UPDATED 1/1/09: The two parties have reached an agreement, which will keep all 19 Viacom stations on Time Warner. For more details (there aren't many) click here.

You may have to start 2009 without several of your favorite cable networks. According to Nikki Finke's "Deadline Hollywood Daily" column in LA Weekly, and several other major media sources, a money dispute between the cable giant and Viacom networks could see 19 channels off your cable boxes as of 12:01 a.m. on January 1, 2009. That would be tomorrow morning. The full list of channels in danger includes Comedy Central, CMT: Pure Country, Logo, Palladia, MTV, MTV 2, MTV Hits, MTV Jams, MTV Tr3s, Nickelodeon, Noggin, Nick 2, Nicktoons, Spike, The N, TV Land, Vh1, Vh1 Classic, and Vh1 Soul.

What does that mean for you? If an agreement can't be reached, comedy fans will suddenly be without new episodes of "The Daily Show," "South Park," and "The Colbert Report." Fans of trashy reality television will be deprived of the "Rock of Love: Charm School" reunion scheduled to air this Sunday on VH1 (horrors!), plus the premieres of the new "Rock of Love Bus" and "Tool Academy." Parents will have to deal with screaming tots who won't be able to watch "SpongeBob Squarepants" or "Dora the Explorer." And people who watch MTV won't be able to watch whatever it is they watch on MTV. (That last bit might actually be a boon for our nation's teens.)

According to reports, the problem stems from a disagreement over the fees Viacom charges cable companies to carry its channels. Finke quotes Time Warner Vice President Alex Dudley as calling Viacom's reported 22 percent to 36 percent fee hike per channel "exorbitant," while Viacom argues that the math works out to less than 25 cents per month when passed along to subscribers. Time Warner says that ultimately Viacom is trying to "extort" an additional $39 million per year. There are also disagreements over Viacom rerunning its original content online.

At around noon a crawl ran along the bottom of MTV instructing viewers to call Time Warner immediately to complain about the channel and its sister networks being dropped. It might be working, since City can't get through to Time Warner to verify the story ourselves. We'll keep trying. In the meantime, what do you think about the TV stalemate?