Disney buys kids’ social networking site

The Walt Disney Company purchased social-networking site Club Penguin, which the AP says is all the rage among the 9-14 set. It is a MySpace-type site aimed at the pre-teen set. The key difference for this site is that parents pay $5 a month to get in – and ClubPenguin lays claim to 700,000 subscribers (there’s a nice way to generate $42 million a year). Disney paid $350 million for the site – and for now plans to leave it be.