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The other shoe dropped on NBC Tuesday when Conan O'Brien said no to the network's plan to move his "Tonight Show" to 12:05 a.m. as a way to undo the network's prime-time debacle with Jay Leno. NBC wants to move Leno back to 11:35 p.m. for a half hour show with O'Brien and Jimmy Fallon each dropping back by 30 minutes. Read it here.

But O'Brien denounced the move saying he wanted no part of it Tuesday in a statement published online by The New York Times.

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The key sentences in the statement from O'Brien: "I sincerely believe that delaying the Tonight Show into the next day to accommodate another comedy program will seriously damage what I consider to be the greatest franchise in the history of broadcasting .... I cannot participate in what I honestly believe is its destruction."

O'Brien also says in the statement that he does not have an offer from another network and that he has no idea what will happen next as a result of his refusal to agree to NBC's plan.

Click below to read the full statement.

Here is O'Brien's statement:

Now NBC has real trouble. When the network announced on Sunday that it was pulling Leno from prime time and sending his back to latenight, I called the prime-time move one of the biggest programming blunders in the history of network television.

If it wasn't then, it is now given today's denunciation by O'Brien, which throws NBC latenight into something beyond chaos.

And what a PR nightmare especially with young viewers. Read some of these red-hot comments.

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