NEW YORK (CNN/Money) - An adult entertainment media company wants to buy the song-swapping service Napster and has offered more than $2.4 million worth of its stock for the now defunct company.

Private Media Group Inc., a publicly traded adult entertainment site based in Spain, offered 1 million shares for Napster's assets. Shares of Private Media, which distributes its adult media content directly and through a network of local affiliates and independent distributors, ended Thursday's session at $2.41 on Nasdaq.

In a statement, Private Media said it plans to use the Napster trademark to offer millions of adults worldwide the ability to swap adult-oriented content for free and at the same time gain access to "top-quality" content at a reasonable price.

Private Media (PRVT: Research, Estimates) claims to own the largest library of adult-oriented content in the world, with global copyrights to the content.

Napster, which once had a cult following of some 60 million, was forced to shut down last year after major record labels convinced a federal judge it violated copyright laws. Napster used a networking technology called "peer-to-peer," which allows users to share files.

Napster has been offline for more than a year and filed for bankruptcy protection in June.

Last week, a bankruptcy judge blocked German media group Bertelsmann from buying Napster, killing a deal that might have revived the service as a legitimate music-sharing network.

Charles Prast, Private Media's CEO, said in the statement that copyright infringement is a major issue in the online adult entertainment industry as well.

"Along with Hollywood and the recording industry, we have become increasingly concerned about the level of copyright infringement inherent in the free peer-to-peer file-swapping services," Prast said.

He said that up to 35 percent of all content downloaded from P2P sites is of an adult nature, which raises significant issues both in terms of copyright infringement and lack of control to access by minors.

Because the company has a track record of legal compliance, owns the largest library of adult content in the world and has strong technological know-how, Prast argued, Private is "uniquely suited to manage a viable and legal P2P network for consumers of adult content."