Social Networking - Wednesday, August 1, 2007
Disney Closes Out Club Penguin Deal at $350M+
Disney's Bob Iger is on CNBC right now letting us know that he has bought Club Penguin - the Canada-based social network for youngsters. CNBC reports the amount paid was $350M or thereabouts. Iger says the obvious - that its a great fit - and adds that Disney plans to earn that money back by expanding Club Penguin internationally, as its mostly known in North America. Disney will pay up to another $350M to Club Penguin's founders if the company reaches certain performance targets through 2009.
Read - Wall Street Journal post
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