Complex sentence: On January 24,2006, The WB and UPN announced that they would cease broadcasting and merge to create a new network, the CW Television Network, jointly owned by CBS and the Warner Bros. unit of Time Warner.
Split into simpler sentences: On January 24,2006, The WB and UPN announced that they would cease broadcasting and merge to create a new network called the The CW. It was to be jointly owned by CBS and the Warner Bros. unit of Time Warner.