Oh to be an investment banker these days - they must be stocking up on champagne to celebrate the flurry of deals. Today's M&A activity sees John Malone's Liberty Media purchasing 51% of Fun Technologies for U$195 million. Fun is a private-label provider of online skilled games and fantasy sports. The investment, which also includes a $50 million cash injection, is more evidence large players (Yahoo, Google, AOL, News Corp. Microsoft) are scrambling to position themselves for the Internet's next economic gold rush. This is different, however, from the dot-com days because the focus is on real businesses with profits and sales - rather than popular Web sites that attract a lot of traffic. Mind you, the hot deal-making market is also spurring on new investment as no one wants to miss out on the action. Any  investment banker with a head on his or her shoulders has likely compiled a list of takeover candidate that they are pitching to prospective buyers. Bring on more bubbly, I say!