Italian Authorities Shut Down $3.2 Billion-a-Year Pirate TV, Streaming Ring

A piracy ring that gave 22 million subscribers in Europe cheap access to content stolen from international streaming services has been shut down by Italian authorities after a two-year investigation. From a report: The criminal enterprise used a complex international IT system to "capture and resell" live programming and other on-demand content from companies including sports broadcaster DAZN, Netflix, Amazon Prime, Paramount, Sky and Disney+, prosecutors said in a statement on Wednesday.

Authorities estimate the operation generated revenues of roughly $264.3 million a month [non-paywalled link], or $3.2 billion a year, and caused combined damages of more than $10.6 billion to the affected broadcast companies. "The rate of profit you get from these illegal activities with lower risk is equivalent to that of cocaine trafficking," Francesco Curcio, the criminal prosecutor who led the investigation, told reporters.

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