United Online is paying $100 million in cash for Classmates, the leading service for re-connecting people to their high school friends (in a way, it's a social networking site--it just doesn't utilize the six degrees of separation theory the way the newer services do).
Shopping.com has raised more than $124 million in its IPO, pricing shares at $18, after upping its range to $16-18. The Israel-based company is the 4th largest shopping destination online. It had $42 million in revenue and $3.8 million in net income during the first six months of 2004.
I read yesterday that all Internet IPOs this year are trading above their opening price. It's definitely survival of the fittest.