This channel's origins began on January 24, 2006 when UPN and The WB announced that the networks would cease broadcasting and merge. The new combined network would be called The CW. The letters would represent the first initial of corporate parents CBS (the parent company of UPN) and the Warner Bros. unit of Time Warner. On February 22, News Corporation announced that it would start up another new network called MyNetworkTV. This new network, which would be sister to Fox, would be operated by Fox Television Stations and its syndication division Twentieth Television.