Aereo is filing for bankruptcy

Aereo is filing for Chapter 11 bankruptcy, weeks after it said it was laying off dozens of workers in its Boston and New York offices. In a blog post on Aereo's homepage, chief executive Chet Kanojia said the company would undergo a reorganization. "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 wrote.