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TV Network Stocks Are Loving The Aereo Ruling

Myles UdlandJun 25, 2014, 19:55 IST

Justin Sullivan/Getty ImagesCBS Corp. President and CEO Leslie Moonves delivers a keynote address in 2007.

Shares of cable network companies, including CBS, Twenty-First Century Fox, and Disney, are soaring after the Supreme Court's decision ruling against Aereo.

CBS shares were up as much as 5% following the ruling, with Disney gaining as much as 1.6% and Fox gaining 2%.

The Court found that Aereo's service violated the copyrights of live network TV stations.

For $8 per month, Aereo let users stream live network TV over the internet to a connected device like a smartphone, tablet, or PC.

This is a huge ruling for the TV industry, and this post will be updated as developments roll in during the day.