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The Supreme Court is 'our only monarchy': Diller

IAC Interactive Chairman Barry Diller said Aereo fought a good fight in a Supreme Court case that resulted in the IAC-backed online TV service shutting down.

"Of course I think the Supreme Court was wrong, but it's our only monarchy and when they decide, it's not like you can protest and say, 'Isn't there some workaround," Diller said.

The nation's highest court ruled in June that Aereo violated copyright law by redirecting broadcast television content to its users.

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Diller made the comment during an interview with CNBC's Andrew Ross Sorkin and Recode's Kara Swisher at the CNBC 25 Gala on Thursday. Martha Stewart also took part in the discussion, which focused on the future of media in the digital world.

While Diller believes that all media companies will eventually deliver a la carte content, he said such over-the-top programming will not immediately kill cable bundles. Older audiences will continue to buy cable packages, while younger people will gravitate toward streaming content services.

He also sees little possibility of Hollywood and Silicon Valley fully merging, saying the worlds of tech and drama are different solar systems.

The digital disruption in magazines has caused fear, but the end of print has not yet been born out, said Stewart, whose Martha Stewart Living Omnimedia produces a variety of magazines. She observed that digital subscriptions have remained at or below 5 percent of total subscriptions.

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She also noted that while she now does virtually all of her reading on a tablet, digital publishing remains limited.

"I think it's really extremely difficult for the visual book. We don't have the right device yet for everything," she said.