Last week we reported that FanLib, the Los Angeles-based community site dedicated to showcasing fan fiction, was shutting down, even though it was in the process of being bought by Disney (NYSE: DIS). We weren’t sure if the buyout was still on, but we have now confirmed from sources that the deal is still on, and is in the final stages of closing. The shut-down appears to be part of a business-model switch. As I mentioned in the earlier post, Disney will be completely retooling FanLib with a focus on its own properties, instead of fan fiction and other networks’ TV shows and movies.

• Fan Fiction Site Fanlib Closing Down; Disney Deal Nixed?
• Disney Buying Storytelling Social Net FanLib; DigiSynd in Process