Vince admits things aren't going well,

[Guest FeArHaVoC]

VINCE MCMAHON SAYS WWE HAS TO ROLL THROUGH THE DOWN TIME, SAYS THINGS AREN'T GOING WELL FOR WWE, SAYS HE WANTS TO BRING ECW BACK AND MORE

 

by Steven Rossi Updated: 9/27/2002 3:49:45 PM

 

 

WWE held their annual stockholder meeting this morning at The World. About 50 people showed up. We were seated at 8:45 in the nightclub area and watched TitanTron videos, the "My Sacrifice" videos, and "Confidential" pieces on the big screen. The meeting finally began at about 10:10.

 

The Board of Directors were introduced and they sat on the stage. It was announced that Linda McMahon was unable to attend. Shane McMahon was sitting in the crowd with the rest of us common folk, but he wasn't introduced by name.

 

August Liguori, the Executive VP and Chief Financial Officer, was introduced and kicked the meeting off. The proposals were voted on. Proposal 1 was the election of the Board and amazingly enough Vince and everyone else were re-elected. Proposal 2 was an employee stock purchase plan, which was passed. Proposal 3 was the appointment of Deloitte & Touche as WWE's independent auditors. All proposals passed with at least 95% of the vote. That only took 10 minutes and Liguori then announced that the formal part of the meeting was over and introduced Vince McMahon.

 

Vince said "this isn't a wake" and demanded that the house lights be turned up so that he could see the crowd. He began with an anecdote about Bobo Brazil. He said most wrestlers aren't realists, but Bobo was. Bobo went through highs and lows in the business and often overheard the boys talking about why business was down. Bobo would say something like, "I blame the new 24-hour gas station that just opened up across the street from the arena." That was Bobo's way of saying that it's ridiculous to try to pinpoint reasons sometimes and you just have to roll with the punches. This all set up Vince admitting that things aren't going well for WWE right now.

 

He talked about the interview he just did with Sports Illustrated. He said he was annoyed at the title of the piece ("WWE on the Ropes") and said he'd love to get that reporter in the ring with him so he could teach him what being on the ropes really means. He said that WWE needed to take a half step back to go 5 steps forward and that's what's happening with the brand extension. He said everyone in WWE was fully aware that ratings would drop with the extension but that it's something they need to do to prepare for the future. He said the SI reporter didn't "get it" but hopefully the stockholders will.

 

He said he hoped that WCW would be their second brand and when that fell through they had to go in a different direction. He said there was never any doubt that the brand extension would go forward because WWE would burn out its stars and run out of storylines if they continued to do what they had been doing.

 

Vince then said that Linda was at the Nicole Bass trial and unable to attend the meeting. He said he doesn't want to comment on the trial but the cartoon that the NY Post printed says it all (it was a cartoon that was in yesterday's Daily Lariat of 3 bathrooms labeled: "men", "women", and "Nicole Bass".)

 

It was a very short opening statement and then Vince said he would answer questions. First question was if Vince thinks the stock price will increase. Vince admitted that he didn't know because he just doesn't get Wall Street and they don't get WWE. He said Wall Street acts like WWE just crawled out from under a rock and doesn't realize that they're more stable and has more growth potential than virtually every other media company out there. He said unlike other CEOs, he's not concerned with share price, stock options, etc. and he just wants to make his company stronger.

 

Someone sarcastically asked if WWE could stay out of court for a little while because Wall Street doesn't think highly of companies that are always being sued. Vince said he'd love to stay out of court, but when people make up allegations he has to take a stand and fight. He said the Nicole Bass case is ridiculous and he's not going to settle out of court because that will encourage ambulance-chasing lawyers to convince other disgruntled employees to sue. He said that 10 years ago, everyone told him to settle when the federal government was coming after him and he told those people "F**k you!" (Vince loves to say "f**k" at corporate meeting for some reason). Vince said he beat them and he'll beat Bass.

 

Someone asked if WWE has any plans to work with NWA TNA because they worked with the NWA before. Vince said they were in a position of strength before and were willing to help smaller companies like the NWA and ECW. He said it was good business to keep some competition around and WWE helped other organizations in ways that the general public will never know. He said that's changed and WWE is no position to help anyone until they get their own house in order. He then said, "I wish those boys in Tennessee well."

 

Next question was about the influence of the Internet on booking. Vince said he doesn't want his writers looking at the Internet. He said Internet fans are "an extremely small but extremely vocal" minority. (Note from Scherer: As I mentioned in Ask 1Wrestling today, recent news reports have stated that more than half of the USA is online). He said WWE is more concerned with the reactions of the live crowd and cheers and boos affect decision-making more than the Internet.

