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Aereo, Broadcasters Reach Settlement - Broadcasting & Cable

Aereo, Broadcasters Reach Settlement

Aereo agrees to pay $950,000
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In what will likely be the last chapter of Aereo’s tumultuous history, the now-defunct provider of Internet TV and cloud DVR services and ABC, Fox, CBS, NBC and other broadcasters have reached a $950,000 settlement, well below the nearly $100 million in copyright claims that had been sought.

The settlement, posted here by Deadline.com and dated April 20, still requires approval by the U.S. Bankruptcy Court for the Southern District of New York. A hearing has been set for May 7 at 11 a.m. ET, with an objection deadline of May 4 at 5 p.m. ET.

“[T]he Settlement avoids protracted, expensive litigation and is in the paramount of interests of creditors because it allows for the confirmation of a Chapter 11 plan,” the joint motion said.

For the full story go to Multichannel.com.

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