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Axing InstantAction cost IAC $22m

But Barry Diller's firm spends $50m acquiring OkCupid

Barry Diller's media conglomerate IAC has announced a fourth-quarter net income of $87 million for the fiscal year just ended.

However, the firm suffered $21.5 million in after-tax losses due to its closure of game firm InstantAction last November.

This contributed to the parent company hitting an operating loss of $21.4 million.

InstantAction took on a number of forms during its short life, including a proprietary browser game engine and portal, a streaming system licensed to other firms and Facebook Guitar Hero clone InstantJam.

It was closed abruptly in November, but a number of former staff have managed to salvage the Torque engine element of the business, and set up again using the firm's original title of GarageGames.

Despite IAC's cold feet in terms of gaming, it was confident enough in other online fields to spend $50 million on acquiring dating site OkCupid this week. IAC's Q4 revenues were $451.4 million.

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