A decision by the Supreme Court in the case pitting Aereo against major broadcasters (CBS, FOXA, CMCSA, DIS) is expected to be announced next week. A check of the court's docket shows June 23, June 25, and June 26 as possible announcement dates.
If Aereo wins a favorable ruling from SCOTUS rapid expansion could be on tap, even though the start-up might still face a fight on Capitol Hill and with the FCC. Investments from media giants or P-E firms could push Aereo into dreamland.
The reaction from broadcasters to an Aereo win is hard to gauge, although the "nuclear option" of moving all content to cable has been thrown out by top execs.
If Aereo loses the company will likely go away. CEO Chet Kanojia has dismissed talk that paying broadcasters a carriage fee was an option.
Beyond the headline from the high court on Aereo, media attorneys will be busy looking at the nuts and bolts of the ruling. The legal precedent set in the case could guide how content is distributed and fees sliced up in the future.
The stock to watch: CBS has been tipped by analysts as the broadcaster which could see the most volatility as the ruling is dissected. Nomura is a buyer on weakness.