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Business Breakdown: Following SOPA Protests, Feds Shut Down Megaupload

The UPS of Piracy, or a new model for content distribution? What's behind the latest crackdown on internet file sharing.

Megaupload, the Hong Kong-based website that allowed users to store and share large files—including movies, music and television shows—was shut down by the Department of Justice yesterday for copyright violations. Four company executives—including the appropriately named founder Kim Dotcom (Schmitz, before he changed his name)—have been arrested, and $50 million in assets were seized; Megaupload is said to have accumulated earnings greater than $175 million since its establishment in 2005.

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