WB + UPN = CW

The two networks were launched in 1995 with great fanfare. Both aimed at the youthful viewers who were lucrative and yet increasingly elusive for their bigger broadcast rivals. Each has since lost its owners close to $1 billion.

Now, in a surprise move that's a sign of the struggles in network television, Warner Bros. Entertainment and CBS are shutting down their also-ran networks, WB and UPN, this September. Instead, they are jointly forming a new network, dubbed CW, to replace both. CW will inherit the assets — and most of the top shows — from WB and UPN.