Fox vs. Time Warner Cable - Extend Contract Deadline

So all throughout the night while waiting for the ball to drop in Times Square, Fox was running an ad warning that "at midnight, Time Warner Cable and Bright House Networks may stop carrying Fox." (Also at the same time opportunistic Dish Network was running ads to move to their satellite service to get Fox.)

I'm just a little confused because isn't Fox pulling the plug on Time Warner Cable and not the other way around? I mean if TWC isn't willing to pay the $1 subscription fee per customer then they shouldn't be broadcasting Fox anymore, unless Fox is allowing them in the meantime.

Anyway, as of this posting, Fox is still on my cable, so this public feud between two corporate giants just annoyed me a notch. I mean ushering 2010 was exciting and all, but I also wanted to know if I need to find my American Idol fix somewhere else. So now it's wait and see again.

Update: NY Times is reporting that Fox and TWC are negotiating "through the night" in Los Angeles at the urging of the FCC.

Update: Fox and TWC spokespeople say they have extended the contract deadline for a bit while they negotiate further.