 

Someone asked if ECW would ever come back. In possibly the biggest news of the meeting, Vince said that he DOES want to bring ECW back and give it its own late-night time slot as a separate entity under the WWE corporate banner. He said WWE is trying to purchase all of ECW's footage in bankruptcy court. He said ECW has a niche audience and could be successful again, but all of this is far in the future because right now WWE is struggling to establish the Raw and Smackdown brands. He said one day ECW might become the third brand.

 

Someone asked about all the footage WWE owns and if WWE is planning on having a "Classics" show. Vince said yes, but you'll have to pay for it. He said WWE will eventually use various forms of media to distribute the footage, but it will be either on video or some type of pay format. He said he realizes that old school fans are longing for this footage and that's what he's hoping for. He wants people to be willing to pay for it.

 

Maybe the best question of the morning was "Why is WWE public? Do you really need to be public?" Vince said it allows outside interests to give him input and comment on the product, which is good because he doesn't like being surrounded by yes-men.

 

Someone expressed concern over The World. Vince admitted that The World was horribly mismanaged (they just changed management) and lacks direction. He said that The World will be transformed from a loss leader into a profit center. He said originally The World was distanced from WWE because no one wanted it to be just be a wrestling facility. He said that was a mistake.

 

Someone asked if the ratings decline is due to the fact that Rock, Austin, and Hogan haven't been on TV. Vince said no, it's because of the brand extension and he fully expected the decline. He again said that needed to move backwards before they could go forward.

 

Another question was about dividends. Vince said that they are planning on having large dividends soon and it will capture Wall Street's attention.

 

Next question was about the continued expansion of the WWE brand. Vince admitted that Smackdown Records was a miscalculation. He talked about their new in-house movie production company. He said they might make low-budget or straight-to-video movies involving WWE Superstars.

 

Someone asked about international expansion. He said WWE is truly America's greatest export because when people in other countries look at the outrageous stuff that WWE does, they think, "Wow, America is cool." He talked about the extremely successful Australian tour and said that China was a potential hotbed in the future.

 

The entire meeting lasted almost exactly an hour and Vince talked for 50 minutes of it. We were given gift bags on the way out consisting of Raw and WWE Magazines, The Rock and Undertaker videos, an NWO cap, and "Smackdown Your Vote" button, a poster, and 2 WWE chocolate bars (WWE makes chocolate bars?!).

 

 

Credit: 1Wrestling.com

[Guest papacita]

Someone asked if ECW would ever come back. In possibly the biggest news of the meeting, Vince said that he DOES want to bring ECW back and give it its own late-night time slot as a separate entity under the WWE corporate banner. He said WWE is trying to purchase all of ECW's footage in bankruptcy court. He said ECW has a niche audience and could be successful again, but all of this is far in the future because right now WWE is struggling to establish the Raw and Smackdown brands. He said one day ECW might become the third brand.

Requesting permission to murder Vince McMahon if he fucks up ECW...

[Guest evenflowDDT]

Next question was about the influence of the Internet on booking. Vince said he doesn't want his writers looking at the Internet. He said Internet fans are "an extremely small but extremely vocal" minority. ...

 

Someone asked if ECW would ever come back. In possibly the biggest news of the meeting, Vince said that he DOES want to bring ECW back and give it its own late-night time slot as a separate entity under the WWE corporate banner. He said WWE is trying to purchase all of ECW's footage in bankruptcy court. He said ECW has a niche audience and could be successful again...

Anyone notice the interesting contrast between these two "niches", according to Vince? Internet fans are to be ignored for being too small and vocal/dedicated, and yet ECW will work because its fanbase is small and dedicated. Ummm... OK Vince, whatever you say. I'll tell you what though, as an "Internet fan" and a member of the "niche audience", PUT OUT A BEST OF RAVEN TAPE!!!!!!!!

 

Hmmmm.... I'm antsy today, maybe I just need a WWE chocolate bar to calm me down. I just hope to hell its not sexual chocolate...

[Guest FeArHaVoC]

How would ECW ever have that "niche audience" again if the guys are forced to work WWE style?

[Guest evenflowDDT]

How would ECW ever have that "niche audience" again if the guys are forced to work WWE style?

Maybe that's what he means by "late night" time slot. But really, there aren't that many ECW guys left anyway... they just released Awesome, and would never let RVD "defect" to such a program since he's probably their most popular guy right now, so that makes... Raven, Tommy Dreamer, Justin Credible, Tajiri, the Dudleyz and Tazz. Of those, Raven and Dreamer are getting a bit "old" for a lot of the really high risk stuff, nobody cares about Credible, Tajiri is doing OK in the cruiserweight division, the Dudleyz are split up and injured, and Tazz would rather be an announcer. Is Vince planning on raiding XPW for talent or something?

