Aereo bankruptcy auction raises less than $2m
February 27, 2015
By Colin Mann
Internet entertainment streaming service Aereo, which late November 2015 filed a voluntary petition for Chapter 11 reorganisation in the US Bankruptcy Court for the Southern District of New York, has garnered less than $2m from an auction of company’s assets, despite suggesting at the time there was “very substantial interest in the assets”.
Aereo suspended its operations June 28th 2015 following the Supreme Court copyright decision in favour of US broadcasters.
“We are very disappointed with the results of the auction. This has been a very difficult sales process and the results reflect that,” William Baldiga, counsel for Aereo and partner at Brown Rudnick said in a statement.
Advanced television technology specialist TiVo has secured Aereo’s trademark, customer lists, among other assets, and the company’s patent portfolio was bought by RPX Corporation. Alliance Technologies has bought Aereo’s equipment.
Aereo has retained some of its assets for a potential later sale.