The figures you are quoting for subscriber "value" are "market" figures. In other words, what buyers and sellers are willing to give or receive for something. Now whether a subscriber is worth $0 or $5,000 depends on how correct the "market" is. And guess what, the market fluctuates. At their peaks both CSCO and AMZN were about $100 per share and now they are about $20 and $35 per share respectively. I see no reason why the "value of a subscriber" should not go to $0 if the company serving that subscriber can not make any money on that subscriber. Now CVC may be stupider and more inefficient and they may take more management perks than other cable companies, but if you make no income from your subscribers, then the subscribers have no value.
Now then, will you quit already with those statements that depreciation is not an expense. CVC in its latest ploy is saying that they will need to make a great deal of capital expenditures to keep up with Verizon to remain in the game. These expenditures are going to increase their expenses and their net losses. The management is afraid that if the public sees the amount of losses they will be reporting in the future that they will be forced out of their positions even if they do have voting control.
This manic conviction you have that depreciation is not an expense is the basic fallacy that the cable business is based on. Many years ago, the industry told the investing world that they had to spend a lot of money to build their systems and when those costs had been depreciated the industry would be rolling in cash forevermore. Well it didn't work out that way. Every few years the technology changes and expensive upgrades are required. But the industry always sings the con mans tune to Wall Street. "We just need a little more time, and, oh yes, we need to borrow some more money." Open your mind to the possibility that this is just another Ponzi scheme, because it is.
Would you consider informing the accounting industry that depreciation is not an expense? I think they would like to know that. Then we could treat it like employee stock options. It would be easier for everybody and cut down on the paper work. I don't think rent or fuel should be an expense either!