Let the bidding begin! Barry Diller’s now bankrupt Aereo has gotten the green light to go ahead and auction off its technology.
Judge Sean Lane of the U.S. Bankruptcy Court in Manhattan made the decision after the company, which recorded and rebroadcast network television programming in America, came to an agreement with the broadcast networks. Under the terms, Aereo will scrub its servers of any and all copyrighted materials that they may still hold and first get the approval of the broadcasters before selling them. The bankrupt company will also update the networks weekly on its progress and allow them to attend the auctions.
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The auction has been scheduled for February 24th 2015. After it is held the networks will have two weeks to decide on whether or not they wish to veto any of the purchases.
Aereo declared bankruptcy in November after a Supreme Court ruling forced it to shut down operations. The company was sued by American broadcasters for what they claimed was an infringement of their copyrighted materials. This is because Aereo offered, in effect, a public DVR, which allowed its subscribers to watch programs that they may have missed when they were first aired. The Supreme Court sided with the networks.
