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Report: IAC to buy majority stake in GarageGames

In addition to buying large share of game developer, media company will fund new Internet action games, according to news report.

IAC/InterActiveCorp is planning to announce on Tuesday that it has taken a majority stake in game developer GarageGames.com to anchor a soon-to-be launched gaming site, The Wall Street Journal reported on its Web site.

Terms of the deal were not available, the report said. IAC also plans to announce a multimillion-dollar fund to develop new Internet action games, the report said. IAC was not immediately available for comment.