In the wake of the Pirate Bay founders' controversial trial, a Swedish software firm has purchased the popular torrent site with the aim of turning it into a legit operation. No, really. There's even a press release and everything.
The buyer, Global Gaming Factory X, wants to "launch new business models that allow compensation to the content providers and copyright owners." GGF coughed up 60 million Swedish kronor ($7.72 million) in cash and stock for the website, and it expects to take ownership in August once the transaction closes.
According to the official The Pirate Bay blog, profits from the sale will "go into a foundation that is going to help with projects about freedom of speech, freedom of information and the openess of the nets."
In the same announcement, Global Gaming Factory X says it has also shelled out 100 million kronor ($12.9 million) for Peerialism, a Swedish company that specializes in data and storage distribution. Peerialism's products include software that purportedly enables the distribution of high-quality video to an unlimited number of viewers at low cost, presumably using peer-to-peer technology.
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