$1.85 billion for web search engine Ask Jeeves

Currently, Google takes the number one spot for the most popular web search engine, followed by Yahoo, Microsoft and AOL. Jeeves comes in at 5th place, holding about 3 percent of the search ad market, still a lucrative slice of a growing market, according to Shuveck.

Consumers may not notice a big change to Ask Jeeves in the near term, analysts say IAC will have to significantly improve the search engine to close the gap between Jeeves and the top players.