New Company Aereo to Provide Online Streaming of Broadcast TV

Service available to New York residents; backed by Barry Diller/IAC

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First-run broadcast content has long been the holy grail in the streaming wars; now, it's coming to New York residents via a new company called Aereo. The Web-based service will be available on platforms like Roku and Apple TV and has among its backers FirstMark Capital, High Line Venture Partners and, most notably, Barry Diller's IAC. Diller himself has joined the company's board of directors.

The venture doesn't just pave the way for New Yorkers to cancel their cable subscriptions (Time Warner Cable's cheapest package runs consumers $42 a month, or about twice what a subscription to Netflix streaming and Aereo would cost), but it also sets the stage for an even fiercer war over retransmission fees, especially if Aereo is successful.

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