Disney announced Wednesday that it purchased Kelowna, British Columbia, Canada-based Club Penguin, a rapidly growing online virtual world for kids.Now as new-media-VCs we love it (big exit)... and hate it (why we did not think about it?). :-)
According to an SEC filing, Disney bought all the outstanding shares of site operator New Horizons Interactive for $350 million.
Disney could spend up to $350 million more if New Horizons hits "predefined earnings targets" for fiscal 2008 and 2009.
(Also: please note the very clean - no ad design. Can Disney, will Disney keep it?)