A Swedish Software Firm called Global Gaming Factory X has announced it has purchased the online file sharing site 'The Pirate Bay' for $7.7 million (60 million Swedish crowns).
In a blog post The Pirate Bay says that the sale was necessary to secure the future of the site, and that they look forward to the expansion of the site with new people on board.
TPB is being sold for a great bit underneath it's value if the money would be the interesting part. It's not. The interesting thing is that the right people with the right attitude and possibilities keep running the site.
As all of you know, there's not been much news on the site for the past two-three years. It's the same site essentially. On the internets, stuff dies if it doesn't evolve. We don't want that to happen. they said in a statement today.
The profits from the sale are reportedly going into an unnamed foundation that will "help with projects about freedom of speech, freedom of information and the openness of the nets" TPB said.
The Pirate Bay, one of the top 100 most visited websites in the world, allows users to share files using peer-to-peer technologies. Its owners have recently faced jail time and fines for copyright infringement, and just weeks ago added VPN to the site to allow users to download files anonymously.
Global Gaming Factory also invested in Peerialism, which provides solutions for data distribution and distributed storage based on new p2p- technology and will be integrated into The Pirate Bay's website.
The sale is due to be complete by August.