Variety reported that it's going to be a programming block. It did not say what channel it would be on or what times it would air and stuff like that. MTV reported that it will be a channel and given available information I don't know what it could be. The other post will stay up regardless of what happens because I feel it was a good prediction with the information I had but I decided to write another post explaining why it could go either way.
First, the reason why this could be a block is simple: It makes more sense than a channel. As cool as a channel would be, after a couple of years, it might not be doing so hot. It would be nothing but reruns, which would bring in nostalgic fans at first, but a eventually they'll have relived the past and want to move on to other things. A way it could survive for more than a couple of years is if it served as a home for reboots of '90s Nick shows, and I could see that working out (though the Variety article says that it has nothing to do with that).
Now for why this could be a channel. First and foremost, Viacom isn't exactly known for making good decisions. I stated above why a channel might not work after a couple of years, but if it's Viacom we're talking about, that might not make a difference. Second, they're hyping this up a lot for just a block. I wasn't paying as much attention to this sort of stuff in 2011 as I do now, but I don't think they hyped up the '90s Are All That this much. The Splat Twitter feed also retweeted a tweet sharing the article from MTV that said it was a channel. The person that tweeted it (haley from Paramore) is someone I never heard of but her account is verified and she has over 4.1 million followers. The Splat then followed MTV News shortly after.
So that's pretty much it. I cannot make an exact prediction just yet for all the reasons explain above. All that's certain is that it's going to happen in one way or another. I just hope it's not simply a rebrand of the'90s Are All That. It would be pretty disappointing.