‘THERE IS NO PLAN B’: By Killing Aereo, Supreme Court Nukes $US97 Million Of Investors’ Money

Burning money

The long-awaited ruling on TV-streaming company Aereo is in.

In a 6-3 decision, Supreme Court justices ruled that the company’s operation is illegal.

The decision will effectively end Aereo.

CEO Chet Kanojia has previously said that there is “no plan B”:

We believe in our merit and we do think it’s the right thing. Progress is important. The mission of this company was to try to create an open platform, to try to wedge the system open a little bit. And if we don’t succeed in that despite our best efforts, good law on our side, and the merits of our case, it will be a tragedy but it is what it is.

The lack of a plan B stems from the company’s perception that it wasn’t offering something totally new but instead offering an internet-connected way of doing something that’s been legal for a long time: watching broadcast TV.

Aereo’s investors have poured $US97 million into the company since its inception in February 2012. We don’t know how much Aereo has spent, but whatever the amount, it seems like it’s gone.