ABC is a television network that is currently owned by The Walt Disney Company. The network was launched in 1948 after the discontinuation of the NBC Blue Network. In 1949, it was purchased by American Broadcasting-Paramount Theatres, a company that was formed from combining the network with the theater building management division of Paramount Pictures (which was renamed to United Paramount Theatres following its spinoff). The network also was the original owner Worldvision Enterprises before its purchase by Spelling Television in 1989 and later by Viacom during the 1990s.