Update: Megaupload Shut Down by Federal Prosecutors

Online file-sharing service Megaupload has been shut down and its executives have been indicated by Federal prosecutors, according to the Associated Press. The indictment reportedly acuses the company of costing copyright holders more than $500 million in lost revenue from pirated films and other content.

As reported yesterday, hip-hop producer Swizz Beatz is currently listed as CEO of Megaupload. The company was already in a legal scrap with Universal Music Group following the inclusion of the label’s artists, including Kanye West, will.i.am, and Diddy, in a promotional video for the website.

Megaupload CEO Swizz Beatz Fights For Internet Brand Amidst SOPA and PIPA Website Blackouts

Spearheaded by CEO Swizz Beatz, Megaupload has issued a counter lawsuit against Universal Music Group to stop the record label from interfering with their promotional videos.

Swizz Beats teamed up with a few friends in music business including Diddy, Kanye West, Will.i.am, Chris Brown, The Game, Alicia Keys, and many more to create a promotional video for his Megaupload service. The 4 minute video got a few of his friends into trouble with Universal Music Group, namely Kanye West, Wil.i.am, and Diddy. UMG issued a “take-down” report to YouTube for the video claiming that the 3 previously mentioned artist’s performances were not authorized.


Watch the video here before it's removed!...

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