The Walt Disney Company today announced that it will buy Club Penguin for a cool $350 million. Club Penguin is by far the most popular social networking and gaming site for tweens aged 8 to 14-years-old. Disney has already redesigned Disney.com earlier this year, adding social networking, games and video. It has also been developing standalone gaming sites based on franchises like “Pirates of the Caribbean”. Bob Iger, President of the Walt Disney Company, said that Disney could “succeed online by growing organically” but that it considered Club Penguin “too good of a strategic fit” to pass up.

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