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For a complete list of exchanges and delays, please click here. London Fashion Week Is "Boardwalk Empire" HBO's next 'Sopranos'? Tweet This Share on LinkedIn Share on Facebook Related News HBO's "Boardwalk Empire" a top-notch achievement Tue, Sep 14 2010 The mysterious disappearance of HBO subscribers Mon, Sep 13 2010 Time Warner struggling to find new studio boss Thu, Sep 2 2010 TV A-listers wonder: Who would win on Survivor? Fri, Aug 27 2010 How HBO spent more than $200 million on "Pacific" Fri, Aug 27 2010 Related Topics Fashion » Entertainment » Television » Media » By Fred Schruers Wed Sep 22, 2010 2:19am EDT LOS ANGELES (Hollywood Reporter) - A line that resonates late in the opening episode of "Boardwalk Empire" comes when the central figure's protege brings his mentor up short with a stern bit of advice: "You can't be half a gangster, Nucky, not anymore." The advice isn't welcome. The protege, Michael Pitt's emotionally wounded war veteran Jimmy Darmody, has been overstepping his bounds with the boss, Steve Buscemi's Nucky Thompson -- but it's clearly correct. In similar fashion, when HBO set out to make the series -- which on Sunday attracted 4.8 million viewers (7.1 million including repeats), its most-watched premiere of any program in six years -- it realized you can't make half a gangster epic. That's how HBO came to hire Martin Scorsese to executive produce and direct the 70-minute pilot and budget nearly $20 million for it. Before that figure (about double the going rate for a TV pilot) was made public, there was a lot of guesswork as to what a month of shooting (about triple the typical schedule for a pilot) had cost HBO. The New York Post's Page Six threw a haymaker guess of $50 million, leading HBO to point querying media toward the Wall Street Journal's later, gentler $18 million estimate. The subsequent 11 episodes now in the can -- they push the story, largely set in a carefully re-created boomtime Atlantic City, across nine months of 1920 beginning with the opening night of Prohibition -- averaged about $5 million to shoot. With the first ratings in, HBO was quick to order a new season, leaving the number of new shows unspecified (but very likely 12, matching the current cycle). "It's more than a little victory," Standard & Poor's equity analyst Tuna Amobi said. "This makes it a potential juggernaut that's blown away even the more optimistic expectations." The series debut's debate-snuffing number aligns with a generally -- but hardly unanimous -- upbeat set of reviews to let the network breathe much easier. Given the amount of earlier buzz, both in the industry and with the eager populace, HBO wasn't likely to get a standing ovation without hitting a home run. Even the highly successful "True Blood," with its steadily ascending viewership across four seasons and sturdy DVD sales, has somehow been regarded as kid stuff alongside the epochal, 330-pound goombah that was "The Sopranos." (By the end of its run, the mob drama had an average viewership of nearly 9 million; the vampires series hovers at around half that.) At a time when HBO's subscriber base is taking a small but unwelcome downtick, even the passing hullabaloo that was set off by early reports of "Empire's" high production costs can sting. HBO executives can and frequently will point out that their steady revenue stream has been fattening Time Warner's bottom line for years. And co-president Eric Kessler's oft-repeated mantra that exclusive, high-quality content will generally be rewarded by subscribers willing to pay a premium for the service (with handy cost escalators built into the network's deals with cable providers) has mostly kept Wall Street pretty upbeat. Said industry analyst Richard Greenfield of BTIG: "HBO is in the midst of a creative resurgence. Every year they must continue to do what I would call 'feed the beast' and give people a reason to keep paying a substantial amount of money every month. And one way you do that is through irreverent original programing." But Benchmark Capital recently downgraded both Time Warner and Showtime parent Viacom from "buy" to "hold" based mostly on the blah industry- and economywide forecasts. In February, Sanford C. Bernstein cable and satellite analyst Craig Moffett called the Time Warner Cable side "the single most attractive name in our coverage universe -- and by a wide margin," but by August he was warning that though "cord cutting," or dumping cable, is "overhyped," consumers ' impatience with rising prices soon could synergize with alternative delivery systems "storming the castle" to undercut cable subs. Still, HBO's brain trust seems determined to hew to the business model that brought them this far. "To count on a hit is a recipe for disaster," HBO programing president Michael Lombardo said. "I just think all we need to do is lean into the quality, believe in what you're doing, and hope that you find an audience there." "Empire" showrunner and series creator Terence Winter ran with the show's premise at HBO's behest after executive producer Mark Wahlberg, tuned in with Scorsese since they made 2006's "The Departed," recruited the filmmaker. 1 2 Next Fashion Entertainment Television Media Add a Comment *We welcome comments that advance the story directly or with relevant tangential information. We try to block comments that use offensive language or appear to be spam and review comments frequently to ensure they meet our standards. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. © Copyright 2010 Thomson Reuters Editorial Editions: Africa Arabic Argentina Brazil Canada China France Germany India Italy Japan Latin America Mexico Russia Spain United Kingdom United States Reuters Contact Us Advertise With Us Help Journalism Handbook Archive Site Index Video Index Reader Feedback Mobile Newsletters RSS Podcasts Widgets Your View Analyst Research Thomson Reuters Copyright Disclaimer Privacy Professional Products Professional Products Support Financial Products About Thomson Reuters Careers Online Products Acquisitions Monthly Buyouts Venture Capital Journal International Financing Review Project Finance International PEhub.com PE Week FindLaw Reuters on Facebook Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Thomson Reuters journalists are subject to an Editorial Handbook which requires fair presentation and disclosure of relevant interests. NYSE and AMEX quotes delayed by at least 20 minutes. Nasdaq delayed by at least 15 minutes. For a complete list of exchanges and delays, please click here.

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