Background
In January 1995, The WB Television Network and the United Paramount Network were launched, each hoping to recreate the success of the Fox network, which had launched in 1986 and which had quickly became one of America's "major" networks. All three networks had been joint ventures between major Hollywood studios and large owners of previously independent stations. The WB was owned by Time Warner's Warner Bros. Entertainment division, in a joint venture with the Tribune Company. UPN was founded by Paramount Pictures and Chris-Craft Industries.
However, both new networks launched to limited fanfare and generally poor results. In the next eleven-and-a-half seasons, despite a number of minor-hit or cult-hit series such as Star Trek: Voyager or Buffy the Vampire Slayer, neither network was able to attain the stature Fox had gained in its first decade, much less that of the longstanding "Big Three" television networks (ABC, CBS, and NBC). By early 2006, both networks were losing money, although The WB had been profitable a few seasons earlier. UPN had never turned a profit. Reports indicated that the prospects for both networks were fading quickly.
A further complication was the various shifts in network and affiliate ownership at UPN. Shortly after its launch, Paramount was purchased by Viacom, which later purchased the CBS network. Viacom was permitted to keep interests in both networks. Chris-Craft's relations with Viacom were strained in 2000 when the latter firm exercised a contractual right to force Chris-Craft to either buy Viacom out of UPN, or sell out itself to Viacom. Chris-Craft could not find a suitable partner and sold out. That August, when Chris-Craft put its television stations, most of them UPN affiliates, up for sale, it sold to News Corporation's Fox Television Stations Group instead of Viacom. At the time, Fox seemed to be a willing partner in UPN, but made no firm commitment. Fox later renewed its UPN affiliation through 2006. At the end of 2005, Viacom split into two companies: a new company named Viacom, and CBS Corporation (essentially the old Viacom renamed). In this "split", ownership of UPN went to CBS Corporation.
Read more about this topic: 2006 United States Broadcast TV Realignment
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