TV streaming startup Aereo has filed for bankruptcy five months after the Supreme Court ruled against it.
According to CEO Chet Kanojia, the Aereo bankruptcy was largely caused by the Supreme Court’s decision. The startups’ streaming service was suspended three days after the June court ruling. It named Argus’ Lawton Bloom as its Chief Restructuring Officer, reports The New York Times.
The court case that ultimately lead to the Aerro bankruptcy ruled that the startup was breaking copyright laws. The service relied on a small antenna that would pick up broadcast signals and allow users to stream content to a variety of devices in their home, NYT notes.
The Aereo bankruptcy has the startup filing for Chapter 11 protection. Two weeks prior to this filing, the streaming service announced a large series of layoffs. In an effort to avoid bankruptcy, Aereo tired filing for cable company classification, but this was denied, reports TechCrunch.
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