The 50-50 joint venture between CBS and Time Warner combines the best programming from the two channels under the new CW banner, giving it a better chance of competing with network rivals ABC, NBC and Fox, as well as CBS Corp's own CBS.
The Warner Brother-owned WB channel is home to the likes of 'Smallville', 'Gilmore Girls', while the CBS United Paramount Network is best known for WWE's "Smackdown" pro-wrestling as well as dramas such as 'Veronica Mars' as well as comedies such as 'Everybody Hates Chris'. The two channels will cease operations in September 2006.
In addition, CBS and Time Warner have secured major market distribution for The CW with Tribune Broadcasting and the CBS's UPN affiliates have separately agreed to sign 10-year affiliate agreements with the new network.
The combination of Tribune's 16 major market stations and the 12 CBS-owned UPN major market affiliates give The CW instant coverage in 48% of the country. The remainder of the network's distribution system will be a combination of selected current UPN and The WB stations. The full distribution of the new network is expected to exceed 95% of the country.
The announcement for the new network was made yesterday in New York by Leslie Moonves, president and CEO of CBS Corporation, and Barry Meyer, chairman and CEO of Warner Bros Entertainment.
Moonves said: "This new network will clearly be greater than the sum of its parts, delivering excellent demographics to advertisers, and building a strong new affiliate body.
"With this move, we will be creating a viable entity, one well-equipped to compete, thrive and serve all our many publics in this multichannel media universe."
Jeff Bewkes, president and CEO of Time Warner, said: "This new network will have all the strategic asset value as an outlet for our programming that The WB presented us, but with a much firmer and more secure financial present and future."
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