In May 1993, Arn Anderson joined forces with Ole Anderson and Ric Flair to reform the Four Horsemen. The Horsemen then introduced Paul Roma as the fourth new member of the stable. Although Anderson paired with Roma managed to clinch the WCW World Tag Team Championship title again in August, the new member was never considered to be on par with his predecessors, and the group disbanded shortly after.
Anderson remained in WCW and joined the "Stud Stable" group consisting of Terry Funk, Bunkhouse Buck, "Stunning" Steve Austin and Meng. Stud Stable fought bitterly against Dusty & Dustin Rhodes until the end of 1994, then Funk left.
In early 1995, Meng also left the team to join the "Dungeon of Doom", and the stable broke up shortly after. Arn Anderson's final reign as champion began on January 8, 1995, when he won the WCW World Television Championship for the umpteenth time.
Anderson helped restore the prestige of the belt, which he held for about six months before selling it to The Renegade. He then had a brief feud with his friend Flair, being assisted in the feud by Brian Pillman. The whole storyline led to a new reunification of the Four Horsemen with Flair, Anderson, Pillman, and Chris Benoit in the formation.
At the end of 1996, Arn rarely fought in the ring, preferring to act behind the scenes given the constant health problems due to injuries remedied in his career. On August 25, 1997, during an episode of WCW Monday Nitro, Anderson formally announced his retirement from the ring.
In 2000, Anderson became a member of the short-lived Old Age Outlaws stable. Led by Terry Funk, the veteran group faced the newly reborn New World Order. In 2001 WCW was acquired by the World Wrestling Federation, ending the storyline in which Anderson was involved.
WWE Hall of Famer Arn Anderson recently discussed Mike Awesome's run in WCW during an episode of his podcast, ARN.
Arn Anderson on Mike Awesome's struggle to find success in WCW
Speaking on his podcast, Arn Anderson spoke about why Awesome's WCW run wasn't more successful.
Anderson said that the former ECW Champion came into an "environment of wolves and sharks." Anderson said some of the top stars in tried to sabotage Awesome. "I think Mike, who was a nice enough guy, came into an environment of wolves and sharks.
I think there was a little bit of sniffing out that, ‘Hey, this guy is a big star in ECW, and he’s gonna be a big star here.’ I think the antenna kind of went up on a lot of the top guys – the more vicious top guys and the smarter top guys – and they figured we are gonna have to get this guy to sabotage himself or we are going to have to sabotage him.
It was not too many TV’s you started to see adding layers onto his characters that he didn’t need, putting him in precarious situations instead of just winning for nine weeks. If the guy was big, he was a good performer, the easiest way to get a guy over today, tomorrow, 25 years ago – put him in matches that have enough time, give him an opponent that knows what time it is, and just go out and win every week and have good matches. I don’t think he really had a fair start,” said Anderson.