Broadcast TV stocks up strongly on Aereo ruling

AP News
Posted: Jun 25, 2014 1:41 PM

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.

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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.