Barry Diller, Aereo’s chief investor, says the company “is over” in light of the Supreme Court’s ruling against it.
“We did try, but it’s over now,” he told CNBC.
Also read: Aereo’s Supreme Court Loss Leaves It in Salvage Mode (Analysis)
After its debut in New York City in February 2012, Diller’s IAC led a $20.5 million venture investment in Aereo. IAC and other investors provided another $34 million in financing in January, as Aereo prepared to go to the Supreme Court.
The court ruled 6-3 that the company’s business model, in which it uses millions of antennas to beam broadcasters’ signals to subscribers’ devices, violates broadcasters’ copyrights.