The Pirate Bay has been bought by a Swedish software house

A Swedish software developer, Global Gaming Factory X, has announced that it has bought The Pirate Bay for 60 million Swedish crowns (7.7 million dollars).

The company reckons that the peer-to-peer technology developed by the site can become an effective economic model that will aid the content industry.

"We hope to introduce models that guarantee that suppliers of content and holders of copyright will be remunerated for content that is downloaded from the site", says Hans Pandeya, CEO of Global Gaming.

The sale of The Pirate Bay comes at a time when the legal standing of its founders still has to be decided. Condemned at a first hearing to a year of prison and a fine of 3 million dollars in damages to be paid to the music and film industry, they have appealed against the decision.