• Most Popular
  • Most Shared

Swedish software firm agrees to buy Pirate Bay

Tue Jun 30, 2009 3:39am EDT

Stocks

   

STOCKHOLM, June 30 (Reuters) - Swedish software company Global Gaming Factory X AB said on Tuesday it had agreed to buy free file-sharing website The Pirate Bay for 60 million Swedish crowns ($7.7 million). The four men running the website were sentenced in April to one year in jail and a fine of $3.6 million for running the site, which is one of the world largest for downloading files on the Internet.

"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 Global Gaming Chief Executive Hans Pandeya said in a statement.

Music and film companies including Warner Bros. (WMG.N), MGM, Columbia Pictures, 20th Century Fox Films, Sony BMG (6758.T), Universal (GE.N) (VIV.PA) and EMI had sought damages of more than 100 million Swedish crowns ($12.6 million) to compensate for lost revenues.



More from Reuters

Photo

Heavily indebted Dubai World to pitch standstill

DUBAI (Reuters) - Dubai World, faced with a $22 billion debt restructuring, told creditors it had $40 billion in total debts and will pitch a standstill proposal in mid-January, a banking source said on Monday. | Video

» More Top News
Senate Majority Leader Harry Reid (D-NV) (R) wipes his eyes as he and Senator Max Baucus (D-MT) (L) address senate health care legislation at the US Capitol in Washington December 19, 2009. Credit: REUTERS/Jonathan Ernst

Health bill passes crucial test

A sweeping U.S. healthcare reform bill appears headed for passage in the Senate after surviving a middle-of-the-night test vote.  Full Article | Video 

Healthcare Reform
Two men shake hands in a file photo. REUTERS/File

Let's make a deal

The battered M&A sector will make a tepid recovery in the coming year and three hot sectors will lead the way, according to a Thomson Reuters analysis.  Full Article 

Global Deals Review