PARIS — A small Swedish software company said Tuesday that it would buy the Pirate Bay, a notorious Internet file-sharing service whose founders were recently sentenced to prison for copyright violations, and hoped to turn the site into a legal source of free music and movies.

The company, Global Gaming Factory, said it had agreed to pay 60 million Swedish kronor, or $7.75 million, for the Pirate Bay, which says it has 20 million users worldwide. The site, the highest-profile target of the international recording industry and Hollywood movie studios in their battle against digital piracy, continues to operate despite the guilty verdicts against its four founders in April.

Hans Pandeya, chief executive of Global Gaming Factory, said the company planned to turn the Pirate Bay into a legal provider of digital content through a new business model. Read more…

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