Correction through the post: IAC (NSDQ: IACI) CEO Barry Diller spoke at Fortune Brainstorm Tech this morning, and is announcing a new venture around video: the company is buying is hiring Dave Noll, the president from the 25-year old video production company Citylights Media (who is then bring in six more people in from the company), and putting it together with owned video site CollegeHumor.The CityLight team has worked together in the past, and now will produce a lot more original video than CH does now.

From company description: “The company is engaged in the development, acquisition, creation, production, distribution and global licensing of proprietary content including motion pictures, television programs and digital content, such as wireless, broadband, and video on demand.” Lot more on it here.