According to Wrestling Observer reporter Dave Meltzer, there is nothing to the reports of SmackDown’s cancellation. The network has not made any decisions regarding the show’s renewal and the future of the program is hardly in jeopardy.
While UPN could indeed be planning to move in a different direction come the expiration of WWE’s contract, WWE has not been informed of a cancellation and is not “scrambling” to find a new network, as some reports might suggest.
As for the statement from the Viacom executive, chances are it was taken out of context. No other outlet that ran a story on the TCA Press Tour even mentioned the SmackDown! quote, meaning the reporter behind the story misinterpreted the information.