Just saw an alert on CNBC...a joint news conf right now with CBS and Time Warner...isn't over yet....6 nights of primetime....apparently TW will run the combined net, a name of which hasn't been released just yet. More specs as the conf lets out, I'm sure....
=============================================
OK, update with press release.....
CBS Corporation and Warner Bros. Entertainment Form New 5th Broadcast Network
PRNewswire
All PRNewswire News
Each Company to Hold 50% Interest In The CW Television Network Tribune Broadcasting and CBS Corporation Stations Agree to 10-Year Affiliation Agreements Covering 48% of the Country
New Television Network to Utilize the Best Programming from
CBS Corporation and Warner Bros.
Dawn Ostroff Is Tapped as President of Entertainment at The New Network;
John Maatta Will Be Chief Operating Officer
The WB and UPN to Cease Operations in September 2006
NEW YORK, Jan. 24 /PRNewswire-FirstCall/ -- CBS Corporation and Warner
Bros. Entertainment today announced their intent to form a new 5th network,
The CW, to be launched in the fall of 2006. The new broadcasting network will
be a joint venture between Warner Bros. Entertainment and CBS Corporation,
with each company owning 50%. In an important strategic move that secures
major market distribution for The CW, it was announced that Tribune
Broadcasting and the CBS Corporation's UPN affiliates have agreed separately
to sign 10-year affiliation agreements with the new network.
The announcement for the new network was made today in New York by Leslie
Moonves, President and Chief Executive Officer of CBS Corporation and Barry
Meyer, Chairman and Chief Executive Officer of Warner Bros. Entertainment.
The Tribune Broadcasting affiliation agreements were announced by Dennis
FitzSimons, Chairman, President and Chief Executive Officer of Tribune
Company.
At the same time, it was announced that CBS Corporation and Warner Bros.
Entertainment will cease operations of their respective networks -- UPN and
The WB. The WB and UPN will continue to broadcast their respective network
schedules independently until the fall.
The combination of Tribune's 16 major market stations and the 12 CBS-owned
UPN major market affiliates give The CW instant coverage in 48% of the
country. The remainder of the network's distribution system will be a
combination of selected current UPN and The WB stations. The full
distribution of the new network is expected to exceed 95% of the country.
Dawn Ostroff, currently President of UPN, will become President of
Entertainment and John Maatta, currently Chief Operating Officer of The WB,
will become Chief Operating Officer of The CW.
"This new network will serve the public with high-quality programming and
maintain our ongoing commitment to our diverse audience," said Moonves. "It
will clearly be greater than the sum of its parts, delivering excellent
demographics to advertisers, and building a strong new affiliate body.
Additionally, The CW will be able to draw from the creative talent and
production resources from the top two television production studios in the
business, while also seeking programming from all sources -- independent
producers or other studios. With this move, we will be creating a viable
entity, one well-equipped to compete, thrive and serve all our many publics in
this multi-channel media universe. I'd like to thank Dawn Ostroff and all the
talented people at UPN who have worked so hard. For many years UPN had
financial losses, but under CBS's guidance, UPN has been able to effect a
dramatic creative turnaround in a short period of time."
"This new network makes sound business and creative sense at every
level -- for our viewers, advertisers, affiliates and for the shareholders of
our companies," said Meyer. "Every key constituency of the network will now
greatly benefit from this combination by being part of a highly rated,
competitive, 5th broadcast network that is financially sound. As we form this
new joint venture, we are also very pleased that in Dawn and John we have a
management team of great creative vision and business acumen, one that will
help to guide it successfully forward."
"This is a very exciting day for Time Warner and its shareholders in the
creation of what we believe will be a very strong and viable 5th broadcast
television network," said Jeff Bewkes, President & Chief Operating Officer of
Time Warner. "This new network will have all the strategic asset value as an
outlet for our programming that The WB presented us, but with a much firmer
and more secure financial present and future. The credit goes to Barry Meyer,
who continues to have tremendous vision and extraordinary business acumen as
the long time leader of Warner Bros. Entertainment, a company that we are
proud to say continues to be number one in its class."
