Today, IAC announced that it was launching it's own Virtual World called Zwinktopia. This space seems to be the next craze following the last two years of Social Networks and Video. Second Life has generated the most hype/buzz in, with others including Gaia and Habbo Hotel joining the fray. With IAC's announcement, this is clearly going to get overheated. Now the Insider has learned that Club Penquin, one of the most profitable startups in memory has hired Montgomery Bank to sell it. Word is that News Corp., Viacom and Disney are all in hot pursuit and the price tag will be north of $250 million. Executives from all three companies have visited the Vancouver-based company and a deal is imminent (within the month). Word is that Club Penquin is doing north of $10 m in profits this year.

In other buyout news, final bidders on the Maxim Magazine (dennis publishing) business are in. Word is that Elevation Partners and Quadrangle are the finalists. Kurt Brownridge, the former Rolling Stone exec, is heading the charge for Quadrangle.

Lastly, Carlyle Group has hired Norman Perlstein to help it in its evaluation of buying the Time Magazine properties. Perlstein, the former Czar of Time Inc Publishing is eyeing the big payday.

*Source: The Media Insider, April 30, 2007