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TV Streaming Startup Aereo Files For Chapter 11 Bankruptcy

The move follows a big round of layoffs for the company.

Posted on November 21, 2014, at 9:48 a.m. ET

Aereo, the startup that let its users watch almost-live TV on any device connected to the internet, announced Friday that it filed for Chapter 11 bankruptcy.

AP Photo/Bebeto Matthews, File

Aereo CEO Chet Kanojia

In June, Aereo lost a Supreme Court battle in its bid to stream TV shows without paying programming fees.

The court ruled that Aereo was essentially a cable TV company, meaning it would have to pay copyright holders if it wanted to stream their content to subscribers.

In a statement on the company's website today, CEO Chet Kanojia said that court loss "has proven difficult to overcome."

"The U.S. Supreme Court decision effectively changed the laws that had governed Aereo's technology, creating regulatory and legal uncertainty. And while our team has focused its energies on exploring every path forward available to us, without that clarity, the challenges have proven too difficult to overcome," he added.

The company filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the Southern District of New York and appointed Argus' Lawton Bloom as Chief Restructuring Officer during its gradual shutdown process.

Kanoja said: "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."

"We have traveled a long and challenging road. We stayed true to our mission and we believe that we have played a significant part in pushing the conversation forward, helping force positive change in the industry for consumers," he added.