New York--Continuing to sell itself off piece by piece, Ziff-Davis announced Friday that it has agreed to sell its 64% stake in ZDTV to Microsoft Corp. co-founder Paul Allen's Vulcan Ventures for $204.8 million. Bellevue, Wash.-based Vulcan Ventures already owned 33% of the fledgling 24-hour cable station, which is dedicated to covering computing and the Internet. The pending deal places the value of ZDTV at $320 million. When the transaction is completed, ZDTV will continue certain business agreements, including a joint news organization, with ZDNet and ZD Publishing. The fate of other Ziff-Davis divisions such as ZDNet, ZD Publishing and ZD Events--which were put on the block by Ziff-Davis' majority owner, Tokyo-based Softbank Corp.--is expected to be determined by Christmas.