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Broadcast TV stocks up strongly on Aereo ruling
Broadcast TV stocks up strongly after Supreme Court says Aereo infringing copyrights
Associated Press
2014-06-26 03:01 AM

LOS ANGELES (AP) -- Shares of broadcast TV companies are rising fast on a Supreme Court ruling that found online TV service Aereo is violating their copyrights.

Stock in CBS Corp. is up 5 percent, Gannett Co. is up 4.5 percent, while Lin Media LLC and Journal Communications Inc. are both up 6 percent.

In a ruling released Wednesday, the court rejected Aereo's argument that it is only an equipment distributor because it provides subscribers with tiny antennas. The court found the service still amounts to a public performance of copyrighted works, which is the exclusive right of copyright holders.

The ruling could shut Aereo down or force it to enter licensing deals with content owners, potentially increasing what it must charge customers for the service.

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