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BY JONATHAN BLUM, KAGAN
While TWC's 39% margins beat the industry's mean by about 4%, they are not on the same scale as an MTV. On a revenue-per-sub basis, the gap is even wider. TWC earns just $2.78 per sub compared to CNN's $9.68.
TWC VS. CABLE SECTOR AVERAGES
| 2003 CASH FLOW MARGIN |
| MTV |
50.1% |
| CNN |
40.1% |
| The Weather Channel |
38.9% |
| Industry Average |
35.0% |
| HGTV |
34.6% |
| 2003 PROGRAMMING EXPENSES AS % OF NET REVENUE |
| HGTV |
52.0% |
| The Weather Channel |
46.3% |
| Industry Average |
44.9% |
| MTV |
33.3% |
| CNN |
26.5% |
| 2003 TOTAL REVENUE/SUB |
| CNN |
$9.68 |
| MTV |
$9.54 |
| Industry Average |
$4.82 |
| HGTV |
$3.28 |
| The Weather Channel |
$2.78 |
| SOURCE: KAGAN WORLD MEDIA |
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