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| Image Source: PW Mania |
Written By: Mark Armstrong
If you're a wrestling fan, you're probably aware that TNA Wrestling is currently in a state of flux. With the money having basically run out, a sale of the company must go through by tomorrow, or its Bound For Glory PPV event and its subsequent Impact tapings will not be held. Such a move would not only be embarrassing and calamitious (BFG was once TNA's version of WrestleMania, remember), but it would give PPV providers and television stations (like Pop in the US) a (completely understandable) reason to no longer broadcast TNA PPV events or the Impact television show. Hence, the company essentially ends if these events do not take place.
So, why doesn't TNA just sell up, then? Well, Billy Corgan - who was named TNA's new President not so long ago, but is not the majority owner; that remains Dixie Carter - is in negotiations to outright buy the company, and he is confident that a deal can and will be reached before tomorrow's deadline. But a combination of inflating the company's value, the debt amounted by the organisation and the willingness to listen to other offers has meant that a Corgan purchase of TNA is yet to go through. If Corgan buys the company and provides the money (said to be in the region of $600,000) required for its upcoming shows to take place, then the brand will live on, likely with Billy giving the organisation a complete overhaul (including the TNA name).
However, of the other offers on the table, the most intriguing comes from WWE. WWE is interested in buying the TNA trademarks and video library, which stretches back to 14 years. The reason is obvious: adding TNA Impact episodes to the WWE Network would be a huge boon for its ongoing digital media service, whilst the ability to produce future DVD compilations of AJ Styles, Samoa Joe and ex-WWE names like Kurt Angle, with the TNA footage available to use, would likely result in a major increase in Network subscribers (the most recent non-WWE footage owned by the company currently stretches back to 2001, unless you count FCW and OVW) and huge home video sales in the future.
The obvious downside to a WWE purchase is that it would spell the end of TNA. WWE's offer includes the acquisition of several wrestler contracts (there is no parent owner for TNA contracts, unlike the AOL Time Warner situation with veteran WCW stars), meaning that WWE could essentially bring in TNA's top names in one fell swoop. That all being said, a WWE purchase would mean no more Impact on Pop or Challenge in the UK; no more independently-produced TNA PPV events, and since WWE is unlikely to fund the future of its nearest thing to competition in the modern era (meaning, a TNA revival under the WWE umbrella is very unlikely), it would mean the end of TNA.
On the surface, it's obvious which option longtime TNA fans would prefer, since one offer gives the company life support, whereas the other major party does not. However, when you analyse the situation, the WWE offer becomes more attractive.
First, let's not forget that this is a company which began way back in June 2002. With the wrestling world still reeling from the demise of ECW and WCW, and the purchase of the latter by the WWF/WWE in March 2001 (the ECW trademarks would be purchased by WWE later), Jerry and Jeff Jarrett launched NWA: TNA in an attempt to provide an alternative to WWE (which, by then, was struggling itself with the end of its Attitude Era-driven boom period). Its original model was to hold weekly PPV events for $9.99 featuring the best talent not signed by WWE, whether they be independent stars, former WWE names or WCW/ECW talent which WWE didn't want. The plan was ambitious, the costs were huge, and by October 2002, the original TNA was close to death.
Enter Panda Energy, and Dixie Carter.
Panda purchased NWA: TNA, with Dixie being Panda's authority on TNA-related matters. The company chugged on until June 2004, when after some momentum created by its innovative X Division and some appealing new faces like AJ Styles, TNA iMPACT! began on Fox Sports Net, with a 3pm slot every Friday afternoon. If that sounds a bit crappy, it was; however, it still meant national television exposure for TNA in the United States, which made this its biggest achievement to date at the time.
