Valerie Cavanaugh, UPN’s senior vice president of business and legal affairs, is ankling the netlet at the end of her contract this fall, sources say. Cavanaugh is leaving for personal reasons, and she’s not expected to take another job in the business right away. The pending departure of UPN CEO Lucie Salhany contributed to Cavanaugh’s decision, sources say. Notably, UPN’s rival netlet, the WB, is also losing its top biz affairs exec. UPN had no comment, and Cavanaugh could not be reached.