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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| CBS Corp | NYSE:CBS | NYSE | Common Stock |
| Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 40.77 | 0 | 01:00:00 |
From May 2019 to May 2024
By Patrick Fitzgerald
Internet-broadcast streaming company Aereo Inc. filed for bankruptcy protection five months after the Supreme Court delivered the technology a company a fatal blow in its fight with traditional television broadcasters.
The Boston company filed for Chapter 11 protection late Thursday in U.S. Bankruptcy Court in New York, listing assets of $20.5 million and debt of $4.2 million.
Aereo, whose equity backers include Barry Diller's IAC and funds managed by Highland Capital, raised approximately $95.6 million in venture cash since its founding in 201.
In an affidavit filed with the court, Aereo finance chief Ramon A. Rivera said the company filed for bankruptcy to help its goal of "consummating a sale of substantially all of its assets, recapitalizing or entering into some other reorganization transaction for the benefit of its creditors and shareholders."
Those assets consist primarily of its cash on hand, its equipment and technology, its intellectual property portfolio and its business potential, Mr. Rivera said.
Aereo suspended its broadcast TV streaming service in June after the Supreme Court ruled in favor of TV broadcasters that had sued Aereo claiming copyright violations.
The ruling was a victory for media companies like CBS Corp., Walt Disney Co.'s ABC, Comcast Corp.'s NBC and 21st Century Fox's Fox, argued that Aereo was unlawfully exploiting their copyrighted works without permission or payment.
Write to Patrick Fitzgerald at patrick.fitzgerald@wsj.com
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