Fusient Media Ventures To Acquire World Championship Wrestling, Classic Sports Network Founders Re-Enter Cable Ring, Eric Bischoff Named President, WCW Entertainment
NEW YORK – January 11, 2001 – Fusient Media Ventures, an integrated media company that invests in high-potential, branded media properties, has entered into an agreement with Turner Broadcasting System, Inc. (TBS, Inc) to acquire the business of World Championship Wrestling (WCW), an industry leader in live action-based entertainment. Following the acquisition, TBS, Inc. will retain a minority interest in the WCW business and long-term programming rights.
The proposed acquisition marks the return of Classic Sports Network founders Brian Bedol and Stephen Greenberg to the cable arena and the return of former WCW president Eric Bischoff to the world of professional wrestling. Celebrated for successfully building an entrepreneurial-based cable network, which they later sold to ESPN, Bedol and Greenberg went on to found Fusient Media Ventures. Fusient will take over all day-to-day operations of WCW, with Bedol as the new CEO. Bischoff, who helped build the WCW franchise into a ratings powerhouse during the mid-90s, will assume the role of president. The partnership of Bedol, Greenberg and Bischoff brings together more than 50 years of combined experience in the entertainment, television and sports industries.
“We’re going to reestablish the WCW as the champion of professional wrestling entertainment,” said Brian Bedol, chief executive officer of WCW Incorporated. “There is huge untapped potential for the franchise and with Eric Bischoff on board we will crank everything up to make the WCW franchise even bigger, better, stronger and more entertaining than anything wrestling fans have ever experienced before.”
“We are pleased to have reached an agreement with Fusient Media Ventures that truly represents a win for all parties,” said Bradley J. Siegel, president of general entertainment networks, TBS, Inc. “The Fusient management team’s experience in programming, production and marketing at Classic Sports Network lends itself perfectly to the WCW business. Their entrepreneurial business-building expertise, combined with the powerhouse brands and distribution that TBS Superstation and TNT provide, will be a winning combination.”
The broad-based WCW franchise includes WCW Monday Nitro Live (TNT), one of the most popular programs on cable television; WCW Thunder (TBS Superstation), one of the network’s most watched programs; WCW Worldwide, seen in syndication in 94% of the country; and 12 monthly pay-per-view specials that consistently are among the industry’s top sellers.
“Wrestling fans can rest assured that we will give the WCW the adrenaline shot it needs to once again become the most exciting brand of wrestling in the world,” said Eric Bischoff.
Bischoff began his career with the WCW in the early 1990s as an on-air announcer and rose through the ranks to become president of the company. Under his leadership, WCW became the top-rated wrestling franchise on television, an accomplishment that lasted for 96 weeks.
The complete ownership group will be announced at closing.
About WCW
World Championship Wrestling (WCW), a division of Turner Broadcasting System, Inc., is an industry leader in creating live action-based entertainment for millions of enthusiastic fans each week.
About Fusient Media Ventures
Fusient Media Ventures is focused on identifying, funding, developing and distributing next generation content and converged media brands. The company is headquartered in New York, with offices in Los Angeles.
Thanks again for reading,
Joe
