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Submission + - Music industry wants cut of Pirate Bay sale (

suraj.sun writes: The music industry will attempt to seize money paid to acquire the Pirate Bay, according to a high-level music industry source and a spokesman for the International Federation of the Phonographic Industry (IFPI), the trade group representing the music industry worldwide.

Global Gaming Factory, a Swedish software company, made big news two weeks ago by announcing that it would acquire the Pirate Bay, the popular outlaw file-sharing site, for $7.8 million.

Since then the company has been touting a new business model and even hiring executives, such as Wayne Rosso, the former Grokster president, to legally obtain content from film and music industries.

What remains to be seen is how that sale might be affected by attempts by the music industry to collect the $3.6 million damages that a court in Sweden awarded it in April.

Alex Jacob, a spokesman for the IFPI, said that the group has always intended to collect the damages award, but now, should the sale go through, music execs know that the original Pirate Bay operators have access to the money.

CNET News :

Going the speed of light is bad for your age.