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Club Penguin, the children's virtual world, has been acquired by Disney in a deal worth up to $700m (£344.5m).
The media giant will pay $350m upfront for the fast growing site - which had reportedly been a $500m target for Sony.
Children's TV network Nickelodeon is to increase its investment in online games for kids - what is fast becoming a valuable market online.
The firm says it will invest $100m (£49m) over the next two years in improving and adding to its current online offering, including new subscription services, multiplayer games and virtual worlds.
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