(The headline probably should say "...
Merge UPN and WB.")
Tue Jan 24, 2006 05:49 PM ET
By Kenneth Li and Steve Gorman
NEW YORK/LOS ANGELES (Reuters) - Struggling TV networks WB and UPN will merge into a single new youth-oriented broadcaster this fall in a surprise deal announced on Tuesday that reshapes the landscape of U.S. television. The new CW network will debut in September 2006 as a 50-50 joint venture of UPN parent company CBS Corp. and Time Warner Inc., which controls the WB, shrinking the field of major U.S. commercial TV networks from six to five.
Tribune Co., which holds a minority stake in the WB, will not have any ownership interest in the newly combined entity. While no programming decisions were revealed, the merger will join the biggest shows of both networks, likely including UPN's "Everybody Hates Chris" and the WB's "Gilmore Girls."
Executives said CW would be run more cost-efficiently than UPN (which stands for United Paramount Network) or WB (for Warner Bros.) and would probably turn a profit at its launch, something neither predecessor network has managed to achieve. They did not address how many layoffs or how much in cost savings would result from the consolidation.
UPN President Dawn Ostroff will become the president of entertainment at the new network. John Maatta, chief operating officer of WB, will serve the same role at CW. UPN and the WB, both formed 11 years ago, have each struggled to build ratings with programming aimed at younger viewers than the 18-to-49-year-old audience regarded as the advertising sweet spot for the Big Four broadcasters -- ABC, CBS, NBC and Fox. CW will essentially follow the strategy of its predecessors, targeting viewers aged 18 to 34.
(more at link below)
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http://go.reuters.com/newsArticle.jhtml?type=topNews&storyID=10958672&src=rss/topNews>
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