Despite Legal Challenges, Aereo Rounds Up Millions in New Funding TheWrap
The legal issues surrounding Aereo haven’t scared off potential investors, with the television streaming service securing $34 million in new financing, TheWrap.com reports.
The funding will support Aereo’s nationwide expansion, hiring and new technology, the story says. The additional funding comes from its chief backer, Barry Diller’s IAC, as well as Gordon Crawford and Himalaya Capital Management. Previous investors Highland Capital Partners and FirstMark Capital also joined in, the story says.
The funding “comes as broadcast networks are asking the Supreme Court to hear their claim that Aereo is illegally stealing their signals. The court could announce a decision as early as Monday,” the story notes.
Aereo uses tiny antennae to relay broadcast feeds to customers’ computers. The service is currently available in cities including New York and Boston.