We’ll start off by saying this Apple TV 4 jailbreak is really aimed at security researchers and developers, the average jailbreaker won’t find this useful at this moment in time.
We will release jb for Apple TV4(9.0.x) next week which only has SSH access. It’s mainly for security researchers and jailbreak developers.
— PanguTeam (@PanguTeam) March 11, 2016
This Apple TV jailbreak is only for the fourth-generation Apple TV running tvOS 9.0 – 9.0.1. If you have a third-generation Apple TV, or a tvOS firmware above 9.0.1 then you’re out of luck. As with iOS devices, you can’t downgrade Apple TV firmware.
As stated above, the average user won’t be able to get anything out of this jailbreak right now, we’ll have to sit tight and wait for developers to make tweaks and mods for the Apple TV.