Is the writers' strike hurting the networks?

A colleague asks:

Are the networks' actually profiting from the writers strike? Unlike auto worker, longshoreman or California grocery strikes, the networks are not shut down. Viewership is off and so advertising dollars are lower but expenses are also lower. It depends on the elasticity of demand w.r.t. "new programming" versus the elasticity of supply w.r.t. "new programming."

This reminds my of the "advertising game" played by cigarette makers. The story goes that advertising did not increases industry demand as much as it caused customer switching. Producers could not commit to an advertising ban but would have loved one (a classic prisoners dilemma game). The advertising ban as an outcome of the Surgeon Generals report was a blessing since it lowered costs more than it lowered revenues.