The Walt Disney Company has acquired Club Penguin, a popular social networking site for kids.
Club Penguin, which boasts more than 12 million activated users and more than 700,000 paid subscribers, allows kids to create their own penguin avatars and interact with other users in the virtual world.
The site will become Disney’s Club Penguin, but will retain their current URL and will stay at their current headquarters in British Columbia.
Most of the social networking sites users are in the US, Canada and the UK, however Disney says that they are planning to create International versions of the site in Asia, Europe and the Americas.
“This acquisition is consistent with our strategy of leveraging technology to create and deliver high-quality entertainment around the world and our commitment to investing our capital to generate growth and value for our shareholders,” said Bob Iger, Disney president and CEO in a statement announcing the acquisition. “Combining the creativity and knowledge of the Club Penguin team with our existing Disney Online assets will help us further achieve our objective of establishing clear leadership in the kids and families online virtual worlds space around the globe.”