"Inevitably, I've always seen Aereo as a vampire that would have killed its host," Wible added.
While BTIG media analyst Richard Greenfield said the decision "feels like a near-term loss for the consumer," it "is clearly a big win for media."
The service, which cost as little as $8 per month, had many in the cable and broadcasting industry up in arms by threatening lucrative network retransmission fees. These fees totaled roughly $3.3 billion last year, according to a report from SNL Kagan.
Following the ruling, broadcasters' shares rose in midday trade. (Click here to track media stocks after the ruling.)
While Aereo simplified access to broadcast, Greenfield pointed out that consumers can still access it themselves.
"It means that nothing will change in terms of your access to broadcast TV," Greenfield added. "Essentially you can lease an antenna but not in the cloud."
This decision is good from an investor perspective, said Bill Smead, CEO and CIO of Smead Capital Management, whose Smead Value Fund invests in Gannett, Disney and Comcast.
"The toll bridge is reestablished," said Smead.
As for pricing, Smead said TV's still an affordable form of entertainment.
"You might not be able to afford to go to Disney World, but you can afford to have your kids to go to the Disney Channel," he added.
Disclosure: CNBC's parent company, NBCUniversal, is among the broadcasting and cable companies that opposed Aereo on copyright claims before the Supreme Court.