Disney acquires Club Penguin, in a deal that could total $700 million. Disney said it would pay $350 million for Club Penguin, a virtual community that has soared in popularity since its founding in late 2005. More than 700,000 users now pay $5.95 a month to customize penguin characters and then chat and play games with other “penguins.” Disney agreed to pay the founders, three fathers based in Kelowna, British Columbia, up to $350 million more by the end of 2009 if the site meets growth targets. Club Penguin, attracted 4.7 million unique visitors in June 2007, an increase of 159 percent over the previous year.
