Barry Diller Named to Aereo's Board of Directors as Company Raises $20.5 Million from Investors

Barry Diller has been named to Aereo’s board of directors, as the company announced it was able to raise $20.5 million from investors.

IAC, where Diller is chairman, led the Series A round. Also taking part in the round were prior investors, such as: FirstMark Capital, First Round Capital, High Line Venture Partners, Highland Capital Partners (News - Alert), and private individuals. Aereo's total funding is now about $25 million, according to company statements.

Diller has a net worth valued at $1.6 billion, according to Forbes. Previously, Diller was chairman and CEO of Paramount Pictures; chairman and CEO of Fox; and more recently, chairman of Expedia (News - Alert) and chairman of IAC/InterActiveCorp, according to online reports.

"Aereo is the first potentially transformative technology that has the chance to give people access to broadcast television delivered over the Internet to any device, large or small, they desire. No wires, no new boxes or remotes, portable everywhere there's an Internet connection in the world – truly a revolutionary product," Diller said in a company press release carried on TMCnet.

"Barry's vast experience and knowledge of the television industry and his exceptional expertise in building successful and transformative companies is invaluable to Aereo,” Chet Kanojia, founder and CEO of Aereo, said in the press release. “We are thrilled to have him join our Board of Directors and thrilled about our strategic collaboration and mentorship.”

Aereo offers a remote antenna and DVR that can be used to get access to network TV on web-enabled devices. Users of Aereo get access to major TV networks, such as CBS, NBC, FOX, ABC, CW and PBS. They also get local TV stations. They can store up to 40 hours of programming. Aereo also lets users share, chat and discuss with other Aereo members through Facebook and Twitter (News - Alert).

Aereo members need to live in New York City. Members will be given a 30-day free trial. Membership is $12 a month.