Aereo was a streaming startup with a novel business model: users would pay to “rent” an antenna at the company’s office, which would then stream content to subscribers. The U.S. Supreme Court, at the request of Hollywood lawyers, shut Aereo down a few months ago.
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Now the company has filed for bankruptcy.
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Aereo has entered Chapter 11 bankruptcy and will enter a restructuring. Aereo’s founder and CEO Chet Kanojia said the following about his company’s decision to file for bankruptcy:

“The 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 proved too difficult to overcome,”

Kanojia added that he and his team remained excited about what they had accomplished, despite many setbacks:

“We feel incredibly lucky to have had the opportunity to build something as meaningful and special as Aereo. 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,”

Will you miss the little disruptor that was Aereo? Will another company step up to the plate and challenge the might of Hollywood?

[via Home Media Magazine]