Despite all the fever pitch hype surround the recent Global Gaming Factory buying The Pirate Bay and turning it into a legal service TMV has discovered that it is now highly unlikely the purchase will ever occur.
According to sources who spoke to TMV, the VC company quoted by GGF as investing in the venture, clearly stated to Hans GGF CEO they would not be proceeding with any investment towards the venture more than two weeks ago.
This leaked email sent to many of the labels and industry organizations early today, who had been in discussions with GGF does seem to confirm the end of the road for now:
“Due to circumstances beyond our control, I, along with my colleagues
Lucas Saenz de Buruaga and Alexander Ross of Wiggin, have decided to
suspend immediately any and all activities on behalf of Global Gaming
Factory in its efforts to acquire and legitimize The Pirate Bay.
I will be back in touch if and when the situation changes.
So sadly, what could have been an epoch changing event for the music industry, with The Pirate Bay going legal now looks stuck in quicksand! However, on a positive note the fact that Wayne Rosso who was originally hired by GGF to get the industry on board with the new proposition stated he had witnessed labels wanting to be true partners suggests we may yet see some light at the end of the tunnel in terms of P2P and engagement with the recorded music industry.
After doing some digging it came to TMV’s attention that another company that GGF had supposedly proposed to invest in were thinking the worst when nothing game to fruition a few weeks into GGF’s offer. Going further they have stated that when news of GGF intention to purchase The Pirate Bay broke they were once again positive.
It has even been rumored that John Fanning uncle of Sean Fanning was seen in discussions with GGF CEO Hans at a London Hotel bar. Now anyone in the know, realizes it was John Fanning who really prevented a deal happening with the major labels with Napster 1.0.
So TMV does ask how did GGF even manage to become a publicly listed company in Sweden with a CEO that is a walking talking Bulls*!T machine. In our view it would be advisable that the industry should steer well clear from GGF as it is clearly not standing up to scrutiny.
On one final note the let’s hope some other GENUINE entrepreneur sees the opportunity and the fact the industry were willing to discuss embracing the new model as incredibly positive!