On January 24, 2006, the respective parent companies of UPN and The WB, CBS Corporation and the Warner Bros. Entertainment division of Time Warner, 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 new series specifically produced for The CW. Subsequently, on February 22, 2006, News Corporation announced the launch of MyNetworkTV, a network operated by Fox Television Stations and its syndication division Twentieth Television that was created to primarily to provide network programming to UPN and WB stations with which The CW decided against affiliating based on their local viewership standing in comparison to the outlet that the network ultimately chose, allowing these stations another option besides converting to independent stations.