File-sharing company The Pirate Bay, whose four owners were sentenced by a Swedish court to a year in prison and a hefty fine for breaking copyright law, will officially be acquired next month. On Thursday, Global Gaming Factory broke its silence about the 60 million Swedish Kronor (US$8.1 million) acquisition of the company, saying it expects the purchase to be completed on Aug. 27.
“The Pirate Bay is back,” said Hans Pandeya, CEO of Global Gaming. “We look forward to a successful completion of the acquisition of The Pirate Bay, one of the world’s top 100 sites, and its listing on the stock market.”
The new owners plan to tap into the 20 million visitors to The Pirate Bay and more than one billion searches per month, according to the company.
Once the acquisition is complete, Global Gaming plans to create a new business model that will compensate both copyright owners and content providers for downloads from The Pirate Bay Web site, according to the company.
Information on the legalization of The Pirate Bay will be available to shareholders two weeks before a meeting, according to Global Gaming executives. The company said it is also in final negotiations with a global player on an agreement that is expected to serve as a model for the entertainment industry.
The new owners plan to keep the company’s name because it is a “global brand and has great potential,” and they plan to collaborate with industry partners to bring in revenue.
The former crew of The Private Bay said the timing is right to invite more people into the project in a way that is secure and safe for everybody.
“We need that or the site will die,” Peter Sunde posted on the official TPB blog when word of the acquisition first leaked. “And letting…