Wow, we all knew that UPN and WB were in trouble, but this is surprising.  According to a release yesterday, CBS Corp. and Time Warner Inc.’s Warner Bros. said Tuesday they will close their respective UPN and WB networks, and jointly launch a new channel in fall 2006.  The new CW network will be a 50-50 joint venture of the two companies.

The companies expect the station to reach 95 percent of the country.
The surprise news of the merger comes as the WB Network has faced pressure to perform and prove itself as a strategic asset at a time when its parent company Time Warner is under intense scrutiny on Wall Street and from maverick investor Carl Icahn.