June 30, 2009

Pirate Bay to lose its bad boy luster

Software company Global Gaming Factory X said it is closing in on a deal to purchase Swedish Web site The Pirate Bay with intent to clean up its pirate ways.

Owners of The Pirate Bay are in jail in Sweden, serving yearlong sentences for pirating games and videos that made the Web site notorious and popular.

The site ran on $27 lifetime membership fees and, well, piracy.

Global Gaming Factory X Chief Executive Officer Hans Pandeya said the company would clean up the Web site's act and introduce models which entail that content providers and copyright owners get paid for content, PC Magazine reported Tuesday.

In order to live on, The Pirate Bay requires a new business model, he said.

Pandeya said The Pirate Bay was among the top 100 most visited Internet sites in the world, but how it will fare as it loses its bad boy luster remains to be seen.

The deal was said to be worth $7.8 million, PC Magazine said.