Broadcasters’ Stocks Rise on Aereo Victory

Broadcasters' Stocks Rise on Aereo Victory

Supreme Court ruling boosts share prices for CBS, Fox, ABC and NBC

The Supreme Court's ruling against Aereo was good financial news for the companies that took the service to court, saying it was stealing their signals and threatening their decades-old business model.

At the close of the market Wednesday, CBS was up 6.19 percent to $62.48 per share. 21st Century Fox, owner of Fox, was up 2.16 percent to $34.08. Disney, which owns ABC, rose 1.48 percent to $83.90. Comcast, NBC's owner, climbed 1.08 percent to $53.21.

Also read: Aereo Investor Barry Diller Says Company ‘Is Over’

Aereo is not publicly traded, but its chief investor, Barry Diller, told CNBC that the company “is over now.”

The court ruled 6-3 Wednesday that the company's business model, in which it uses millions of antennas to beam broadcasters’ signals to subscribers’ devices, violates broadcasters’ copyrights. Aereo had argued that it was just harnessing the power of the humble antenna, albeit on a massive scale.