It looks like it's finally the end of the road for Aereo, the embattled video startup.
The company announced Friday that it was filing for Chapter 11 bankruptcy, weeks after it said it was laying off dozens of workers in its Boston and New York offices. In a blog post on Aereo's homepage, chief executive Chet Kanojia said the company would undergo a reorganization.
"Chapter 11 will permit Aereo to maximize the value of its business and assets without the extensive cost and distraction of defending drawn out litigation in several courts," Kanojia wrote.
Aereo's been fighting court battles for months with broadcast TV networks. The broadcasters accused Aereo of violating copyright law when it pulled live television signals from the airwaves and streamed them to customers over the Internet. In June, the Supreme Court agreed, dealing Aereo a major blow and causing it to suspend its services. Since then, Aereo has tried pretty much every legal tactic to survive.
But even as it did so, the company was bleeding money. Now, it seems, the company has concluded that bankruptcy protection is the "next logical step."