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Q1. 08. 5Industry. Professional wrestling. Sports entertainment.
Media and Technology. Streaming media. Predecessor. Capitol Wrestling Corporation. Founded. February 2.
South Yarmouth, Massachusetts, U. S. As of 2. 01. 6, it is the largest wrestling promotion in the world, holding over 5. The company's global headquarters is located in Stamford, Connecticut, with offices in major cities across the world. This was first publicly acknowledged by WWE's owner Vince Mc. Mahon in 1. 98. 9 to avoid taxes from athletic commissions. Since the 1. 98. 0s, WWE publicly has branded their product as sports entertainment, acknowledging the product's roots in competitive sport and dramatic theater. The company's majority owner is its chairman and CEO, Vince Mc.
Mahon. Along with his wife Linda, children Shane and Stephanie, and son- in- law Paul . As of August 2. 01. Eminence Capital, a New York- based hedge fund, acquired a 9. WWE while the Mc. Mahon family retains 9. It acquired Capitol Wrestling Corporation, the holding company for the World Wrestling Federation, in 1. Titan was renamed World Wrestling Federation, Inc.
Since 2. 01. 1, the company has officially branded itself solely as WWE though the company's legal name was not changed. Mc. Mahon, who was a successful boxing promoter, began working with Tex Rickard in 1. With the help of Rickard, he began promoting boxing at the third Madison Square Garden.
It was not the first time Mc. Mahon had promoted wrestling cards, as he had already done so during the 1.
In November 1. 95. Mc. Mahon died and Ray Fabiani, one of Mondt's associates, brought in Mc. Mahon's son Vincent James.
In 1. 96. 3, Mc. Mahon and Mondt had a dispute with the NWA over . He lost the championship to Bruno Sammartino a month later on May 1. Capitol operated the WWWF in a conservative manner compared to other pro wrestling territories. Capitol renamed the World Wide Wrestling Federation to the World Wrestling Federation (WWF) in 1.
Mc. Mahon's son, Vincent K. Mc. Mahon, and his wife Linda, established Titan Sports, Inc., in 1. South Yarmouth, Massachusetts. The younger Mc. Mahon bought Capitol from his father in 1. Seeking to make the WWF the premier wrestling promotion in the country, and eventually, the world, he began an expansion process that fundamentally changed the wrestling business. This angered other promoters and disrupted the well- established boundaries of the different wrestling promotions, eventually ending the territory system, which was in use since the founding of the NWA in the 1.
In addition, the company used income generated by advertising, television deals, and tape sales to secure talent from rival promoters. In an interview with Sports Illustrated, Mc. Mahon noted: In the old days, there were wrestling fiefdoms all over the country, each with its own little lord in charge.
Each little lord respected the rights of his neighboring little lord. No takeovers or raids were allowed. There were maybe 3. U. S. I, of course, had no allegiance to those little lords. Other wrestlers joined the roster, such as Jimmy Snuka, Don Muraco, The Iron Sheik, Nikolai Volkoff, Junkyard Dog, Paul Orndorff, Greg Valentine, and Ricky Steamboat. Many of the wrestlers who would join later the WWF were former AWA or NWA talent. The WWF would tour nationally in a venture that would require a huge capital investment, one that placed the WWF on the verge of financial collapse.
The future of Mc. Mahon's experiment came down to the success or failure of Mc. Mahon's groundbreaking concept, Wrestle. Mania. Wrestle. Mania was a major success, and was (and still is) marketed as the Super Bowl of professional wrestling. The concept of a wrestling supercard was nothing new in North America; the NWA had begun running Starrcade a few years prior. In Mc. Mahon's eyes, however, what separated Wrestle.
Mania from other supercards was that it was intended to be accessible to those who did not watch wrestling. He invited celebrities such as Mr. T, Muhammad Ali, and Cyndi Lauper to participate in the event, as well as securing a deal with MTV to provide coverage. The event and hype surrounding it led to the term Rock 'n' Wrestling Connection, due to the cross- promotion of pop- culture and professional wrestling.
The WWF business expanded significantly on the shoulders of Mc. Mahon and his babyface hero Hulk Hogan for the next several years.
The introduction of Saturday Night's Main Event on NBC in 1. Du. Mont Television Network broadcast matches of Vince Mc. Mahon Sr.'s Capitol Wrestling Corporation. Subsequently, a new Titan Sports, Inc. The steroid trial cost the company an estimated $5 million at a time of record low revenues. This helped drive many WWF wrestlers over to rival promotion World Championship Wrestling (WCW), including 1.
