LONDON (Brand Republic) – The Viacom-owned US TV network UPN could be saved from almost certain closure this week, as up to eight of the 10 TV stations being acquired by rival News Corporation look set to renew their network ties.
News Corp agreed to buy the TV channels -- serving areas including Los Angeles, New York, Phoenix, Orlando and San Francisco -- in August from Chris-Craft Industries for around $5bn. Chris-Craft had been a shareholder in UPN but was forced to sell its stake in the network for just $5m when its relationship with Viacom turned sour.
The decision to renew the UPN’s carriage deals, which expire this month, is being made by Chris-Craft Industries, which remains in control of the stations until the deal is finalised later this year. Without the renewal, the network would have faced certain closure.
In September, when it was revealed that UPN faced closure because it had lost $800m since 1995, News Corp’s chief Rupert Murdoch pledged his support to the company, suggesting that News Corp might be interested in becoming a shareholder.
Viacom had been in negotiations to buy the Chris-Craft stations when News Corp topped its bid and scooped the business from under its nose.
UPN has been the home of all three of the long-running Star Trek television series including Star Trek: The Next Generation and Star Trek Voyager, which is about to start its final season.