Post by Mr. E on Apr 11, 2022 6:47:40 GMT 1
WCW-Fusient Media Purchase Timeline
- January 11, 2001 - Fusient Media Ventures (FMV) finalize a deal with Time Warner Entertainment Inc. for the purchase of World Champion Wrestling (WCW) along with all it's accompanying rights, footage and trademarks for $75 million ($8.77 million up front $3.31 million over 20 years). Later that day the FTC approved the AOL-Time Warner merger, combining the two companies into one.
- January 26, 2001 - After a more thorough review of WCW's finances, FMV retracted their original offer and gave a final offer of $48.7 million ($5.7 million up front and $2.15 million over 20 years) for WCW. Time Warner agreed to this deal as well, just looking to offload WCW as they saw it as a money blackhole. A 60-day period would have to pass before the sale could be finalized and WCW could be transferred to FMV.
- March 23, 2001 - 55 days after the agreement, Turner Broadcasting System's new Chairman & CEO Jamie Kellner announced that all WCW programing would be pulled from the Turner networks, saying it "would not be favorable enough to get the "right" advertisers to buy airtime". This change almost led to key investors backing out of the deal, but a last minute deal with the FX network was enough to same the deal in it's final days. WCW would have it's final Nitro on TNT on 3/26.
- March 28, 2001 - The 60-day period had passed and FMV had officially gained control of WCW. WCW President Eric Bischoff wanted to postpone WCW's relaunch to the fall, but due to the TV contract FMV signed with FX the the farthest back he can push for is May. Posters for WCW relaunch PPV in released entitled "The Big Bang".Pre-relaunch changes to WCW
- Roster Additions - Former ECW stars, Steve Corino, Jerry Lynn, RVD, Former WCW Wrestler Kevin Sullivan & Indie Wrestler Christopher Daniels. Former ECW announcers Joey Styles, Don Callis & Former WWF commentator Jerry "The King" Lawler.
- Roster Subtractions - Vampiro requested his release from the company for unknown reasons but what is known is that he had a lot of heat backstage for seemingly faking a concussion to get time off.
- Roster Returns - Some big names that haven't been seen on TV in a while will return at The Big Bang. Wrestlers like DDP & Nash will return at the PPV, but wrestlers like Hogan, Goldberg & Booker T won't be returning for a couple months due to injury.
- Arena & TV Deal - FMV signed a deal with the Hard Rock Hotel & Casino in Las Vegas, NV to hold their TV tapings at the Hard Rock's arena called "The Joint". From taping to broadcasting as FMV signed a 1 year contract with FX to air two hours WCW Nitro every Monday in the 9 PM timeslot. FMV also pushed for a deal for Thunder but executives at FOX (FX's parent company) weren't interested.
- Branding Change - FMV is looking to rebrand WCW the company to change it's public perception. That change started with a new logo that was unveiled at a press conference on April 16th. The logo is a reinvention of WCW's previous logo that was used from 1988-99. FMV also wants to make WCW more focused on the in ring action to cater to more sport oriented audience on the FX Network.
