The bi-polar world of professional wrestling united last week as Stamford, CT-based World Wrestling Federation Entertainment bought ailing rival World Championship Wrestling, Atlanta. Terms of the deal were not disclosed.
The WWF is buying the 30-year-old WCW operation from AOL Time Warner’s Turner Broadcasting System arm. The WCW franchise lost about $80 million in 2000. “This acquisition is the perfect creative and business catalyst for our company,” CEO Linda McMahon said in a press conference. “The incendiary mix of World Wrestling Federation and WCW personalities potentially creates intriguing story lines that will attract a larger fan base for the benefit of our advertisers and business partners.”
There are still a pile of details to work out (licensing rights, cross-over events, sponsorships, etc.). The WCW brands will remain intact, although the WWF hasn’t yet said if it will assume the contracts of high-paid WCW talent such as Hulk Hogan and Ric Flair. Cross-over plot lines and broadcasting specials are expected to begin shortly.
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