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Streaming television startup Aereo has filed for bankruptcy, putting the company in a position to wind down its operations.
Aereo announced on Friday that it has filed Chapter 11 bankruptcy protection, a move that is typically expensive and allows for the company to restructure its debt. While filing for bankruptcy does not necessarily mean the end of the business, CEO Chet Kanojia struck a tone in a statement on Aereo's website that insinuated the company was done:
We have traveled a long and challenging road. We stayed true to our mission and we believe that we have played a significant part in pushing the conversation forward, helping force positive change in the industry for consumers.
We feel incredibly lucky to have had the opportunity to build something as meaningful and special as Aereo. With so many shifts and advances in technology, there has never been a more perfect time to take risks, challenge the status quo and build something special Read more...
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from MashableJason Abbruzzese
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