[Casc]

Not significantly more, at the end of the day I'd have to guess HBO likely sees less than $10/sub.

[sliverstorm]

Yea, but plenty of the cut the network takes of that $20 is going to infrastructure- and marketing-type costs that HBO would have to shoulder if they struck out alone.

[Casc]

Their distribution and infrastructure cost is significantly higher than HBO's would be to support their own content delivery.