CBS Corporation -- Moody's says Aereo Supreme Court Ruling is Credit Positive for TV Broadcast Networks and Stations

New York, June 26, 2014 -- On June 25, 2014, in a decision with precedent setting implications, the United States Supreme Court ruled that Aereo, a start-up backed by IAC/Interactive Corp.'sBarry Diller, is in violation of U.S. copyright laws by selling its customers a technology that allows them to watch copyrighted content over the internet at the same time the programming is broadcast over the air. Aereo is a technology company based in Long Island City, New York that uses tiny antennas to stream over-the-air broadcast television channels to internet connected devices. Specifically, the ruling states that Aereo's business model violates the 1976 Copyright Act's provisions, which prohibit transmittal of copyrighted material to the public without permission of content owners. The Supreme Court judges voted 6-3 in favor of broadcast networks who had sued the start up and argued that Aereo is profiting from unlicensed use and rebroadcast of their signals which could threaten their revenue streams of retransmission fees.

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