Shares of cable-network companies — including CBS, 21st Century Fox, and Disney — are soaring after the Supreme Court’s decision ruling against Aereo.
CBS shares were up as much as 5% following the ruling, with Disney gaining as much as 1.6% and Fox 2%.
The Court found that Aereo’s service violated the copyrights of live network-TV stations.
For $US8 a month, Aereo let users stream live network TV over the internet to a connected devices, such as smartphones, tablets, and PCs.
This is a huge ruling for the TV industry, and this post will be updated as developments roll in during the day.
Here’s what shares of CBS, Disney, and Fox, respectively, look like following the ruling: