The Hollywood Reporter (story link) is reporting that WWE and the CW Network have ceased renewal talks. This means that when the current television season ends (May or September – depending on who you listen), SmackDown will no longer be seen on the CW Network (WCWG Channel 20 locally).
The story states that WWE will shop the show to other networks, so SmackDown is not canceled. It was not a show in the traditional sense anyway – IT WAS PAID PROGRAMMING. Just like those preachers and 30 minute long commercial shows – WWE paid the CW Network for the time and was responsible for content, commercial profits, etc. It was a WIN-WIN for the CW Network as they had a Night of Very Popular programming with ZERO costs and POSITIVE revenue.
For the WWE, moving off the public airwaves will allow them to venture into areas they were prohibited or restricted due to rules, regulations, time periods, etc. It would surprise me to see SmackDown on cable the week after their last show on FREE TV with a story line or two that will skyrocket their ratings.