By November 2004, the weekly PPV events were cancelled in favour of a more traditional monthly PPV format, and with iMPACT taking on a wrestling-based approach, the brand began to flourish. In 2005 and 2006, TNA was the recipient of much critical praise; it wasn't quite as hot as NXT has been in the last few years, but it was close, especially when TNA iMPACT moved to Spike TV - previously the home of WWE Raw - in October 2005, in a late-night Saturday evening time slot (this changed to Thursday evenings in April 2006, and a prime-time Thursday slot in November 2006). Add to that the continued signing of rising stars like Samoa Joe in June 2005, and the beginning of WWE defections to the brand such as Christian in November 2005, and suddenly TNA was a wrestling company on the rise. There was plenty of optimism and a real belief that, over time, TNA could develop into a real competitor to WWE. When Kurt Angle shockingly joined TNA in September 2006, and helped TNA earn record PPV buy rates over the following months (including an awesome battle with Samoa Joe at TNA Genesis in November of '06), the future seemed incredibly bright for TNA.
Unfortunately, around the same time, Vince Russo was named head writer of a new three-man TNA booking committee. Over the next three years, TNA's shows became a bad soap opera on most occasions; not unlike his version of WCW, Russo wrote nonsensical storylines, ridiculous matches and generally hare-brained television which made iMPACT and its PPV events a frustrating experience for fans who desperately wanted the brand to grow. That no TNA PPV has achieved a higher buy rate since Genesis 2006, regardless of how technology has changed, is a testament to Russo's awful writing. Even though the company continued to gather momentum in 2007 and 2008 - the signings of Booker T and Mick Foley, the continued retention of Sting on its roster, its first videogame, a two-hour slot for iMPACT and international TV deals worldwide, along with its first UK tour in June 2008 - there was always a feeling that TNA could achieve much more, if someone else was writing the shows. The raw materials were in place; while they lacked that final piece of the puzzle - namely, a coherent and logical approach to the writing of TNA television - TNA fans were always wondering "What if?"
When a love triangle scandal ended Jeff Jarrett's days of holding power within TNA in the summer of 2009, there was hope that Russo would be replaced. As it turned out, Russo's power
increased, since Dixie totally backed him to write the shows alone, while those associated with Jarrett were binned (along with such personalities as Jim Cornette, who you may have heard dislikes Russo - just a bit, mind you). However, out of the blue, it was announced in late October 2009 - from Madison Square Garden, no less - that Hulk Hogan and Eric Bischoff were coming on board to help TNA truly become a major wrestling company in the vein of WCW. With their regime beginning with a three-hour special of iMPACT opposite Raw on January 4 2010, there was great anticipation. It's not a lie to suggest that January 4 2010 was the biggest day for the wrestling industry since the WWF purchased WCW in 2001.
As it turned out, iMPACT drew a record rating, and whilst it was dwarfed by Raw's numbers, the hype surrounding iMPACT was enough to ensure that Bret Hart's WWE return - which was many years in the making - only increased Raw's rating slightly. A victory of sorts for TNA, then; and the show featured the TNA debuts of Hogan and Bischoff, along with a TNA debut for Ric Flair; returns for Jeff Hardy (who at the time was arguably wrestling's hottest star, despite the allegations surrounding him back then), Kevin Nash and Scott Hall; a great main event between Angle and AJ; and a ton of other surprises, returns, debuts and storyline developments.
The only problem was, it was just too much to digest. Oh, and a lot of it didn't really make sense, or was counterproductive to the talent.
Over the next few weeks, Russo's nonsensical overbooking tempered the optimism surrounding the Hogan-and-Bischoff arrival, although it was clear that their great ideas consisted of little more than bringing in old WWE and WCW names (a perfect example being Hulk's old buddies The Nasty Boys), at the expense of longtime TNA stars who had built the company from nothing for years. In March 2010, iMPACT went live opposite Raw in The Monday Night War II - and the fact that nobody talks about it, because it lasted eight weeks before Spike TV insisted that iMPACT return to Thursday nights due to terrible ratings, illustrates all you need to know about how that turned out.
As the months rolled on, those who enjoy tons of happenings without a need for it to make any sense will have enjoyed iMPACT; it was certainly more interesting and eventful than it had been before. But despite further signings of Mr. Kennedy/Anderson and Rob Van Dam, the brand just wasn't making any headway, because its approach was so misguided. The show was based around several stars in their 40s, 50s and even 60s; how would this attract a new, younger audience? WWE had gone PG and TNA was (and remains) TV-14; this was a chance to make TNA fresh, cool, vibrant, innovative. Instead, the combination of Russo's s--t writing, the over-reliance on past-it veterans and illogical storylines prevented TNA from making any sort of real headway. An attempt to bring Paul Heyman on board failed when Heyman realised that only a complete overhaul of the brand would allow him to make any real difference.
