On January 24, 2006, UPN parent company CBS Corporation and WB network parent Time Warner (through its Warner Bros. Entertainment division) announced that they would dissolve the two networks to create The CW Television Network, a joint venture between the two media companies that initially featured programs from its two predecessor networks as well as original first-run series developed for The CW. Subsequently, on February 22, 2006, News Corporation announced the launch of MyNetworkTV, a network developed as a joint venture between then-sibling subsidiaries Fox Television Stations and Twentieth Television (the former is now part of Fox Corporation, and the latter now operates as a unit of The Walt Disney Company by way of Disney's 2019 acquisition of 21st Century Fox) primarily to serve as a network programming option (in lieu of converting to a general entertainment independent format) for UPN and WB stations that were not chosen to affiliate with The CW.