Turner Broadcasting Systems sold its World Championship Wrestling operation for an undisclosed amount Thursday to the founders of the Classic Sports Network, now ESPN Classic.
Once the most popular TV wrestling brand, WCW lost an estimated $80 million last year. It has taken a beating from rival World Wrestling Federation as pay-per-view revenues and TV ratings slipped.
The losses have been too much for parent company Time Warner Inc., which is getting in shape for its planned merger with America Online Inc. A last-ditch effort last March to revive the dying WCW by bringing back its former head Eric Bischoff failed.
Age was widely perceived as the toughest challenge facing the WCW — dubbed “wheelchair wrestling” by many. Two of its biggest stars — balding Hulk Hogan and the “Nature Boy,” Ric Flair — are about 50 in an industry whose average fan is under 30.
