Video streaming company Aereo has filed for bankruptcy protection, as the company encountered "significant challenges from the incumbent media companies." The Chapter 11 filing on Thursday came five months after the U.S. Supreme Court said Aereo violated broadcasters' copyrights by capturing live and recorded programs on antennas and transmitted them to paying subscribers. That decision effectively forbade Aereo's business model. Aereo suspended its streaming service soon after the decision.

"The U.S. Supreme Court decision effectively changed the laws that had governed Aereo's technology, creating regulatory and legal uncertainty. And while our team has focused its energies on exploring every path forward available to us, without that clarity, the challenges have proven too difficult to overcome," said Aereo Chief Executive Officer Chet Kanojia.

"Chapter 11 will permit Aereo to maximize the value of its business and assets without the extensive cost and distraction of defending drawn out litigation in several courts," Kanojia added.

Aero appointed Lawton Bloom of Argus to serve as Aereo?s Chief Restructuring Officer.