(FORTUNE Magazine) – Just as No. 5 network UPN experiences a renaissance, regularly besting mini-rival the WB, co-owners Viacom and Chris-Craft wrangle over its fate. Frustrated by the negotiations, Viacom wants out; it triggered a clause in the ownership pact that allows it to unload its half of UPN onto Chris-Craft or force Chris-Craft to buy its share. Now UPN is up for grabs for the fire-sale price of $5 million. A bargain, right? Not quite. The network, best known for airing Moesha, starring Brandy, and wrestling antics on WWF's Smackdown!, lost almost $200 million in 1999 and won't be profitable for years. Just look at what else Viacom or Chris-Craft could get for $5 million (give or take) in Hollywood.

--Henry Goldblatt

(1) Snag the 6,000-square-foot Malibu home that supermodel Cindy Crawford and hubby bought last year.

(2) Get Bryant Gumbel to host a morning show. The Early Show's poor ratings on CBS would be a bonanza for UPN.

(3) Buy two 30-second spots during the Super Bowl. Think of the promotional leverage for fall pilot--volleyball/spy show I Spike.

(4) Order another six episodes of Moesha. Upside: It's a hit on UPN. Downside: Confines diva to TV screen. (Wait, that's good too.)