TV-Network Stocks Are Loving The Aereo Ruling

CBS President and CEO Leslie Moonves delivers a keynote address in 2007. Justin Sullivan/Getty Images

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:

CBS June 25
Shares of CBS after the Aereo ruling Google Finance
Disney June 25
Shares of Disney after the Aereo ruling Google Finance
Fox June 25
Shares of 21st Century Fox after the Aereo ruling Google Finance