The Pirate Bay Sold To Software Company, Goes Legal

According to gaming company Global Gaming Factory X, it is in the the process of acquiring The Pirate Bay for $7.8m (SEK 60 million). The acquisition is scheduled to be completed by August and will see the site launch new business models to compensate content providers and copyright owners.

Software company Global Gaming Factory X (GGF) says it is in the process of acquiring The Pirate Bay and file-sharing technology company Peerialism. GGF claims to have the biggest network of internet cafÃ©s and gaming centers in the world.

The changeover of ownership is scheduled for August 2009, whereby GGF will take over the operation of the site.

The company says that after it has completed the acquisition it will launch new business models so that copyright owners get paid, which is clearly a huge diversion from TPB’s previous modus operandi.

“We would like to introduce models which entail that content providers and copyright owners get paid for content that is downloaded via the site,” said Hans Pandeya, CEO GGF.

“The Pirate Bay is a site that is among the top 100 most visited Internet sites in the world. However, in order to live on, The Pirate Bay requires a new business model, which satisfies the requirements and needs of all parties, content providers, broadband operators, end users, and the judiciary,” said Pandeya.

“Content creators and providers need to control their content and get paid for it. File sharers’ need faster downloads and better quality,” he added.

GGF will acquire the site’s domain names and sites for SEK 60,000,000 ($7.8 million) - SEK 30,000,000 in cash and the rest in newly issue shares.

File-sharing technology company Peerialism will also be acquired by GGF for a total of SEK 100 million, of which at least SEK 50 million will be in cash.

According to GGF, Peerialism has developed a new P2P distribution technology which will be used on The Pirate Bay. The technology is said to be backwards-compatible with BitTorrent although details are scarce at the moment.

At the time of writing, shares in GGF are up 155% - this will quickly become outdated, so check here for latest stats.

This is breaking news and this article will be updated constantly - please keep checking back.

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