"This is a great day for Tribune and its shareholders, and we are pleased
to be the lead affiliate group of what will be a strong network," said
FitzSimons. "We could not have had a better partner than Warner Bros. and
Barry Meyer since we together launched The WB 11 years ago. Now, with the
ownership role of CBS Corporation and the leadership of Leslie Moonves added
to the mix, Tribune's viewers and advertisers will benefit from an even
stronger programming lineup."
The 16 Tribune affiliated stations will include New York, Los Angeles,
Chicago, Boston, Dallas, Washington, D.C., Houston, Miami, Denver, St. Louis,
Portland, Indianapolis, San Diego, Hartford, New Orleans and Albany. The 12
CBS Station Group television markets will include Philadelphia, San Francisco,
Atlanta, Detroit, Tampa, Seattle, Sacramento, Pittsburgh, West Palm Beach,
Norfolk, Oklahoma City and Providence. Together, these top two station groups
cover the top 13 television markets, 20 of the top 25 television markets and
have a total coverage area of more than 48% of the country.
The CW will incorporate The WB's current scheduling model, which consists
of a 6 night-13 hour primetime lineup including Monday through Friday nights
from 8-10 (EST/PST); Sundays from 7-10 (EST/PST); Sunday from 5-7 (EST/PST)
outside of primetime as well as a Monday thru Friday afternoon block from 3-5
(EST/PST) and a 5-hour Saturday morning animation block. Together, the
network will program 30 hours a week over seven days for its affiliated
stations.
As the top creative executive, Ostroff will have available a line-up of
some of the most popular programming that appeals to young adults in the media
business. These programming assets range from hit reality series such as
"America's Next Top Model" and The WB's "Beauty and the Geek," to hit dramas
like The WB's "Smallville," "Gilmore Girls," "Supernatural," and UPN's
"Veronica Mars" as well as UPN's hit comedies "Everybody Hates Chris" and
"Girlfriends" and The WB's hit comedy "Reba." In addition the WWE's
"Smackdown," which has been a mainstay at UPN, is expected to play a role in
the schedule.
In addition, The CW will also broadcast the schedule of children's
programming now known as Kids' WB!, a 5-hour original programming block on
Saturday mornings from 7:00 a.m.-Noon, considered primetime for kids. Kids'
WB! has been the broadcast network ratings champion since Fall 2000, capturing
16 consecutive sweep victories as the Number One Saturday morning kids'
broadcaster.
All programming, marketing, scheduling, publicity and research functions
will report to Ostroff.
Maatta will be responsible for the network's business operations. Bill
Morningstar, The WB's Executive Vice President of Advertising Sales will
become the head of sales reporting to Maatta. Other responsibilities that
will report to Maatta include business affairs, network distribution, legal,
finance and human resources.
Meyer added: "This could not have happened without the tremendous energy
and talent of Bruce Rosenblum, President of Warner Bros. Television Group and
Nancy Tellem at CBS who worked tirelessly and cohesively together to make this
new network a reality. I would also like to thank Dennis FitzSimons, who saw
the great opportunity this new network presents for the Tribune Company and
who continues to be one of the great professionals and broadcasters in the
business today."
Moonves added: "This idea becomes a reality only when a great station
group like Tribune comes on board with us and delivers the powerful reach a
new network requires. With formidable flagship Tribune stations in New York,
Chicago and Los Angeles, a great CBS line-up of owned and operated UPN
stations, and strong affiliates from every available market, The CW launches
as a strong competitor to the Big Four, and that's good for our business, for
the viewing audience, and for free, over the air broadcasting. It is also
good news for our shareholders, who will benefit from a much stronger business
model, improved economics for our stations and new opportunities for our
production businesses."
