The truth is this. when UPN and WB launched in 1994 there was a sense by most involved that neither network would last out the decade. Most believed eventually they would be forced to merge; it ended up taking longer than most believed for this to happen, the networks lasted into the 2000's and The WB was for the first time about to make a profit after operating on a deficit for all those years. I believe honestly that the merger should NOT have happened, i would have liked to see the WB continue on as it's own entity for a bit longer.
With that said, at this point, trying to relaunch would not work. The WB and UPN are dead. There's no going back. I don't think CW has been very successful, not in any way, but trying to relaunch the WB wouldn't work either.
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