Aereo Ends Its Fight to Change TV Ecosystem
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Aereo was introduced in 2012 as an attempt to blow up the TV industry, or at least the traditional pay-TV package. But on Friday, the service, which allowed users stream and record broadcast TV sans a cable or satellite subscription, filed for bankruptcy protection.
“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,” Aereo CEO Chet Kanojia wrote in a blog post on the company’s website Friday morning.
While Aereo, which was backed by IAC Chairman Barry Diller, didn’t succeed in changing the TV ecosystem, Mr. Kanoji said, “we believe that we have played a significant part in pushing the conversation forward, helping force positive change in the industry for consumers.”
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