At least three networks in the cable industry could change hands in the next few months: Hallmark Channel, Court TV and Fuse. And investors are speculating that AMC, IFC and WE may come onto the market as part of the planned leveraged buyout of Cablevision Systems. If the deals get done, they raise the question for the rest of the industry: What's a cable network worth these days? The answer may not be obvious. All networks are not created equal. As recently as 2002, channel slots on cable systems were valuable enough for some networks to get as much as $20 per subscriber just for the real estate on cable and DBS systems. But buyers are now paying much more attention to the quality of that real estate, favoring networks carried widely on basic tiers. Networks stuck on digital tiers that reach only 30%-40% of a system's total subscribers get discounted.
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