World Wrestling Entertainment and UPN have reached a new multi-year agreement for WWE SmackDown! which will remain in the network’s Thursday night time period (8:00-10:00PM ET/PT) it was announced today by Dawn Ostroff President Entertainment UPN.

Under the new arrangement WWE will receive a licensing fee and UPN will be responsible for selling all advertising time. The agreement also provides for four WWE television specials.

"For four years UPN and the WWE have enjoyed a successful partnership to provide strong alternative programming for young adults on Thursday night " said Ostroff. "We believe that the new structure of our agreement will benefit both parties."

"We are pleased to be continuing our very productive relationship with Viacom and UPN " said Linda McMahon WWE CEO. "We are intent on making WWE SmackDown! an even greater Thursday night powerhouse for teens and young adults."

WWE SmackDown! continues to be UPN’s highest rated show among total viewers and across virtually all key adult and male demographics. With an original SmackDown! 52 weeks a year UPN ranks as the number one network on Thursday among male teens and a solid third among persons 12-34 and young men behind only CBS and NBC. It also has regularly made UPN’s Thursday night one of the top destinations for African Americans and Hispanics and is the most watched English-speaking television show among Hispanics.