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Penguin waddles to Disney


August 02, 2007 Walt Disney Co. has acquired fast-growing online kids brand Club Penguin, outmaneuvering rival suitors including Time Warner's AOL, which sources revealed mounted an aggressive bid that might have even been pricier than that of Disney. Disney paid $350 million upfront for Penguin and promised its founders as much as $350 million more over the next few years if the online property reaches certain performance metrics. During a conference call with analysts to discuss its quarterly earnings, Disney CEO Robert Iger called Club Penguin "a great example of creativity and technology merging."

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