Ahh, NOT good...
Soapnet is owned by ABC and it's cancellation was announced before the cancellations of AMC and OLTL, altho it has received a "stay of execution" and won't be going off the air in January as originally announced (a new date hasn't been announced yet I don't think)
I wish someone else (outside of ABC) would start up their own soap network and air repeats of old shows that have gone off the air -- there are so many of them! If it were handled properly and stayed true to the soap opera genre, there are so many programming options available to fill an entire network.
I also think that if ABC had thrown even half of the money that they threw into promoting THE CHEW (ads during every single commercial break throughout the day and again on Soapnet) into promoting AMC and OLTL (and even GH) that maybe the shows would have gotten more attention and ratings may have gone up). As quickly as THE CHEW (and THE REVOLUTION) were announced and ads were up and running (I think they started showing commercials for THE CHEW back in June!), they had to have been in the works for months before the cancellations were announced. All the while they were denying it and assuring the cast and crew and viewers that their shows were safe. Then the rug was pulled out from under everyone when their cancellations were announced with replacement shows already in place.
And this is not only a shame for fans of soap -- there are hundreds of actors, crew members and employees behind the scenes that are now out of jobs. So while THE CHEW may cost a lot less to produce and they don't need half the ratings that AMC or OLTL would need in order to generate a profit, the cost of putting that show on the air in place of the soaps is far more than anyone could have imagined.