The justices’ ruling leaves the current broadcast model intact while imperiling Aereo’s viability as a business, just two years after a team of engineers, lawyers, marketers and even an Olympic medalist came together with a vision to provide a new viewing service that “enables choice and freedom.”

Image Chet Kanojia, the founder and chief executive of Aereo, called the ruling a “massive setback.” Credit... Alex Wong/Getty Images

Broadcasters applauded the ruling, and shares in the media groups shot up on Wednesday.

“For two years they have been in existence, trying to hurt our business,” Leslie Moonves, chief executive of CBS, said in a telephone interview. “They fought the good fight. They lost. Time to move on.”

Chet Kanojia, Aereo’s founder and chief executive, said in a statement that the ruling was a “massive setback” for consumers and “sends a chilling message to the technology industry.”

Aereo had previously said it had “no Plan B” if it lost in court. On Wednesday, Mr. Kanojia said that “our work is not done” and that Aereo would continue to “fight to create innovative technologies,” but he did not specifically say how the company would move forward. Analysts and legal experts said Aereo was left with few options in an opinion that rejected all of its major arguments.

The Supreme Court case was closely watched by the media and technology industries. Oral arguments in April attracted a who’s who of executives. It comes as broadcasters navigate the vast technological changes and rapid shifts in viewer habits, including a rising tide of viewers who are canceling traditional pay-television subscriptions in favor of cheaper streaming alternatives.