Disney acquires Club Penguin for $350m
August 7th, 2007
Disney said Wednesday that 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 also has 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. “They could earn all of it or none of it,” said Thomas Staggs, chief financial officer for Disney. “The growth they have to achieve is attractive enough that we would be pleased to pay.”
Aquisition price of $500 per existing member.
Bookmark to:
