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Friday, November 21, 2014

TV streaming service Aereo files for bankruptcy, (NASDAQ: IACI)

Television streaming service Aereo Inc filed for bankruptcy protection after a U.S. Supreme Court ruled in June that the company's business model violated copyright laws.Aereo, in which Barry Diller's IAC/InterActiveCorp has a 23.30 percent stake, said in a Chapter 11 filing late on Thursday said it would sell its assets or reorganize.The court said Aereo had infringed copyrights of broadcasters by capturing live and recorded programs through antennas and transmitting them to subscribers for $8-$12 a month.The ruling was a victory for broadcasters such as CBS Corp , Comcast Corp's NBC, Walt Disney Co's ABC and Twenty-First Century Fox Inc's Fox network.

IAC/InterActiveCorp (IAC) is a media and Internet company. Shares of IACI fell by 0.59% or $-0.38/share to $64.18. In the past year, the shares have traded as low as $54.99 and as high as $80.64. On average, 970023 shares of IACI exchange hands on a given day and today's volume is recorded at 416089.