These days, it’s little brother who’s watching.

Younger and younger children want their share of the social networking craze, but popular Web sites such as MySpace and Facebook are reserved for older crowds. So sites are now aiming at children 14 and under, with online worlds where their animated personas can play games, chat with others their age and even engage in adultlike activities such as e-commerce.

This week, Disney announced the acquisition of Club Penguin, a virtual world for children that’s been around less than two years but has grown to 12 million registered users, largely without marketing. Disney executives said the deal, valued at as much as $700 million depending on the company’s performance, won’t result in changes to the Club Penguin site, which requires parental permission for membership and doesn’t have advertising.

But the deal has prompted child advocates to ask whether kids are helped or harmed by exposure to the Web.

“The perception in most of our minds is that Disney is wholesome and surely would not do anything to harm children,” said Peggy Meszaros, director of the Center for Information Technology Impacts on Children, Youth and Families at Virginia Tech. “But it’s dangerous to believe that any company in business to make money has the consumer interest at heart, whether it’s a young child or adult.”

There are a growing number of sites that claim to offer entertainment and education for children.

Disney said it wants to invest in sites where parents can be assured of their children’s safety against adult content and contact from strangers, said Steve Wadsworth, president of Walt Disney Internet Group.

“It’s a critical priority,” he said. “This is one of the many types of entertainment that kids can and should be exposed to.” Wadsworth said Disney does not plan to advertise on Club Penguin; the site sells premium memberships at $5.95 a month or $57.95 for a year.