Barry Diller's IAC/InterActiveCorp will sell its 5.4% stake in TV, movie and theme-park business Vivendi Universal Entertainment to NBC Universal for $3.4 billion. As the New York Daily News points out, the move is a direct result of Diller focusing his energies on Internet retailing and e-commerce. Once a film and TV mogul, Diller is now putting all of his eggs in the Internet (oops, "interactive") basket.

In addition, the transaction settles the vexing matter of tax litigation between IAC and Vivendi, furthering opening the door for Diller to close on the Ask Jeeves deal and spin off one or more of his online travel businesses. For now, Diller has not indicated how he plans to spend the $3.4 billion windfall, other than to point out that "IAC doesn't have 'big eyes' for another acquisition."