Aereo, a technology company that streams television programs on the internet revealed its decision to officially shut down its business operations on November 12.

Aereo

The technology company also sent a Worker Adjustment and Retraining Notification (WARN) to the local government of Boston indicating that its 43 employees in the city will be terminated permanently.

Aereo said a few personnel will still help the company to wind down its business and emphasized that no bumping rights will apply.

Supreme Court ruled against Aereo

In June, Supreme Court ruled that Aereo violated the copyright of broadcasting companies and distributors for streaming their programs on the internet.

In a letter to its employees in Boston, Aereo said, “Although we were aware that this ruling was possible, it was certainly not probable or foreseeable given our firm conviction in the lawfulness of our innovative remote antenna and DVR technology, and the two lower courts previously validated the merits of our legal position.”

Aereo pursued statutory license to stay viable

Aereo emphasized that since the Supreme Court ruling the management has been working hard to stay viable by pursuing statutory license under the Copyright Act. The company argued to the court that it is entitle d to such license similar to the traditional cable system.

In addition, Aereo has been actively seeking additional investments from its current and new investors. The company said, “Many of those prospects were promising, and the potential transactions were discusses at length with several parties. In all of those scenarios, retaining employees was a critical aspect of any ongoing business.”

A federal court in New York entered a nationwide injunction against Aereo on October 23. The court prohibited the company from streaming live television broadcast programs and rejected its position that it was entitled to a statutory license. The injunction discouraged investors.

“It is now clear, that at this time we are unable to obtain additional funding that would prevent the need to close our operations,” said Aereo.

The company said its employees will receive payments for all earned and unpaid salary. It will also offer a modest severance package.