The company didn’t make a direct connection to Netflix — but the comparisons, especially in profitability (see chart below), become irresistible now that Time Warner reports results for HBO, previously lumped with Turner networks. This morning’s numbers scratch the surface; other filings should tell us much more. The company intends to take advantage of HBO’s financial firepower: HBO will increase spending and hours for original series in 2014, CEO Jeff Bewkes told analysts. Much of the spending will boost Cinemax, which he calls “an under-appreciated asset” with more viewers than Starz and about about the same as Showtime. HBO, the channel, accounts for about two-third of the operation’s 45M domestic and 85M overseas subs. Execs also noted that subs are growing at a healthy pace, with domestic up by 2M in 2013. International revenues account for 25% of the unit’s total — a number that’s expected to grow. Bewkes says that Netflix, Amazon and Hulu have had “no discernible effect” on HBO so far.

Here’s how HBO and Netflix compare on the top and bottom lines:



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