Complex sentence: On January 24,2006, the Warner Bros. unit of Time Warner and CBS Corporation announced that the two companies would shut down The WB and UPN and combine the networks' respective programming to create a new "fifth" network called The CW.
Split into simpler sentences: On January 24,2006, Time Warner's Warner Bros. unit and CBS Corporation announced that the two companies would shut down The WB and UPN. In their place, the companies would combine the respective programming of the two networks to create a new "fifth" network called The CW.