CBS Shares Surge After Supreme Court Grounds Aereo Streaming

Shares of CBS surged on Wednesday making it TheStreet's Move of the Day.
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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."