 On January 16, 1995, Paramount launched a new broadcast television network, the United Paramount Network (UPN), in a programming partnership with Chris-Craft Industries; Viacom (which acquired Paramount Pictures and its related holdings in 1994) would acquire 50% interest in the network in 1996 and acquire Chris-Craft's remaining stake in 2000.During its 11-year existence, UPN never made a profit; "The New Yorker" reported that the network had lost $800 million during its first five years of operation.UPN ceased operations in September 2006, when it merged with the WB Television Network to form The CW Television Network.