CBS Corporation (NYSE: CBS.A and CBS) is a mass media company with
constituent parts that reach back to the beginnings of the broadcast industry,
as well as newer businesses that operate on the leading edge of the media
industry. The Company, through its many and varied operations, combines broad
reach with well-positioned local businesses, all of which provide it with an
extensive distribution network by which it serves audiences and advertisers in
all 50 states and key international markets. It has operations in virtually
every field of media and entertainment, including broadcast television (CBS
and UPN), cable television (Showtime), local television (CBS Television
Stations), television production and syndication (CBS Paramount Television and
King World), radio (CBS Radio), advertising on out-of-home media (CBS
Outdoor), publishing (Simon & Schuster), theme parks (Paramount Parks),
digital media (CBS Digital Media Group and CSTV Networks) and consumer
products (CBS Consumer Products). For more information, log on to
http://www.cbscorporation.com.
Warner Bros. Entertainment, a fully-integrated, broad-based entertainment
company, is a global leader in the creation, production, distribution,
licensing and marketing of all forms of entertainment and their related
businesses. Warner Bros. Entertainment, a Time Warner Company, stands at the
forefront of every aspect of the entertainment industry, from feature films to
television, home video/DVD, animation, comic books, interactive entertainment
and games, product and brand licensing, international cinemas and
broadcasting.
TRIBUNE TRB is one of the country's top media companies, operating
businesses in publishing and broadcasting. It reaches more than 80 percent of
U.S. households and is the only media organization with newspapers, television
stations and websites in the nation's top three markets. In publishing,
Tribune operates 11 leading daily newspapers including the Los Angeles Times,
Chicago Tribune and Newsday, plus a wide range of targeted publications such
as Spanish-language Hoy. The company's broadcasting group operates 26
television stations, Superstation WGN on national cable, Chicago's WGN-AM and
the Chicago Cubs baseball team. Popular news and information websites
complement Tribune's print and broadcast properties and extend the company's
nationwide audience.
<P ID="edit"><FONT class="small">Edited by easttxtv on 01/24/06 04:25 PM.</FONT></P>
=============================================
OK, update with press release.....
CBS Corporation and Warner Bros. Entertainment Form New 5th Broadcast Network
PRNewswire
All PRNewswire News
Each Company to Hold 50% Interest In The CW Television Network Tribune Broadcasting and CBS Corporation Stations Agree to 10-Year Affiliation Agreements Covering 48% of the Country
New Television Network to Utilize the Best Programming from
CBS Corporation and Warner Bros.
Dawn Ostroff Is Tapped as President of Entertainment at The New Network;
John Maatta Will Be Chief Operating Officer
The WB and UPN to Cease Operations in September 2006
NEW YORK, Jan. 24 /PRNewswire-FirstCall/ -- CBS Corporation and Warner
Bros. Entertainment today announced their intent to form a new 5th network,
The CW, to be launched in the fall of 2006. The new broadcasting network will
be a joint venture between Warner Bros. Entertainment and CBS Corporation,
with each company owning 50%. In an important strategic move that secures
major market distribution for The CW, it was announced that Tribune
Broadcasting and the CBS Corporation's UPN affiliates have agreed separately
to sign 10-year affiliation agreements with the new network.
The announcement for the new network was made today in New York by Leslie
Moonves, President and Chief Executive Officer of CBS Corporation and Barry
Meyer, Chairman and Chief Executive Officer of Warner Bros. Entertainment.
The Tribune Broadcasting affiliation agreements were announced by Dennis
FitzSimons, Chairman, President and Chief Executive Officer of Tribune
Company.
At the same time, it was announced that CBS Corporation and Warner Bros.
Entertainment will cease operations of their respective networks -- UPN and
The WB. The WB and UPN will continue to broadcast their respective network
schedules independently until the fall.
