Peter Kafka

Recent Posts by Peter Kafka

Pirate Bay’s Would-Be Buyer Sinks, Blames Media

piratesmoviejackrunningA proposed deal to buy The Pirate Bay and turn it legit, which never made sense in the first place, now looks all but dead.

Global Gaming Factory X, the Swedish software/Internet cafe company that’s supposed to buy the file-sharing haven for $8 million, was supposed to get shareholders to approve the deal today. But in advance of a shareholders meeting, the company issued a press release in which it says 1) that investors that were supposed to finance the deal have disappeared and 2) this is the fault of the U.S. media, which it says spooked said investors.

But wait! There’s more! Global Gaming Factor says it has figured out an alternate way to pay for the deal whereby the company’s majority shareholders in the penny-stock company will offer their equity as a security. Alas, there’s yet another catch: Swedish regulators, who have already suspended trading in the company twice in two months, are now threatening to delist it.

It’s hard to get too worked up about the failure of a plan that made no sense on the day it was announced. But for the record, you can read the backstory to this weird tale here and here. Meanwhile, The Pirate Bay itself is up and running and still cheerfully thumbing its nose at Hollywood, the big music labels, and the rest of the media world.

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The problem with the Billionaire Savior phase of the newspaper collapse has always been that billionaires don’t tend to like the kind of authority-questioning journalism that upsets the status quo.

— Ryan Chittum, writing in the Columbia Journalism Review about the promise of Pierre Omidyar’s new media venture with Glenn Greenwald