Global Gaming Factory X Acquires The Pirate Bay
Swedish based Internet cafe operator Global Gaming Factory X (GGF) has purchased thepiratebay.org for 60 million Swedish kronor (approximately US$7.8 million) consisting of 30 million kronor in cash and 30 million in shares. GGF says it intends to use new business models on the site which allow compensation for the content providers and copyright owners, therefore allowing legal downloads. The closing of the deal is scheduled for August this year after which GGF will be responsible for the maintenance and operation of the site. GGF has also undertook an agreement to acquire shares in Peerialism, a software technology firm specialising in data distribution and distributed storage using new peer-to-peer (P2P) technologies which will be implemented into The Pirate Bay in the future. The acquisition of Peerialism will be worth 100 million kronor (approximately $US13 million) with half in shares and the rest in cash. The Pirate Bay has said on it's blog that the profits from the sale of the site will go into a foundation to support projects related to 'freedom of speech, freedom of information and the openess of the nets'.