The combination of Tribune's 16 major market stations and the 12 CBS-owned
UPN major market affiliates give The CW instant coverage in 48% of the
country. The remainder of the network's distribution system will be a
combination of selected current UPN and The WB stations. The full
distribution of the new network is expected to exceed 95% of the country.
Dawn Ostroff, currently President of UPN, will become President of
Entertainment and John Maatta, currently Chief Operating Officer of The WB,
will become Chief Operating Officer of The CW.
"This new network will serve the public with high-quality programming and
maintain our ongoing commitment to our diverse audience," said Moonves. "It
will clearly be greater than the sum of its parts, delivering excellent
demographics to advertisers, and building a strong new affiliate body.
Additionally, The CW will be able to draw from the creative talent and
production resources from the top two television production studios in the
business, while also seeking programming from all sources -- independent
producers or other studios. With this move, we will be creating a viable
entity, one well-equipped to compete, thrive and serve all our many publics in
this multi-channel media universe. I'd like to thank Dawn Ostroff and all the
talented people at UPN who have worked so hard. For many years UPN had
financial losses, but under CBS's guidance, UPN has been able to effect a
dramatic creative turnaround in a short period of time."
"This new network makes sound business and creative sense at every
level -- for our viewers, advertisers, affiliates and for the shareholders of
our companies," said Meyer. "Every key constituency of the network will now
greatly benefit from this combination by being part of a highly rated,
competitive, 5th broadcast network that is financially sound. As we form this
new joint venture, we are also very pleased that in Dawn and John we have a
management team of great creative vision and business acumen, one that will
help to guide it successfully forward."
"This is a very exciting day for Time Warner and its shareholders in the
creation of what we believe will be a very strong and viable 5th broadcast
television network," said Jeff Bewkes, President & Chief Operating Officer of
Time Warner. "This new network will have all the strategic asset value as an
outlet for our programming that The WB presented us, but with a much firmer
and more secure financial present and future. The credit goes to Barry Meyer,
who continues to have tremendous vision and extraordinary business acumen as
the long time leader of Warner Bros. Entertainment, a company that we are
proud to say continues to be number one in its class."
"This is a great day for Tribune and its shareholders, and we are pleased
to be the lead affiliate group of what will be a strong network," said
FitzSimons. "We could not have had a better partner than Warner Bros. and
Barry Meyer since we together launched The WB 11 years ago. Now, with the
ownership role of CBS Corporation and the leadership of Leslie Moonves added
to the mix, Tribune's viewers and advertisers will benefit from an even
stronger programming lineup."
The 16 Tribune affiliated stations will include New York, Los Angeles,
Chicago, Boston, Dallas, Washington, D.C., Houston, Miami, Denver, St. Louis,
Portland, Indianapolis, San Diego, Hartford, New Orleans and Albany. The 12
CBS Station Group television markets will include Philadelphia, San Francisco,
Atlanta, Detroit, Tampa, Seattle, Sacramento, Pittsburgh, West Palm Beach,
Norfolk, Oklahoma City and Providence. Together, these top two station groups
cover the top 13 television markets, 20 of the top 25 television markets and
have a total coverage area of more than 48% of the country.
The CW will incorporate The WB's current scheduling model, which consists
of a 6 night-13 hour primetime lineup including Monday through Friday nights
from 8-10 (EST/PST); Sundays from 7-10 (EST/PST); Sunday from 5-7 (EST/PST)
outside of primetime as well as a Monday thru Friday afternoon block from 3-5
(EST/PST) and a 5-hour Saturday morning animation block. Together, the
network will program 30 hours a week over seven days for its affiliated
stations.
As the top creative executive, Ostroff will have available a line-up of
some of the most popular programming that appeals to young adults in the media
business. These programming assets range from hit reality series such as
"America's Next Top Model" and The WB's "Beauty and the Geek," to hit dramas
like The WB's "Smallville," "Gilmore Girls," "Supernatural," and UPN's
"Veronica Mars" as well as UPN's hit comedies "Everybody Hates Chris" and
"Girlfriends" and The WB's hit comedy "Reba." In addition the WWE's
"Smackdown," which has been a mainstay at UPN, is expected to play a role in
the schedule.
