Streaming TV Service Aereo Files For Chapter 11 | Fox Business

Streaming TV service Aereo said Friday it has filed for Chapter 11 bankruptcy protection, after losing a U.S. Supreme Court battle over copyright issues earlier this year. In a statement on the company's website, Chief Executive Chet Kanojia said the Supreme Court decision was a game changer. "The U.S. Supreme Court decision effectively changed the laws that had governed Aereo's technology, creating regulatory and legal uncertainty," he said. "And while our team has focused its energies on exploring every path forward available to us, without that clarity, the challenges have proven too difficult to overcome." Aereo, which had backing from media mogul Barry Diller's IAC , used dime-sized antennas to capture and deliver broadcast signals over the Internet to subscribers for a fee. But it quickly ran into a series of challenges from traditional media companies, including Walt Disney Co.'s ABC , CBS and Comcast's NBC .