Controversial online streaming service Aereo has revealed its next move following the US Supreme Court’s ruling against it in June: filing for bankruptcy.
Acknowledging in a blog post that the ruling had proven “difficult to overcome,’ Aereo founder Chet Kanojia revealed that the company had filed for Chapter 11 reorganization proceedings, and had also appointed Lawton Bloom of Argus to serve as Aereo’s Chief Restructuring Officer during this period.
“Chapter 11 will permit Aereo to maximize the value of its business and assets without the extensive cost and distraction of defending drawn out litigation in several courts,” explained Kanojia.
“We feel incredibly lucky to have had the opportunity to build something as meaningful and special as Aereo,” he went on. “With so many shifts and advances in technology, there has never been a more perfect time to take risks, challenge the status quo and build something special.”