October 18, 2008: Industry News Special - WWE descends into Anarchy

There is said to be an atmosphere of nothing but panic and anarchy backstage at WWE events and at Titan Towers after the developments earlier this week.

Following last weeks major falls in stocks across the World, WWE has lost almost half it's value on the NYSE as investors became increasingly worries about WWE's financial status and ability to continue with their multi-branched entertainment empire, particularly as word reached the stock exchange of worrying developments at MyNetworkTV.

Also struggling with losses, MyNetworkTV pulled out of a 4 year multi-million dollar deal to bring SmackDown to their network at the very last minute, WWE having already been told by the CW that their contract would not be renewed. As it no stands, WWE SmackDown has no home and is off the air.

Several backstage meetings have taken place all week between Vince McMahon, Shane McMahon, Paul Heyman and others, the SmackDown situation getting nothing but worse as Heyman informed McMahon of his decision to quit the WWE Creative Team on Wednesday.

Sources indicate that Vince McMahon his resigned to the cancellation of SmackDown and, counting financial losses, the fact WWE will have to release well over 20 talents. Sources already indicate some big names could be about to become free agents. The releases are expected to come as early as Saturday afternoon, many backstage genuinely worried for their jobs.

While TNA are clearly ready to offer jobs to many, there are rumors circulating that two other sources may soon be able to offer jobs to the released.

Ted Turner was seen meeting Eric Bischoff at his Atlanta home just days ago, Turner broadcasting copyrighting the name "WWC" for use in the U.S. (already copyrighted in Puerto Rico famously), leading to intense speculation that Turner maybe about to get back into "the rasslin business" with Bischoff. This is entirely speculation, but WWE's troubles has also seemingly peaked the interest of Jon Hunter, Rhyno and FWC Wrestling Inc, WWE's former Monday Night War rivals.

Speculation is mounting that FWC Wrestling has new investment and could have been waiting for such an opportunity to make a comeback, sweeping up major stars and stars with potential that WWE release in order to once again become a major player in the business, something that would infuriate McMahon and almost certainly provoke a third Monday Night War should FWC and Gore is War regain a TV contract, more speculation linking them to MyNetworkTV, offering a much cheaper product than SmackDown much as TNA iMPACT! offered a cheaper alternative for wrestling on Spike TV.

Whatever happens, these are certainly tumultuous and turbulent times for WWE and the wrestling business in general.  (Financial Times, New York Times, Wrestling Observer News Letter, PWinsider and others)

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