Disney buys kids social network Togetherville

AP News
Posted: Feb 24, 2011 4:14 PM
Disney buys kids social network Togetherville

The Walt Disney Co. said Thursday that it has acquired children's social network Togetherville for an undisclosed sum. The deal is part of Disney's strategy of investing more in social and mobile companies and less in creating console-based video games.

Togetherville is meant for children aged 6 to 10 and allows them to interact with the children of their parents' friends on Facebook. They can play games, watch videos, send pre-selected messages to their friends or have their comments vetted before being published.

The acquisition follows Disney's purchases of social gaming company Playdom for $563 million and mobile music game maker Tapulous last year.

The company would not say how many people work at Togetherville or how many members it has.

Disney has been trying to turn around its interactive division, which lost $234 million last fiscal year on $761 million in revenue.

The co-presidents of the division, John Pleasants and Jimmy Pitaro, told an investors conference last week that their goal is to make the division profitable some time in 2013.

Disney shares rose 25 cents to $42.38 in afternoon trading Thursday.