The WWE and the WCW had an amazing rivalry. WWE eventually won and Vince bought the WCW and all of its assets. That period was known as the Monday Night Wars. even though the WCW Nitro beat WWE RAW several times in ratings, they buckled under WWE’s pressure.
A few creative decisions also led to WCW losing tons of money. The WCW was forced to give out guaranteed deals to some of its wrestlers. This was one of the major reasons for its downfall. Bischoff spoke about those deals during his appearance on the Talk is Jericho podcast.
He stated that he did not get permission to offer his talents big money contracts from the higher-ups at Turner. He was only given permission for it if the deal was worth more than $1 million. He also revealed that the WCW did not have multiple revenue streams.
The WWE did have multiple streams of income at the time. "One of the reasons that WWE, WWF at the time, was able to offer downside guarantees that were so minimal and guys could still make so much money was because there was a lot of profit participation in the pay-per-views, in the house show revenues, specifically licensing and merchandising.
Those were all revenue streams that WCW didn't have at the time. WCW had no live event gate. We were giving tickets away to winos who would fall asleep at ringside drinking their cheap wine”.