Here's a flashback article from ten years ago this week in the PWTorch Newsletter. It's my cover story chronicling Eric Bischoff's attempt to lead an investor group to purchase WCW from AOL Time-Warner.

Bischoff begins make-or-break talks with WCW
Siegel wants to unload WCW badly, and new Bischoff backers Tri-Star can help make it happen

Eric Bischoff is in Los Angeles this week negotiating with Brad Siegel to purchase WCW from Time-Warner. Before Vince McMahon and the WWF began serious negotiations to purchase WCW, Bischoff had made offers to purchase WCW from Siegel, but none were adequate. When the WWF negotiations got serious, friends of Bischoff say he was extremely frustrated that something he wanted so badly might slip through his fingers.

When the WWF negotiations fell through due to intervention from WWF-partner Viacom, Bischoff was back in the game. Siegel put everything on hold pending Bischoff's ability to put an acceptable package together to purchase WCW. Bischoff spent the past month since the WWF negotiations fell apart looking for a new financial backer to complete his offer. He apparently found it last week, and it was right under his nose all along.

The TORCH has learned that Columbia Tri-Star, the movie and entertainment production company that produces the BattleDome syndicated series that Bischoff is involved with, has stepped up to help purchase WCW.

Tri-Star's involvement could be the key to getting a deal done. But as with the WCW-WWF negotiations, even when a deal appears to be inevitable, there are many details that in the end can prevent a sale from taking place.

Multiple sources, including Vince McMahon, confirm that the WWF is not in the picture to purchase WCW.

There was a problem between WCW and BattleDome this week that led to the BattleDome angle being dropped - for now - but it's not expected to affect a sale from taking place. WCW and BattleDome had supposedly agreed to pay to fly in their own talent when going on the other programs. This week BattleDome wanted WCW to pay for their talent to come in. WCW refused, so the angle at this point has ended with the BattleDomers beating up Rick Steiner on last week's show, without WCW getting revenge.

Meanwhile, WCW continues to cut back as many expenses as possible. Front office talent that departs WCW is not being replaced. On-air talent continues to get cut back, including Bobby Heenan and just this week Torrie Wilson (who was making $250,000).

The cutbacks help prepare WCW to make money (or lose less) should it not be sold, or make it more attractive to a buyer during negotiations.

At this point there is no other party that has entered even preliminary negotiations to purchase WCW. If the Bischoff negotiations don't result in a sale, Siegel will embark on a new buyer-finding mission from scratch.

USA Network may have new incentive to re-enter the picture, also. Besides dropping out of the top five rated cable networks after losing WWF programming, USA just lost a bidding war with TNN for rights to an attractive Star Trek package. Variety reports that TNN has anteed up a record fee of at least $364 million to acquire syndicated rights to three Star Trek series and five Star Trek movies. Barry Diller's USA-owned Sci-Fi Channel was also bidding for the programming. The sting of Diller first losing the WWF programming and now getting outbid on the Star Trek package may put him in a fighting mood, more apt to get back into the pro wrestling game.

"Our commitment to rebrand TNN as a top-rated network includes significant investment in programming, including acquisition of hotly bidded properties like 'Star Trek,'" said TNN general manager Diane Robina. "It will be a marquee property that will bring viewers to TNN's original programming slated to premiere in 2001."

Despite their public stance that losing the WWF programming hasn't hurt their bottom line, only their bragging rights as America's top rated network, Barry Diller is said to be seething that his top network has been exposed as being "just another network" in the ratings war without the WWF as its anchor. Be it WCW, ECW, or a start-up promotion, no possibility should be ruled out at this point.

If Bischoff's group purchases WCW, the plan is for WCW to be essentially shut down and gutted with the plan being to present a "grand reopening" launch early next year. In the mean time, WCW would operate strictly out of Las Vegas, Nev. running only TV events to fill Nitro's and Thunder's timeslots on TNT and TBS. WCW would eventually work its way back into promoting house shows.

Bischoff, who thrived on competing with and initially beating Vince McMahon in the early Monday Night War battles, would be out for redemption should he regain control of WCW. Whether he has a newfound financial discipline and an awareness of how to avoid repeating past mistakes are keys to whether he'd succeed the second time around. All indications are Vince Russo would not be part of Bischoff's plans.

Russo remains sidelined with complications from the concussions he suffered while pretending to be a qualified wrestler on TV. A WCW-assigned doctor has confirmed he does have legitimate problems resulting from the blows to the head and has prohibited Russo from returning to work or travelling until he is cleared to wrestle. Russo's next evaluation is scheduled for early January.

Russo has received criticism in many circles within WCW for being crass when it came to wrestlers wanting time off for injuries, including concussions. Wrestlers who suffered concussions on the job who were wise enough to take the appropriate amount of time off to heal found their salaries cut in half, per the wording of their contracts. Wrestlers who once strongly sided with Russo are now questioning whether he will face the same repercussions due to his time off. In fact, the TORCH has learned that Russo does have a similar clause in his contract.

If Russo is unable to return to work by mid-January, WCW has the right to terminate his contract, which at that point would have nearly nine months left on it. Some wrestlers believe Russo is sitting on the sidelines just to avoid spinning his wheels during this lame duck period while WCW figures out its ownership situation, and if Russo returns just in time to avoid contract termination, that speculation will be even stronger. However, medical scans have confirmed he is injured and shouldn't be active.

Russo and Bischoff did not get along, and friends of Bischoff believe that he has concluded Russo does not offer the creative direction he is looking for. Bischoff is open about his lack of creative acumen when it comes to pro wrestling booking. If Bischoff were to purchase WCW, it's not known who his head booker would be.

[Next week I plan to publish the follow-up cover story on this developing situation, with the cover story headline being: "Cover Story: Deal appears to be all but final: Bischoff is back." Plus I wrote an "End Notes" editorial with suggestion for a Bischoff-run WCW under new ownership. PWTorch VIP members can read the entire 12 page newsletter here: CLICK HERE... All 52+ back issues from 2000 are available to VIP members at this page: CLICK HERE.]

[Art Credit: Grant Gould (c) PWTorch]

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