Things didn't improve much in 2011; whilst the veterans were scaled back slightly at certain points, the shows were still very difficult to explain to casual viewers, and the notorious Jeff Hardy incident at Victory Road (Google it if you're confused) was another hit to the TNA name. Add to that the controversy surrounding Bound For Glory (where it was alleged that Hulk Hogan had plans for babyface Bobby Roode to become World Champions changed so that Hogan's babyface turn would be the night's key moment), and it's safe to say that, by the end of 2011, optimism was in short supply for TNA. On the bright side, people were still becoming more aware of the brand; and after Impact moved to Challenge near the beginning of the year, it soon began achieving higher UK TV ratings than Raw and SmackDown on Sky Sports, which was something that WCW Monday Nitro never did (although this is partly because Challenge is available in many more homes than Sky Sports).
In 2012, some key developments occurred. Hogan's ongoing back injuries pretty much ended his career, and the Bischoff character was written off television. Russo left the company, being replaced as head writer by Bruce Prichard. Slowly but surely, Impact finally began, erm, making an impact again: focusing almost entirely on wrestling again, 2012 saw many great TNA matches and moments, from its suddenly red-hot tag team division to the ascension of Austin Aries as World Champ. It was still far from a real competitor to WWE, and the Claire Lynch storyline was one of the worst ever (again, Google it if you've never heard of it), but otherwise 2012 was TNA's best year since the mid-2000s. An announcement in early 2013 that TNA would only hold four PPV events a year was greeted positively, as it was felt that each show would mean more, and its decision to take Impact on the road (it was previously almost always broadcast from Universal Studios in Orlando, Florida) was initially considered a big step forward.
But this is where the true decline of TNA began.
Not too long after TNA Impact began touring the country on a weekly or bi-weekly basis, it was revealed that TNA was now suddenly losing money at an alarming rate, partly because TV ratings didn't measure up to expectations. This led to many members of the roster taking pay cuts or leaving altogether, some under great controversy. Of particular note, Sting and AJ Styles would be gone by early 2014, and so were Hogan and Bischoff (although their exits had been expected anyway, and were considered a good thing by some). With ratings down due to a depleted roster, the PPV events struggled to create excitement (they weren't hyped to the level that they should have been, considering the approximate three-month window between each), and the content of the TV shows once again became confusing, not least the impossible-to-follow Bound For Glory Series. Indeed, many believed in late 2013 that TNA was a goner. But it survived on.
Not much changed for most of 2014, really; Bound For Glory being held in Japan was supposed to elevate the company's standing, but treating its biggest show like a UK-exclusive PPV in the WWF (i.e. a Rebellion or an InsurreXtion) was a terrible move (it didn't even have a World Title match!). Meanwhile, the blatant copying of the Daniel Bryan tale with Eric Young suddenly becoming an underdog World Champion, literally days after WrestleMania XXX, was also a bad move. As the situation continued deteriorating, the bad (yet inevitable) news came that Spike TV would no longer broadcast Impact.
In 2015, the show moved to the much smaller Destination America. With the approach almost entirely now on television (PPV events were a rare occurrence by this point), it represented something of a fresh start, boosted by the signing of the likes of Bobby Lashley and Matt Hardy the previous year, and the acquisition of new faces like former ROH star Mike Bennett. However, on a comparatively-tiny TV station, Impact's numbers not surprisingly plummeted; as a matter of fact, Destination Impact allegedly announced the cancellation of Impact months in advance, and during this stay of execution, DA added Ring Of Honor to its schedule (not for very long, mind you). Once again, questions were raised about the future of the company, despite additions such as Drew Galloway.
