Friday, November 21, 2014

Aereo Files For Bankruptcy

Aereo, the Barry Diller-backed startup which had tried to use Utah and Colorado to help launch a broadcast TV-to-Internet venture, has filed for Chapter 11 bankruptcy. In a letter to users, Aereo said it had filed for Chapter 11 reorganization proceedings, blaming the company's woes on "significant challenges from the incumbent media companies." Aereo had offered up a service in Utah--and tried to launch one in Colorado--which let consumers record shows directly from television broadcasts, for streaming later to the consumer. Aereo shut down in February after a ruling by a federal judge. The company had entered the Utah market, as well as the Denver area, back in 2013.