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If one thing marked media holding companies’ summer earnings reports, it was the big jump in revenue from their cable networks—with a major factor behind those jumps. “It’s not subscriber growth driving the numbers. It’s more [carriage] revenue,” said Jessica Reif Cohen, a media analyst with Bank of America-Merrill Lynch, about the renegotiations over affiliate fees—the chunk of cable subscription revenue paid back to content owners.
As entertainment networks ramp up spending on original productions and acquired series, the owners are covering costs by raising fees.
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