In 1969, P. Deligne and D. Mumford compactified the moduli space of curves Mg,n. Their compactification Mg,n is a projective algebraic variety, and as such, it has an underlying analytic structure. Alternatively, the quotient of the augmented Teichmüller space by the action of the mapping class group gives a compactification of Mg,n. We put an analytic structure on this quotient and prove that ...