mogul Barry Diller, now owns majority stake in GarageGames. Following that, an announcement was sent out, announcing the formation of InstantAction, a web-based video game network. Apparently, it is the first of its kind, introducing new technology that will offer graphically rich, networked games to run on browsers with no download installation.

?We’ve been looking at the video game sector for years and it wasn’t until we found GarageGames and their idea for InstantAction.com that we believed IAC could participate in a true internet innovation in online gaming,? said Barry Diller, CEO of IAC.

The InstantAction website is now live and accepting email addresses for early access to its private beta. It is expected to launch to the public early next year.