CES: Aereo to Expand to 22 Cities in 2013
Raises $38 million in Series B funding
By George Winslow -- Broadcasting & Cable, 1/8/2013 2:13:34 PMComplete Coverage: CES 2013
Aereo has announced that it will expand its operations into 22 cities in the course of 2013, which would expand its potential reach to about 97 million customers.
The company, which is already operating in New York City, will deliver subscription service costing $8 a month or $80 a year that provides broadcast signals to mobile devices.
The expansion and the company's announcement that it has raised an additional $38 million in Series B funding raises the stakes for broadcasters, who have sued the company over copyright violations.
The cities "identified for expansion are: Boston, Miami, Austin, Atlanta, Chicago,Dallas, Houston, Washington, DC, Baltimore, Detroit, Denver, Minneapolis, Philadelphia, Pittsburgh, Tampa, Cleveland, Kansas City, Raleigh-Durham (N.C.), Salt Lake City, Birmingham (Ala.), Providence (R.I.), and Madison (Wis.)," the company noted.
These 22 markets represent the first phase of Aereo's planned nationwide expansion. The rollouts will occur during 2013 and start in late spring.
The Series B round of financing was led by existing investors IAC and Highland Capital Partners. Previous investors from Aereo's Series A funding round, including FirstMark Capital, First Round Capital, High Line Venture Partners, and select individuals, also participated in this second round of financing.
The announcement was made by Aereo's CEO and Founder, Chet Kanojia, at the Citi Global Internet, Media & Telecommunications Conference in Las Vegas.
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