Here is how to do it:
Download Seas0nPass [Windows, Mac] and launch on your Windows or Mac
Select "Create IPSW" as shown below:
Now seas0n pass will begin to download the custom jailbreak firmware for your Apple TV. Put your Apple TV in DFU mode by holding the ‘MENU’ and ‘PLAY/PAUSE’ buttons for 7 seconds simultaneously from your Apple TV’s remote.
iTunes will start automatically and should confirm the restoration process to jailbreak your Apple TV on 4.4.2 firmware.