Seeking Alpha

Investors bet $34M that Supreme Court will back Aereo

  • Aereo has raised $34M in financing just days before the Supreme Court is due to decide on Friday whether it will hear a lawsuit filed by broadcasters who want to shut the company down.
  • With Areo's backers including media mogul Barry Diller and InterActiveCorp (IACI), the company streams local-TV signals over the Web for a monthly fee using thousands of tiny broadcast antennae.
  • Aereo operates in 10 cities and intends to enter five more by March.
  • Those lining up against Aereo in the legal fight include Disney's (DIS) ABC, CBS (CBS), Fox (FOXA) and Comcast's (CMCSA) NBC. A victory for Aereo would cast doubt over whether pay-TV operators need to pay over-the-air broadcasters for the rights to their programming.
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