CBS and Warner Bros. issued the following press release this morning following the conclusion of a press conference announcing that the UPN and WB Networks would shut down and merge into the CW Network this Fall. Of interest to wrestling fans is the note that WWE Smackdown, described as a UPN staple, "is expected to play a role in the schedule."

The complete press release reads:

CBS Corporation and Warner Bros. Entertainment Form New 5th Broadcast Network 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.