While many in the entertainment industry say they are surprised by the networks’ bold stroke, the heads of the entertainment divisions of ABC, CBS, and NBC left little doubt as to why they took such an extreme measure. “All of the new shows really, really stink,” says one network spokesman. “We were going to cancel them all eventually, so we kind of decided, ‘hey, why not just get it out of the way now?’ "

Wall Street immediately hailed the move, sending the stocks of the broadcasting giants soaring. “This move will put to rest a lot of fears about the new shows,” says one analyst who tracks the network business. “We had seen the pilots for all of the new programs, and, quite frankly, they really stunk up the joint.”

The horrible new shows were a dreary collection of dramas about doctors, lawyers and cops, as well as a spate of sitcoms starring actors whose film careers had recently failed. “About the only nice thing you could say about these shows is that at least Shelley Long wasn’t in any of them,” says another network spokesman, adding, “Boy, did they stink.”

It was not clear what programming the networks intend to air instead of the prematurely canceled shows, but sources indicate that they will likely rely on tried-and-true hits: ABC is expected to air nothing but “Millionaire” reruns and CBS may air “Survivor” repeats around-the-clock. NBC, which has found hit shows elusive in recent years, is toying with the idea of airing a soothing image of a flaming log, insiders say.