CBS Shares Surge After Supreme Court Grounds Aereo Streaming


Shares of CBS surged on Wednesday making it TheStreet's Move of the Day. Investors cheered the broadcasting company after the U.S. Supreme Court ruled that video-streaming service Aereo violated U.S. copyright law by charging a monthly subscription fee to watch television shows using networks' over-the-air signals. The Justices' 6-3 decision all but guaranteed CBS and other networks would preserve their profitable retransmission fees. Aereo CEO Chet Kanojia said in a statement after the ruling: "Today's decision by the United States Supreme Court is a massive setback for the American consumer. ... We are disappointed in the outcome, but our work is not done."