WSJ's Gautham Nagesh has the details:

A federal appeals court on Tuesday struck down the Federal Communications Commission's open Internet rules on Tuesday, in a ruling that could give broadband providers more room to charge content companies for faster speeds.

The FCC rules were designed to ensure Internet service providers treat similar content on broadband pipes equally. The U.S. Court of Appeals for the District of Columbia Circuit found that the FCC lacked the authority to impose antidiscrimination rules because it had failed to classify broadband Internet as a common-carrier service.

The court, ruling on a suit by Verizon Communications, also threw out an FCC rule that barred providers from blocking Internet traffic outright.