A bankruptcy court has allowed defunct video streaming company Aereo Inc to auction its TV streaming technology assets, according to court papers published on Friday.
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Aereo Inc, the online video streaming company backed by media mogul Barry Diller, has filed for bankruptcy protection. The Chapter 11 filing on Thursday night came five months after the U.S. Supreme Court said Aereo violated broadcasters' copyrights by capturing live and recorded programs on miniature antennas and transmitting them to subscribers who paid $8 to $12 a month.
New York, US-based TV streaming startup Aereo has secured $34 million in a Series C funding round led by IAC, amid a lengthy legal battle with major rivals who want to bring it down.
The fight between Pay-television companies and major US broadcasters, and TV over Internet startup Aereo would most likely see intervention from the US government, according to a report on Investors Business Daily today.
With a possible loss of USD3 billion and failure in the lower courts, telecommunications companies have gone up to the Supreme Court to decide on the legality of New York based Aereo.
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