by 
skeeter
ANSWERS: 2
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It is a point in a television series in which the show begins to go down hill. The term "Jump the Shark" is a refrence from Happy Days in which the Fonz jumped the shark tank with his motorcycle. From that point on in the series the show was noticablely worse.
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It means that something, usually a TV show, starts going down hill. The phrase came from the show Happy Days (I think).
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