The network was originally owned by Chris-Craft Industries' United Television; Viacom (through its Paramount Television unit, which produced most of the network's series) turned the network into a joint venture in 1996 after acquiring a 50% stake in the network, and subsequently purchased Chris-Craft's remaining stake in 2000. In December 2005, UPN was spun off to CBS Corporation when Viacom split into two separate companies. CBS Corporation and Time Warner jointly announced on January 24, 2006, that the companies would shut down UPN and competitor The WB to launch a new joint venture network later that year.[1] UPN ceased broadcasting on September 15, 2006, with The WB following suit two days later.