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Aereo Bought by TiVo & Others in Bankruptcy Case

Areao LogoAereo, Inc., a now-defunct TV streaming service, has been going through some hard times. The current situation with its bankruptcy case is looking pretty bleak.

 

Aereo’s troubles started in June 2015, when, in a U.S. Supreme Court case, it was found that they had been violating copyright laws by charging subscribers a fee to watch and record broadcasts online, but without paying the broadcasting companies any licensing fees.

 

The litigation with the broadcasters, which includes big names such as Walt Disney Co.’s ABC and Fox Television Stations, Inc., is back in a lower court, and the amount Aereo owes could be up to the tens of millions.

 

In order to gain capital to help repay money that the company now owes, Aereo was sold in parts at a bankruptcy auction to companies such as TiVo, Inc. The amount made, however was much less than Aereo was hoping to receive: a simple $2 million.

 

Earlier in the bankruptcy hearings, the broadcasters had contested Aereo’s decision to sell 8,200 hard drives which contained recordings from its customers.  The judge for the U.S. Bankruptcy Court in New York, however, ruled in favor of Aereo, as long as they deleted the data from the hard drives first, allowing Aereo to earn $300,000 from the tech.

 

If you are considering bankruptcy, it’s usually in your best interest to go ahead and find an experienced bankruptcy attorney to manage your case.  While it is possible to handle a bankruptcy on your own, a bankruptcy attorney would have the knowledge to keep up with the tangle of legal issues involved with bankruptcy.

 

Don’t take any chances with your finances or your estate, call us today.

Call (615) 898-0607

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