I don't think the nature of the content changes much. They both have employees to pay. They both have infrastructure costs. They both live off of people consuming their stuff. HBO has competitors who use NY Times revenue model. HBO even publishes at least a small amount of investigative journalism.
Because the nature of the content is so different, the costs may also be different.
HBO also just recently changed its entire business model. It used to not be purchased directly by consumers. The old model was they sold themselves to the cable companies, and the cable companies sold HBO to consumers. HBO Now changes that, and it's possible it will also change the nature of HBO.