But the brand battled on into 2016, where it found another new home on Pop TV. The ratings remained low, but at least TNA continued to exist, and whilst Kurt Angle finally leaving TNA in early 2016 was a bummer, by this point there were enough fresh faces and big names to satisfy fans. In fact, for much of 2016, the show has been enjoyable and logical, with its key moments being the now-famous Final Deletion "match" between the brothers Hardy over the summer, which became one of the year's most talked-about moments in wrestling. Further signings like Aron Rex (Damien Sandow) and Cody Rhodes further gave the impression that TNA was back on the rise.
Sadly, that hasn't been the case.
Whilst the product has been an improvement, and Final Deletion earned TNA a huge rating by modern standards, the company almost didn't make it to its June PPV event Slammiversary, with a last-minute bail-out, allegedly by Billy Corgan, keeping it alive. Apparently, this has helped at least one other time as well, if not more. Over the summer, Corgan was named TNA President, although full ownership remained with Dixie Carter and Panda Energy as the road to Bound For Glory began, with the top matches being well-hyped and the subject of strong anticipation by its fans.
Which brings us to the current situation.
Whilst TNA television and press releases paint the picture as being rosy, the reality is very different; the money well, which came dangerously close to running out earlier this year on more than one occasion, has now almost completely expired. Not even a sudden burst of money can help at this point; a full-on purchase is required - and even that might signal the death knell.
Let's re-establish the situation: if TNA is not purchased by tomorrow, the money will not be there for Bound For Glory or the next Impact tapings, which essentially spell its end. If WWE buys the trademarks, video library and some talent contracts, the brand will be finished. If Corgan or another party buys the company, then it can live on in some form. Crucially, a deal must be done within the next 24 hours. Complicating matters is how Dixie has allowed the situation to become public and spiral almost out of control; everyone and their dog now knows that TNA is on its knees, which reduces its value in the event of, say, a WWE deal (and it's worth pointing out that WWE wouldn't take on the debt since it plans to probably shut the company's doors, whereas Corgan or another buy must take on such debt, hence the high price for a potential takeover).
It would be a massive shame for TNA to be closed: it has a history dating back over 14 years; it has (even now) a large fan following in both the US and the UK, especially; and the brand has had renewed momentum and a fresh roster in recent months. If the money was there, then 2017 would potentially be TNA's best year for a long time. Not to mention that TNA gave us the X Division and, albeit after initial exposure in ROH, helped to introduce the world to the likes of AJ Styles, Christopher Daniels, Samoa Joe, Austin Aries, Abyss and many others. It also allowed such stars as Kurt Angle and Sting to continue in the wrestling business on a decent level, as well as providing an alternative option not just for fans but for wrestlers themselves, mainly those who had been let go by WWE. And, for a time, it seemed like TNA could truly fill the void left by WCW, becoming a serious competitor to WWE.
However, even if TNA continues, its future still seems fairly grim. It remains on a lower-tier TV station in the US, meaning that it would take several years for TNA to even return to its previous level from an exposure standpoint. Pay-Per-View is a dead issue for the company nowadays, since the buy rates are very low and, with the WWE Network having suggested that traditional PPV is now a thing of the past, it's unlikely that future supershows would make a major impression from a business standpoint. Its writing and wrestling have been a positive this year, but the same goes for Lucha Underground, which is as innovative a wrestling product as any, but remains one very unlikely to achieve major growth in the near future. Its fan base has shrunk to the point where, besides possibly CM Punk, no one signing could truly get former fans to re-invest in the product. And its legacy for the last few years has been one of dismay, missed opportunities, poor business decisions, terrible creative; and before that, we had the failed weekly PPV experiment, the company taking shares of independent wrestling bookings, almost everything written by Vince Russo, the belief that the company itself cared little for the welfare of its talent or for drug testing, the Victory Road 2011 debacle and, most of all, the fact that it spectacularly ballsed-up its best chance at becoming an undisputed competitor to WWE.
Really, what could TNA achieve if it did survive? Okay, it would still give the talent an avenue to display their skills, and fans could keep watching Impact. But one can't envision that the company could grow, even to its previous peak level, at any point within the next 5-10 years under current circumstances. Billy Corgan's alleged plans to completely revamp the company are encouraging, but would that be enough? And even if a purchase goes through, who's to say that the company might not be in financial peril again in the future, especially if TNA loses its TV deal with Pop and finds itself, essentially, without a home?
