WCW was at one time the biggest wrestling promotion of the world. They beat WCW in ratings quite a few times and even hard more star power than the WWE. A few famous WWE stars left the WWE back in the day to join WCW. Hulk Hogan was one of them and he formed the famous nWo over there.
WCW went out of business and all of its assets were bought by Vince McMahon. Some of WCW’s best wrestlers are now Hall of Famers. They even won a few important WWE titles. Tony Schiavone is a former WCW announcer. He was a guest at the Edge and Christian podcast, and he talked about how WCW Thunder drained the WCW.
According to him, The WCW did not have the money required to start another live show, and that was one of the big reasons for their downfall. "I think we were spreading ourselves too thin and I think that's why it declined," Schiavone explained.
"I think it really spread us thin because I really don't think we had the budget for it. I think, all-of-a-sudden, you're doing a second live show and that's expensive and so I think it thinned us our money-wise too.
Then, all-of-a-sudden, we're not doing it live. We're taping it. And now, instead of going out there and doing a live Nitro on Monday and a live Thunder on Thursday.."