Earlier quoted context omitted.
It is theft whether you like it or not. They don't have to provide you with the service if they don't think you're not the right customer or if you can't afford it. You are in no way entitled to watching that single TV show if you don't have the subscription.
Theft deprives the owner of something. Making a copy leaves the original intact. Technically HBO would not be providing them with the service. HBO provided the service to someone who paid for it. That person then made a digital copy and gave it to someone else. HBO is not involved in the second transaction. After I purchase something, am I not entitled to do what I wish with it, including giving it away?
When you create that original you estimate that you have to sell X-number of copies to get back your money that you put into creating the original. If you want to watch/listen to/read that work you at least partially agree with the author that it's worth something. It may be in your opinion worth less then the price, but it's not up to you to set that price, as you have no idea how much work and resources did the author put into creating it. You have only one right - agree or disagree with the author and either pay him for this work or look for something else that was priced in your range.