HBO WAS the king. They provided so many great fights but then when Showtime came on the scene and started getting big fights, like Tyson and such...HBO got into the business of manufacturing stars. While I liked their fighter presentations, in the later years I found myself tuning into Showtime fights more, even when there were dueling telecasts. Only if it was a fighter I really liked did I tune in to HBO. HBO put on a lot of mismatches and fights that looked good in marquees but not so good on paper. Showtime by far was putting on the most competitive fights between champions. HBO put on some decent fights with prospects, but not the same thing.
Also, Showtime was doing ALL of their championship boxing in HD before HBO which was another way they gained favor with me. Showtime was recording in HD, HBO would only broadcast in HD for a time as well. I was trying to figure out WTF was going on with that, since HBO was the bigger network. The fukk? They didnt own their own HD cameras?
Showtime wasnt interested at the time in signing individual fighters but buying individual fights. HBO's signing of fighters only forced them to feed a hype machine and hand-pick opponents and bill as true championship level fights. A lot of B.S. fights were made because a date needed to be filled or a push for a prospect was needed.
Showtime has been hungrier I feel in building its boxing format, while I feel HBO got lazy. Also, HBO Sports has suffered from a lot of cuts in budget and in fact Time Warner has pondered getting rid of the whole department. Trying to be cheap overall.
Showtime has been my favorite for years now as it seems that HBO got really lazy and complacent, not to mention a mix of bad politics. In short, I say this to say the once great HBO is now

status.