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Investors Take Stock in Broadcasters After Aereo Ruling

BroadcastStocks

Following the Supreme Court ruling on Aereo, in which the high court ruled the service violates the broadcasters’ copyrights by taking the signals for free, shares of publicy-traded broadcasting companies shot up. Nexstar which owns more than 70 stations across the country jumped +15% on the news. Sinclair, which owns stations representing more than 38% of the U.S., shot up +14% and CBS Corp. which owns 29 TV stations, as well as the CBS network, was up +5% at one point this morning. Disney, Comcast, 21st Century Fox and Gannett also saw gains.

Paul Clement, who was the attorney for the broadcasters in the case writes, “Today’s decision is a victory for consumers. The Court has sent a clear message that it will uphold the letter and spirit of the law just as Congress intended.”

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