The Walt Disney Co. has picked up Club Penguin, spending $350 million on the kid-friendly destination that features games, chatting and other interactive tools for children ages 6-14.

"Club Penguin embodies principles that are of the utmost importance to Disney, providing high-quality family entertainment and fostering parental trust," said Bob Iger, Disney's president and CEO. "The founders have woven together new technologies and creativity to build an incredibly compelling, immersive entertainment experience for kids and families."

Disney said it does not plan to change the operations of the site, which boasts 700,000 members, who pay $5 per month. However, Disney is looking to further promote the destination across its network of digital properties.