Aereo, a Boston, Massachusetts-based company that gave its users the ability to watch actual live TV from pretty much any mobile device, officially filed for Chapter 11 bankruptcy back in November of this year. Just this past Wednesday, in Manhattan, NY, Judge Sean Lane of the United States Bankruptcy Court gave the former Internet TV streaming company permission to auction off the remainder of its streaming TV technology assets to the highest bidder.
The decision apparently came after an agreement over the sale process was finally reached with four television broadcasters, NBC, ABC, CBS and Fox. A stipulation of the agreement requires Aereo to allow all four of the aforementioned broadcasters to monitor and be involved in the auction. Additionally, the company must provide them with updates on the status of sale process each week.
The 2-year-old TV streaming service was officially shut down around five months before it initially filed for bankruptcy, when the United States Supreme Court ruled in a 6 to 3 vote that the concept of the TV-over-the-web Aereo company violates the Copyright Act. The court claimed at the time the ruling was made, that Aereo was not “merely an equipment provider.”
The former TV streaming company had provided its users access to broadcast TV channel programming over the Web without the use of any extra equipment. It used tiny antennas to capture broadcast TV signals. All of Aereo’s customers were assigned their own antenna and were charged anywhere from $8.00 to $12.00 per month to be able to stream live television broadcasts via their computers, smartphones or other mobile devices.
Aereo’s argument was the fact that it merely provided storage for its customers’ content; however, the TV broadcasters accused the company of rebroadcasting, copyright infringement and making money off its content.
Aereo currently has 17 potential buyers lined up to bid for its remaining assets. The bids will be due on February 20, 2015.
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