Hulk Hogan. During this period, the WWF promoted wrestlers of a younger age comprising . WCW countered in September 1.
Monday night program, Monday Nitro, which aired in the same time slot as Raw. At that point, Nitro began a nearly two- year ratings domination that was largely fueled by the introduction of the New World Order (n. Wo), a stable led by former WWF performers Hulk Hogan, Scott Hall (the former Razor Ramon), and Kevin Nash (the former Diesel). The era was spearheaded by WWF VP Shane Mc. Mahon (son of owner Vince Mc. Mahon) and head writer Vince Russo.
Mc. Mahon facing real- life controversy following Bret Hart's controversial departure from the company, dubbed as the Montreal Screwjob. Austin was slowly brought in as the new face of the company despite being promoted as an antihero, starting with his . It was renamed World Wrestling Federation Entertainment, Inc. The Thursday night show became a weekly series on August 2. WCW's Thursday night program Thunder on TBS.
In 2. 00. 0, the WWF, in collaboration with television network NBC, announced the creation of the XFL, a new professional football league that debuted in 2. NBC walked out on the venture after only one season, but Mc.
Mahon intended to continue alone. However, after being unable to reach a deal with UPN, Mc. Mahon shut down the XFL. After Time Warner merged with AOL, Ted Turner's control over WCW was considerably reduced, and the newly merged company announced a complete lack of interest in professional wrestling as a whole, and decided to sell WCW in its entirety. Although Eric Bischoff, whom Time Warner fired as WCW president in October 1. March 2. 00. 1 Mc. Mahon acquired the rights to WCW's trademarks, tape library, contracts, and other properties from AOL Time Warner for a number reported to be around $7 million.
With this purchase, WWF now became by far the largest wrestling promotion in the world. The assets of ECW, which had folded after filing for bankruptcy protection in April 2.
WWE in mid- 2. 00. Although mainly caused by an unfavorable ruling in its dispute with the World Wide Fund for Nature regarding the . This was said to reflect WWE's global entertainment expansion away from the ring with the ultimate goal of acquiring entertainment companies and putting a focus on television, live events, and film production. WWE noted that their new company model was put into effect with the relaunch of Tough Enough, being a non–scripted program (contrary to the scripted nature of professional wrestling) and with the launch of the WWE Network (at the time scheduled to launch in 2. However, the legal name of the company remains as World Wrestling Entertainment, Inc. This was dubbed as the . On May 2. 6, 2. 00.
WWE announced the relaunch of ECW as a third WWE brand. The new ECW program aired until February 1. The training facility is targeted at career and athletic development for the company's wrestlers. Following that announcement, Raw and Smack. Down now each feature their own unique rosters, announcers, ring sets/ropes, and championships. A draft took place to determine which wrestlers would appear on what show.
Smack. Down also moved from Thursdays to Tuesday nights, which began on July 1. The network includes past and present WWE shows, pay- per- views, and shows from the WWE Library. In January 2. 01.
Smack. Down would change networks to the USA Network. The contract with NBCUniversal expires in 2. Terminology. WWE uses a variety of special terms in defining their product, such as describing the wrestling industry as sports entertainment.
The fan base is referred to as . A wrestler is known as a .
Goldfarb, President of Fullbridge, Inc.; Patricia A. Gottesman, former President and CEO of Crimson Hexagon; David Kenen, the former Executive Vice President of the Hallmark Channel; Joseph H. Perkins, former President of Communications Consultants; Frank A. Riddick, III, CEO of Shale- Inland Group, Inc.; Jeffrey R. Speed, former Executive Vice President and Chief Financial Officer of Six Flags; Laureen Ong, former President of Travel Channel; Stephanie Mc. Mahon, Chief Brand Officer of WWE; and Paul .
They are not permitted to appear or perform for another promotion, unless special arrangements are made beforehand. WWE keeps all wrestlers' salary, employment length, benefits, and all other contract details strictly private. A study by the University of Louisville Law Review found that after applying the Internal Revenue Service (IRS) 2. However, as a result of WWE terming them as independent contractors, . In 1. 99. 1, wrestlers were subjected to independent testing for anabolic steroids for the first time. The drug testing is handled by Aegis Sciences Corporation; the cardiac evaluations are handled by New York Cardiology Associates P. C. Ten professional wrestlers were suspended for violating the Wellness Policy after reports emerged they were all customers of Signature Pharmacy in Orlando, Florida.
According to a statement attributed to WWE attorney Jerry Mc.