A WWE purchase would spell the demise of TNA, which is the obvious downside. On the upside, TNA's top talent - The Hardyz, Bobby Lashley, EC III, Mike Bennett, Decay etc - could and in many cases would have a chance to showcase their skills in WWE, contributing to either the Raw or SmackDown brands (both of which could do with fresh faces, given their limited ranks at present) or on NXT, which houses several former TNA stars like Bobby Roode, Samoa Joe and Austin Aries. Those who aren't would likely remain on the indies, but similar to when the WWF purchased WCW, I suspect that some surprising names would be given a chance, even if they were assigned to the Performance Center first. And wouldn't it be something to see an NXT vs. TNA feud, or even a TNA faction invade Raw or SmackDown? Meanwhile, its Impact library would become a popular option on the Network, and over time, its legacy would be protected (probably with a Rise & Fall-type DVD), probably painted as a company which almost became a player but ultimately failed due to financial problems. No, TNA dying due to a WWE purchase isn't what would be described as "good news", but weirdly enough, in the long-run, more people may watch TNA television (well, old shows) and TNA stars if WWE were to buy and pull the plug on the brand.
And the wrestling world is very different from when the WWF bought WCW. Once that happened, wrestling outside of the WWF was almost non-existent, at least in the States, leaving many wondering what the hell they would do. Nowadays, though, we have ROH, Lucha Underground, Global Force Wrestling (if it ever achieves anything of note), House Of Hardcore, Pro Wrestling Guerrilla and other strong independent options. New Japan is more prominent than ever, and the Japanese wrestling scene outside of NJPW is also a viable option for those who wish to track it down. There's also Mexico, and indy tours which go to the likes of Australia. And then there's the British wrestling scene, which at present is probably in its strongest position ever, with ICW leading the way. Not to mention the fan fests, the spoken-word Q&A tours and other similar events which give wrestlers some nice pay-offs outside of actually competing in the ring. Besides the official acknowledgement that TNA was dead and several of its names heading to WWE, would the wrestling world really change that much if TNA was no more?
I see only positives if Corgan or another party buys the company to keep it afloat - unless you work for WWE, why wouldn't you? - but I also see benefits if a WWE purchase occurs. Realistically, TNA cannot and probably never again would be called true competition, no more so than the likes of ROH and LU anyway. So, WWE isn't doing this to kill off a competitor; it is interested in buying some valuable assets, which it can utilise within its business plan to benefit the company and, from a financial standpoint at least, some members of TNA's roster. And TNA's history would live on via the WWE Network, rather than being left on a shelf, never to be seen again. And wouldn't you rather WWE buy TNA's assets and put them on the Network than to see the company just fade away anyway? Of course, there's the obvious big negative to such a development which doesn't need to be repeated.
To conclude, the next 24 hours could be the biggest in U.S. wrestling for a very long time. Whilst WWE has been way ahead of TNA from a business standpoint for virtually the entire history of the latter, a WWE purchase would indeed underline that nobody will realistically challenge WWE's position as King Of Wrestling, probably ever again (unless Donald Trump gets bored after his Presidential campaign ends in tears and funds ROH or GFW; but as a friend of WWE, that's unlikely too). The nearest thing to competition in the last 15 years would be no more. On the other hand, an alternative purchase would keep it alive, having come back from the very brink of death, and give it one final shot at being a truly relevant difference-maker in the wrestling market.
Right now, WWE is in a slump of its own. Raw ratings are at a frighteningly-low level, and while SmackDown's numbers are rising, they have still fallen from what they were a few years ago. The one thing that would make WWE pull its finger out and really have the product thrive and achieve higher ratings again would be ... competition. Which makes it ironic that at such a time, the closest thing to a competitor that WWE has had for the last decade-and-a-half may be about to fall into its hands.
If this is the end of TNA, it will be a sad day in wrestling. But if it does, it can at least take comfort from the fact that, since 2001, no company has come closer to challenging WWE and, besides WWE, no wrestling organisation was more popular in the United States. And it would leave behind a legacy consisting of a plethora of great matches which will have its fans reminiscing and mouthing "This is awesome!" for years to come.
