Breaking News: UPN, WB to merge, but will two losers equal a winner?

CBS and Time Warner have decided that rather than continue in their “Let’s-see-who-can-bleed-to-death-first!” contest, the hugely unprofitable UPN and slightly-less unprofitable WB television network shall be one, Bloomberg reports.

To be reflagged as the CW Television Network the new entity will begin airing in September as the fifth-largest broadcaster by viewers, Bloomberg reports. CBS, owner of UPN, and Time Warner, part owner of WB, will each own 50 percent, the companies said today in a statement.

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