Unfortunately, it’s not possible to jailbreak Apple TV 3. However, this generation comes with 1080p display, more RAM and a faster speed. The Apple TV 3 has been on the market for a while, but it is pretty clear that a jailbreak will not appear anytime soon. This could be mainly due to iOS 6, Apple TV 3’s IOS. This is the worst operating system to jailbreak. Accordingly, the Chronic Dev Team and Co. enjoy a challenge.
Unfortunately, there really isn’t a hacker working on a jailbreak for the Apple TV 3, at least no one known in publicly. Therefore, it is little hope for a jailbreak for the latest generation of Apple TV. This being said, as a user you have two options: you either accept the limitation created by Apple, or you don’t which means you have to resort to an Apple TV 2.
However, the beginning of the year could look very different. Once a solution for iOS is available, the Chronic Dev Team and members are certainly venturing into an Apple TV 3 jailbreak. Maybe they succeed in finding a solution even faster than for iOS 6. Still, you should always have in mind that hackers work for free, that is, they work on the jailbreak in their free time. Therefore, it may take a bit longer before a proper tool is available.