Aereo Files for Bankruptcy
nytimes.com
Aereo, the streaming television start-up, said Friday that it had filed for bankruptcy protection.
The announcement came about five months after the Supreme Court ruled that Aereo violated copyright laws by capturing broadcast signals on miniature antennas and transmitting them to subscribers for a fee.
Chet Kanojia, the company’s chief executive, said the court decision was too difficult to overcome and led to an uncertain legal and regulatory environment.
“While our team has focused its energies on exploring every path forward available to us, without that clarity, those challenges have limited our options,” he said in a statement.
In a Twitter post linking to a blog entry about the bankruptcy, the company said, “The Next Chapter for Aereo.”
The case had been sent back to lower courts, and Aereo spent the last several months fighting for an approach that would have allowed it to continue operations. Aereo said on Friday that bankruptcy protection would allow it to “maximize the value of its business and assets” without the costs and distractions of litigation.
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