Torrent hosting site The Pirate Bay has been acquired by Swedish game networking company Global Gaming Factory for $7.8 million. Best known as a site at which users can illegally download music, movies, games, and more, the new owners apparently plan on turning the The Pirate Bay legitimate by compensating content providers.
In a statement, Global Gaming Factory CEO Hans Pandeya states, "We would like to introduce models which entail that content providers and copyright owners get paid for content that is downloaded via the site."
Despite being one of the top 100 most visited sites in the world, Pandeya believes The Pirate Bay needs restructuring. "In order to live on, The Pirate Bay requires a new business model, which satisfies the requirements and needs of all parties, content providers, broadband operators, end users, and the judiciary. Content creators and providers need to control their content and get paid for it. File sharers need faster downloads and better quality."
The move comes after a recent decision by the Swedish court, finding the creators of The Pirate Bay guilty of "assisting in making copyright content available." The four creators were sentenced to one year in prison and fined $905,000 each.