Diller doesn't mince words after investing millions
Barry Diller, Aereo's chief investor, says the company “is over” in light of the Supreme Court's ruling against it.
“We did try, but it's over now,” he told CNBC.
After its debut in New York City in February 2012, Diller's IAC led a $20.5 million venture investment in Aereo. IAC and other investors provided another $34 million in financing in January, as Aereo prepared to go to the Supreme Court.
The court ruled 6-3 that the company's business model, in which it uses millions of antennas to beam broadcasters’ signals to subscribers’ devices, violates broadcasters’ copyrights.
Before the court heard the case in April, Diller said the company was likely “finished” if it lost. But he also raised the possibility that the there would be “some salvage.”
“If we lose, we're finished… it's very possible that there's some salvage,” Diller told Bloomberg Television at the time. “But Aereo would probably, as I say probably just because I can't — I can't see any path forward. It probably would not be able to continue in business.”
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