The Walt Disney Company has announced that it has bought the Canadian-based Club Penguin for $35 million. The two year-old Website offers free games and chatting for those between the ages of 6 to 14 and the site claims that it already has over 700,000 subscribers. Although basic membership is free, for a $5.00 monthly fee users can build their own virtual igloo and dress up their penguin. Penguin Executives hope to reach out globally and connect with other Disney-branded sites with the partnering. With all the controversy of parents being concerned with online predators on sites such as MySpace, we hope this alternative will live up to the Disney rep in trying to keep kids safe while they continue to “waddle on.”