TV Streaming Service Aereo Files For Bankruptcy

TV Streaming Service Aereo Files for Bankruptcy
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NEW YORK, NY - APRIL 22: In this photo illustration, Aereo.com, a web service that provides television shows online, is shown on an iPhone 4S on April 22, 2014 in New York City. Aereo is going head-to-head against ABC, a major television network, in a court case being heard by the Supreme Court. (Photo Illustration by Andrew Burton/Getty Images)
NEW YORK, NY - APRIL 22: In this photo illustration, Aereo.com, a web service that provides television shows online, is shown on an iPhone 4S on April 22, 2014 in New York City. Aereo is going head-to-head against ABC, a major television network, in a court case being heard by the Supreme Court. (Photo Illustration by Andrew Burton/Getty Images)

Nov 21 (Reuters) - Television streaming service Aereo Inc filed for bankruptcy protection after a U.S. Supreme Court ruled in June that the company's business model violated copyright laws.

Aereo, in which Barry Diller's IAC/InterActiveCorp has a 23.30 percent stake, said in a Chapter 11 filing late on Thursday said it would sell its assets or reorganize.

The court said Aereo had infringed copyrights of broadcasters by capturing live and recorded programs through antennas and transmitting them to subscribers for $8-$12 a month.

The ruling was a victory for broadcasters such as CBS Corp , Comcast Corp's NBC, Walt Disney Co's ABC and Twenty-First Century Fox Inc's Fox network.

Aereo, which raised $95.6 million in financing, suspended its streaming service at the end of June and cut jobs.

The company listed total assets of $20.5 million and debt of about $4.2 million in its filing.

The filing is In re: Aereo Inc, U.S. Bankruptcy Court, Southern District of New York, No:14-13200.

(Reporting by Tanya Agrawal; Editing by Saumyadeb Chakrabarty)

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