Internet television startup Aereo Files for Bankruptcy
This seems to be the end of the road for the Internet television startup Aereo, as the company as filed for Chapter 11 bankruptcy. Recently the company laid off most of its employees.
Aereo offered a service for an $8 per month which allowed let users to watch as well as record the programmes from over-the-air channels on their mobile as well as smart devices.
This summer it had to shut down its services after the U. S. Supreme Court ruled that the live-streaming services which it provided was a violation of copyright law, as the service provider did not shell out any licensing fees to broadcasters.
Ever since then, many efforts were made by Aereo in an effort to raise money from the investors. The company also tried to sell itself to some other company but failed in its attempts. In the earlier half of the current month the streaming service laid off 43 of its employees who worked in its Boston office, announcing that it was winding up its business operations.
Aereo said in a bankruptcy filing that the last five months were spent dealing with several legal issues.
According to the filing Aereo "has had no material source of revenue and its business operations have been devoted towards defending against lawsuits by the broadcasters seeking further and permanent injunctive relief, damages and penalties for alleged copyright infringement."
New Zealand News
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