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Media News

Swedish software firm agrees to buy Pirate Bay

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.NVIV.PA and EMI had sought damages of more than 100 million Swedish crowns ($12.6 million) to compensate for lost revenues.

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