WCW to fold?
03-16-01, 06:10 PM
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Here is the latest on the rumor mill. This has been discussed for weeks, but it was on a local sports talk station and I found this on the web, so maybe it is true.
"Brad Siegel sent a memo to WCW employees this morning. The following is a transcript:
In early January we told you about an agreement that we had reached to sell WCW and its related assets. At that time we said that we would apprise you of any changes to the way WCW operates. Effective Tuesday, Mar. 27, WCW programming will begin a period of hiatus. During this hiatus, WCW will review its programming plans and determine the course of future WCW-branded entertainment events.
On Wednesday, March 28, please plan to attend an all-staff meeting at 10 a.m. at the Power Plant, at which we will share with you further information regarding WCW plans. In the meantime, I hope that you will maintain the level of professionalism that distinguishes our organization, particularly as we prepare for the upcoming Panama City, Fla. event.
The memo leaves the possibility open for any kind of announcement, including that Fusient has purchased WCW and will relaunch in May. However, as reported here earlier today, all sources indicate the Fusient deal is dead. When Fuscient asked for a comment on the situation, they responded with "no comment."
Here are a few possibilities as far as scenarios go, according to Wade Keller:
(A)"There will be no WCW events in April. Fusient will take over as planned all along and begin running events in May. (This appears to be the least likely scenario at this point.)"
(B)"WCW is closing down entirely. Here is information on your severance packages. (This appears to be most likely at this point.)"
(C)"WCW will be going on hiatus for at least a month, perhaps two or three, as new boss Jamie Kellner evaluates the viability of the WCW product continuing under AOL/Time Warner ownership in an overhauled form. (This is a possibility since Kellner may simply want some time to evaluate whether he thinks WCW is salvagable as an AOL/Time Warner property.)"
(D)"WCW has been sold to the WWF. (a) They are retaining none of the office employees. Here is your severance package information. Or (b) They will run WCW as a separate promotion and WWFE officials will be meeting with you later today regarding their plans for WCW. (If this is the case, it probably is a back-up plan right now to an above option since all indications are no alternative deal is close enough to done to be considered an A-plan at this point.)"
(E)"WCW has been sold to another investor group not related to Fusient. They will begin running WCW events in May or June. They may or may not retain any of you as employees. (If this is the case, it probably is a back-up plan right now to an above option since all indications are no alternative deal is close enough to done to be considered an A-plan at this point.)"
Sad news for WCW fans....
"Brad Siegel sent a memo to WCW employees this morning. The following is a transcript:
In early January we told you about an agreement that we had reached to sell WCW and its related assets. At that time we said that we would apprise you of any changes to the way WCW operates. Effective Tuesday, Mar. 27, WCW programming will begin a period of hiatus. During this hiatus, WCW will review its programming plans and determine the course of future WCW-branded entertainment events.
On Wednesday, March 28, please plan to attend an all-staff meeting at 10 a.m. at the Power Plant, at which we will share with you further information regarding WCW plans. In the meantime, I hope that you will maintain the level of professionalism that distinguishes our organization, particularly as we prepare for the upcoming Panama City, Fla. event.
The memo leaves the possibility open for any kind of announcement, including that Fusient has purchased WCW and will relaunch in May. However, as reported here earlier today, all sources indicate the Fusient deal is dead. When Fuscient asked for a comment on the situation, they responded with "no comment."
Here are a few possibilities as far as scenarios go, according to Wade Keller:
(A)"There will be no WCW events in April. Fusient will take over as planned all along and begin running events in May. (This appears to be the least likely scenario at this point.)"
(B)"WCW is closing down entirely. Here is information on your severance packages. (This appears to be most likely at this point.)"
(C)"WCW will be going on hiatus for at least a month, perhaps two or three, as new boss Jamie Kellner evaluates the viability of the WCW product continuing under AOL/Time Warner ownership in an overhauled form. (This is a possibility since Kellner may simply want some time to evaluate whether he thinks WCW is salvagable as an AOL/Time Warner property.)"
(D)"WCW has been sold to the WWF. (a) They are retaining none of the office employees. Here is your severance package information. Or (b) They will run WCW as a separate promotion and WWFE officials will be meeting with you later today regarding their plans for WCW. (If this is the case, it probably is a back-up plan right now to an above option since all indications are no alternative deal is close enough to done to be considered an A-plan at this point.)"
(E)"WCW has been sold to another investor group not related to Fusient. They will begin running WCW events in May or June. They may or may not retain any of you as employees. (If this is the case, it probably is a back-up plan right now to an above option since all indications are no alternative deal is close enough to done to be considered an A-plan at this point.)"
Sad news for WCW fans....
