By Patrick Fitzgerald
Internet-broadcast streaming company Aereo Inc. filed for
bankruptcy protection five months after the Supreme Court delivered
the technology a company a fatal blow in its fight with traditional
television broadcasters.
The Boston company filed for Chapter 11 protection late Thursday
in U.S. Bankruptcy Court in New York, listing assets of $20.5
million and debt of $4.2 million.
Aereo, whose equity backers include Barry Diller's IAC and funds
managed by Highland Capital, raised approximately $95.6 million in
venture cash since its founding in 201.
In an affidavit filed with the court, Aereo finance chief Ramon
A. Rivera said the company filed for bankruptcy to help its goal of
"consummating a sale of substantially all of its assets,
recapitalizing or entering into some other reorganization
transaction for the benefit of its creditors and shareholders."
Those assets consist primarily of its cash on hand, its
equipment and technology, its intellectual property portfolio and
its business potential, Mr. Rivera said.
Aereo suspended its broadcast TV streaming service in June after
the Supreme Court ruled in favor of TV broadcasters that had sued
Aereo claiming copyright violations.
The ruling was a victory for media companies like CBS Corp.,
Walt Disney Co.'s ABC, Comcast Corp.'s NBC and 21st Century Fox's
Fox, argued that Aereo was unlawfully exploiting their copyrighted
works without permission or payment.
Write to Patrick Fitzgerald at patrick.fitzgerald@wsj.com
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