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What Legal Battles? Video Upstart Aereo Lands $34M In New Funding, Plans Big U.S. Expansion

Streaming TV startup Aereo generated quite a few headlines last year. Backed by Barry Diller and IAC, the controversial young company has become entangled in a lengthy and expensive legal battle with the major network broadcasters who want to see it shut down -- a battle that's now headed to the Supreme Court.
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Streaming TV startup Aereo generated quite a few headlines last year. Backed by Barry Diller and IAC, the controversial young company has become entangled in a lengthy and expensive legal battle with the major network broadcasters who want to see it shut down — a battle that’s now headed to the Supreme Court.

While the startup has been growing fast and announced big expansion plans early last year as a result — in which it expected to be in 22 new markets by the end of 2013 — the legal battles have slowed Aereo’s nationwide expansion. However, today Aereo looks to be turning that around with a big round of new capital to fuel these efforts, as the New York City-based company announced that it has closed $34 million in Series C financing.

The new round, in the company’s lead investor, IAC, was joined by media investor honchos like Gordon Crawford and Himalaya Capital Management, will support Aereo’s “rapid nationwide expansion” and allow it to ramp up hiring, the company said. Previous investors Highland Capital Partners, FirstMark Capital also joined in the round.

The company will be making a full presentation about the news at the Citi Global Internet, Media & Telecommunications Conference tomorrow morning. Readers can find the live stream of the event here.

We’ve reached out to the company to learn more, and will be updating the post in the meantime.


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