In addition, The CW will also broadcast the schedule of children's
programming now known as Kids' WB!, a 5-hour original programming block on
Saturday mornings from 7:00 a.m.-Noon, considered primetime for kids. Kids'
WB! has been the broadcast network ratings champion since Fall 2000, capturing
16 consecutive sweep victories as the Number One Saturday morning kids'
broadcaster.
All programming, marketing, scheduling, publicity and research functions
will report to Ostroff.
Maatta will be responsible for the network's business operations. Bill
Morningstar, The WB's Executive Vice President of Advertising Sales will
become the head of sales reporting to Maatta. Other responsibilities that
will report to Maatta include business affairs, network distribution, legal,
finance and human resources.
Meyer added: "This could not have happened without the tremendous energy
and talent of Bruce Rosenblum, President of Warner Bros. Television Group and
Nancy Tellem at CBS who worked tirelessly and cohesively together to make this
new network a reality. I would also like to thank Dennis FitzSimons, who saw
the great opportunity this new network presents for the Tribune Company and
who continues to be one of the great professionals and broadcasters in the
business today."
Moonves added: "This idea becomes a reality only when a great station
group like Tribune comes on board with us and delivers the powerful reach a
new network requires. With formidable flagship Tribune stations in New York,
Chicago and Los Angeles, a great CBS line-up of owned and operated UPN
stations, and strong affiliates from every available market, The CW launches
as a strong competitor to the Big Four, and that's good for our business, for
the viewing audience, and for free, over the air broadcasting. It is also
good news for our shareholders, who will benefit from a much stronger business
model, improved economics for our stations and new opportunities for our
production businesses."
CBS Corporation (NYSE: CBS.A and CBS) is a mass media company with
constituent parts that reach back to the beginnings of the broadcast industry,
as well as newer businesses that operate on the leading edge of the media
industry. The Company, through its many and varied operations, combines broad
reach with well-positioned local businesses, all of which provide it with an
extensive distribution network by which it serves audiences and advertisers in
all 50 states and key international markets. It has operations in virtually
every field of media and entertainment, including broadcast television (CBS
and UPN), cable television (Showtime), local television (CBS Television
Stations), television production and syndication (CBS Paramount Television and
King World), radio (CBS Radio), advertising on out-of-home media (CBS
Outdoor), publishing (Simon & Schuster), theme parks (Paramount Parks),
digital media (CBS Digital Media Group and CSTV Networks) and consumer
products (CBS Consumer Products). For more information, log on to
http://www.cbscorporation.com.
Warner Bros. Entertainment, a fully-integrated, broad-based entertainment
company, is a global leader in the creation, production, distribution,
licensing and marketing of all forms of entertainment and their related
businesses. Warner Bros. Entertainment, a Time Warner Company, stands at the
forefront of every aspect of the entertainment industry, from feature films to
television, home video/DVD, animation, comic books, interactive entertainment
and games, product and brand licensing, international cinemas and
broadcasting.
TRIBUNE TRB is one of the country's top media companies, operating
businesses in publishing and broadcasting. It reaches more than 80 percent of
U.S. households and is the only media organization with newspapers, television
stations and websites in the nation's top three markets. In publishing,
Tribune operates 11 leading daily newspapers including the Los Angeles Times,
Chicago Tribune and Newsday, plus a wide range of targeted publications such
as Spanish-language Hoy. The company's broadcasting group operates 26
television stations, Superstation WGN on national cable, Chicago's WGN-AM and
the Chicago Cubs baseball team. Popular news and information websites
complement Tribune's print and broadcast properties and extend the company's
nationwide audience.
<P ID="edit"><FONT class="small">Edited by easttxtv on 01/24/06 04:25 PM.</FONT></P>
