Who owns Instant Action?

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Well, we've been sitting on this news for awhile, and it's great to finally announce it! We're very excited to let everyone know that GarageGames has partnered up with InterActive Corporation, IAC, to build a brand new network of action games playable in the browser, and to fund independent games, all in accordance with our long-standing philosophy, vision, and mission at GG.

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As some of you have read in the announcements by now though, IAC has acquired a majority of the equity at GG. However, we used a very unique structure in our deal with them. While IAC now has the majority of the future economic value of GG, we continue to run the shop right here in good old Eugene, OR.

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Barry Diller is the Chairman and Chief Executive Officer of IAC, and Chairman of Expedia, Inc.

IAC is a leading internet company with more than 35 fast-growing, highly-related brands serving loyal consumer audiences... its mission is to harness the power of interactivity to make daily life easier and more productive for all people all over the world. Some of IAC's businesses include Ask.com, Match.com, Citysearch, Evite, ServiceMagic, RushmoreDrive and Gifts.com.

Diller was raised in Beverly Hills-his dad ran a construction company-and he enrolled at UCLA after high school, dropping out after four months to take a job in the mailroom of the William Morris Agency. (Danny Thomas, the father of his pal Marlo Thomas, helped him land the job.) Three years later he became a fully-fledged agent, but he soon left for ABC's programming department, where he made his biggest contribution to the medium by inventing the Movie of the Week. Diller was 32 when he departed ABC to take up the post of chairman of Paramount Pictures, and on his watch the studio turned out a series of huge hits like Saturday Night Fever, Grease, Raiders of the Lost Ark, and Beverly Hills Cop.

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43 Years Old
Thomas J. McInerney, age 43, has been Executive Vice President and Chief Financial Officer of IAC since January 2005. Mr. McInerney previously served as Chief Executive Officer of IAC's Retailing sector from January 2003 through December 2005. Prior to this time, Mr. McInerney served as Executive Vice President and Chief Financial Officer of Ticketmaster (prior to it becoming a wholly-owned subsidiary of IAC in January 2003) and its predecessor company, Ticketmaster Online-Citysearch, Inc., since May 1999. Prior to joining Ticketmaster, Mr. McInerney worked at Morgan Stanley, most recently as a Principal.

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Victor A. Kaufman, age 64, has been a director of IAC (and its predecessors) since December 1996 and has been Vice Chairman of IAC since October 1999. Mr. Kaufman also serves as Vice Chairman of the Board of Expedia, which position he has held since August 2005. Previously, Mr. Kaufman served in the Office of the Chairman from January 1997 to November 1997 and as Chief Financial Officer of IAC from November 1997 to October 1999. Prior to his tenure with IAC, Mr. Kaufman served as Chairman and Chief Executive Officer of Savoy Pictures Entertainment, Inc. from March 1992 and as a director of Savoy from February 1992. Mr. Kaufman was the founding Chairman and Chief Executive Officer of Tri-Star Pictures, Inc. and served in such capacities from 1983 until December 1987, at which time he became President and Chief Executive Officer of Tri-Star's successor company, Columbia Pictures Entertainment, Inc. He resigned from these positions at the end of 1989 following the acquisition of Columbia by Sony USA, Inc. Mr. Kaufman joined Columbia in 1974 and served in a variety of senior positions at Columbia and its affiliates prior to the founding of Tri-Star.

Quote:Total Compensation $3,263,971.00

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Mr. Kaufman had already made a name for himself with Tri-Star, persuading Coca-Cola, Time Inc.'s Home Box Office and CBS Inc. to form the company five years ago in an innovative joint venture that came with an oversized bankroll and ready-made distribution networks. Largely because of its Kaufman-engineered financial structure, Tri-Star prospered, posting operating profits of $21 million last year on sales of $254 million.