According to several sources online, Barry Diller (CEO of IAC) has recently acquired a majority of GarageGames' equity (which includes the Great Games Experiment web site). The GarageGames management team will continue to lead the business under the new partnership while assisting with the development of the new InstantAction network.

When launched, InstantAction.com will be a web-based action gaming portal featuring 3D singleplayer and multiplayer games which will run from any standard web browser with no download or installations required. Plans for a Game Development Fund was also revealed, though no figure was announced yet.

Josh Williams' post
GameDaily BIZ article
InstantAction web site
Kotaku article