Parent companies CBS Corp and Warner Bros. will then launch an entirely new network, dubbed the CW Network. The Hollywood Reporter is reporting that Tribune will be the primary broadcasting group for CW, as it is for the WB.
Here in Seattle, that means CW will be broadcast on KTWB 22, currently known as Seattle's WB. UPDATE: Turns out the CW will be broadcast on KSTW 11 here in Seattle, due to the fact that CBS owns that station too. There were several markets where CBS and Tribune both owned potential CW stations, so they just went half and half. Since KTWB shares a lot of content with KCPQ 13, they may figure 22 can survive on it's own.
The new network will take shows from the best of each network, including America's Next Top Model, Veronica Mars, and the Gilmore Girls. Sadly, Smallville will also continue to air.