Time Warner released numbers for HBO today for the first time, revealing that the network generated $1.3 billion in revenue in the last quarter of 2013, and $4.9 billion for the whole year. Those are the numbers of a very healthy business, and that's why Time Warner decided to publish them, citing "transparency into the business."

"HBO remains in a league of its own," Time Warner CEO Jeff Bewkes reportedly said on the company’s earnings call. "We don’t see any discernible effect on HBO’s subscriber numbers or pricing because of Netflix or other internet video subscription services."

Bewkes was hoping to reassure investors that internet video isn't a threat, but the takeaway seems to be just the opposite. HBO had a record year, and its numbers look much better than Netflix's right now. Its operating margins are almost five times better than Netflix's, and it has almost three times as many global subscribers and a robust business in retransmission fees. There is no disputing that HBO is significantly more profitable than Netflix.