CW affiliate signals originating from the U.S. are receivable over-the-air in border areas depending on the station's signal coverage. History 1993–2006: Predecessors and formation The CW is the successor to The WB and UPN, both of which launched within one week of each other in 1995. UPN and The WB both began just as the Fox network had started to secure a foothold with American television audiences. The two networks launched to limited fanfare and generally mediocre to poor results. However, over the subsequent seasons, both were able to air several series that became quite popular (such as Buffy the Vampire Slayer, Star Trek: Voyager, 7th Heaven, Dawson's Creek, Charmed, Smallville, and America’s Next Top Model). Towards the end of their first decade on the air, The WB and UPN were in decline, unable to reach the audience share or have the effect that Fox had gained within its first decade, much less than that of the Big Three networks (ABC, CBS and NBC). In the eleven years that UPN and The WB were in operation, the two networks lost a combined $2 billion. Chris-Craft Industries, Viacom, and Time Warner officials had discussed a possible merger of UPN and The WB as early as September 1995, only eight months after their respective launches; however, discussions ultimately broke down over issues on how to combine Chris-Craft and Tribune Broadcasting's station interests in the proposal to merge the networks, since the two companies' station portfolios overlapped with one another in several major markets. By 2003, however, Time Warner became mired in several debt problems. The company had already been responsible for shutting down Warner Bros.' in-house animation department and for selling off major portions of the conglomerate, such as the 2004 sale of Warner Bros. Records and the rest of Warner Music Group to an investor group led by Edgar Bronfman Jr. and Thomas H. Lee Partners. Executives from CBS and Time Warner announced on January 24, 2006 that they would respectively shut down UPN and The WB, and combine resources to form a new broadcast network, to be known as The CW Television Network, that would – at the outset – feature programming from both of its predecessors-to-be as well as new content developed specifically for the new network. Warner and CBS expected to produce inexpensive shows for the network, which they could sell outside the US. CBS chairman Leslie Moonves