Aereo, the three-year-old streaming TV service that lost a key Supreme Court battle earlier this year, filed for Chapter 11 bankruptcy on Nov. 21.
CEO Chet Kanojia made the announcement in a blog post titled "The Next Chapter," noting the company's "significant challenges from the incumbent media companies" and Supreme Court June ruling that created "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 proven too difficult to overcome," said Kanojia.
The CEO said bankruptcy would let the company "maximize the value of its business and assets without the extensive cost and distraction of defending drawn out litigation in several courts."
Aereo has hired crisis and restructuring manager Lawton Bloom, a managing director of Argus, to serve as chief restructuring officer.
Media titan Barry Diller was a key backer of Aereo, but it was a legal challenge from Disney, Comcast and others that brought down its business model of using antennas to take over-the-air TV signals and stream them to individual subscribers.
Virginia Lam is SVP of communications and government relations for Aereo, which implemented layoffs and parted ways with PR agency LaunchSquad this month.
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