Defunct startup Aereo fought a long legal battle against TV broadcasters, who argued that its scheme to use tiny antennas to broadcast TV over the Internet violated copyright laws. Last year, Aereo lost at the Supreme Court, where a majority of justices found that the company should be regulated like a cable system.
That decision led to Aereo shutting down its business and later to Chapter 11 bankruptcy. All that’s left is dividing up the company’s meager assets, and that task is drawing to a close. Bloomberg reports that Aereo has agreed to pay $950,000 to the TV broadcasters that sued it, which include CBS, ABC, and Fox.
That’s about one percent of the $99 million the broadcasters believed they were entitled to, according to bankruptcy filings. Aereo wasn’t worth anywhere near that much. Its assets were sold off in February for less than $2 million.
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