[Guest oldschoolwrestling]

Someone asked if ECW would ever come back. In possibly the biggest news of the meeting, Vince said that he DOES want to bring ECW back and give it its own late-night time slot as a separate entity under the WWE corporate banner. He said WWE is trying to purchase all of ECW's footage in bankruptcy court. He said ECW has a niche audience and could be successful again, but all of this is far in the future because right now WWE is struggling to establish the Raw and Smackdown brands. He said one day ECW might become the third brand.

Requesting permission to murder Vince McMahon if he fucks up ECW...

Permission granted. Let the killing begin.

[Guest Incandenza]

He talked about the interview he just did with Sports Illustrated. He said he was annoyed at the title of the piece ("WWE on the Ropes") and said he'd love to get that reporter in the ring with him so he could teach him what being on the ropes really means.

 

Why is it whenever anyone in the mainstream media takes him to task, Vince has to threaten them--however jokingly--with physical violence? From getting in Bob Costas' face to this SI guy, he always does that. It makes him look childish.

[Guest mach7]

Someone asked if ECW would ever come back. In possibly the biggest news of the meeting, Vince said that he DOES want to bring ECW back and give it its own late-night time slot as a separate entity under the WWE corporate banner. He said WWE is trying to purchase all of ECW's footage in bankruptcy court. He said ECW has a niche audience and could be successful again, but all of this is far in the future because right now WWE is struggling to establish the Raw and Smackdown brands. He said one day ECW might become the third brand.

Requesting permission to murder Vince McMahon if he fucks up ECW...

Uh, didn't that [ECW getting fucked up] already happen with Paul E ran it into the ground? And didn't Vince fuck it up even moreso [as if that was possible] with that whole Alliance fiasco?

 

Pfft.

[Guest Sandman9000]

I'll say this. If ECW is back on TV in any way, I'll watch.

 

Unless it gets fucked up as well, at which point my faith in humanity will be destroyed.

[Guest papacita]

Uh, didn't that [ECW getting fucked up] already happen with Paul E ran it into the ground? And didn't Vince fuck it up even moreso [as if that was possible] with that whole Alliance fiasco?

ECW was sort of entertaining towards the end of Paul E's run, and by not having the rights to ECW last year, the ECW portion of the Alliance was pretty much dead before it even got off the ground, so I really don't count that as an ECW fuck up.

 

He said everyone in WWE was fully aware that ratings would drop with the extension but that it's something they need to do to prepare for the future. He said the SI reporter didn't "get it" but hopefully the stockholders will.

Now...if they KNEW ratings would drop ahead of time, you'd think they would put together some long term plans into place as opposed to all of the angle hot-shotting we've seen this year.

[Guest converge241]

only 50 people in a stockholder's meeting?

[Guest buffybeast]

Maybe they hadn't expected the ratings to drop as much as they have.

[Guest TheArchiteck]

I don't think it's a need to bring back ECW. But whatever.

[Guest Mystery Eskimo]

Just let WCW and ECW R.I.P. and concentrate on the future.

[Guest DJ Jeff]

If Vince does bring back ECW, he'll fuck it up majorly. I just want Vince to concentrate on the future of the WWE, and produce better storylines.

[Guest Trivia247]

Ok lets see here, ECW comes back, in a their own self sufficient Late night show, McMahon might hand the keys back to Heyman for the purposes of bringing it back to the ways it was before.

 

The difference with Heyman running ECW now and then, would be that there would be more guarantee too Paychecks and money issues wouldn't be severe as it was in the final years.

 

probably Vince could let him get away with expanding the Movesets and using barbwire, because even though it would be under the WWE umbrella as part of its company, its gonna be On its own.

 

but who knows. ECW might get run by JR and just be full of HOSSES

[Guest Brian]

I like it better with Heyman booking SmackDown. If they ever get behind that cruiserweight division it's going to be one kick-ass show.

[Guest tominator89]

Why is Vince's involvement in a possible ECW return a bad thing? Everyone's complained that Heyman was a graet booker but a lousy businessman. Well, here's the solution: Let Heyman book the shows at his own will and let Vince take care of the parent company business decisions. I'd also suggest the same thing for WCW with Bischoff leading a team of agents and bookers.

 

The other thing that bothers me is everyone's suggestion that we let ECW and WCW R.I.P. I want to know why? Seriously, why? Look at RAW. It's almost 10 years old. And in regards to televion, that is a VERY long time. Look at Married...With Children. Sure ratings were slumping, but the show was still entertaining and it was still drawing decent ratings. Raw, while still drawing decent ratings, is a parody of it's former self. A WCW and ECW relaunch (done properly, of course) is much more appealing to me than the stale, unentertaining, boring, and predictable nonsense that is RAW.

[Guest Ram]

ECW: HardKore Hour!!

 

It can be good, especially if it acts and plays like the corpse of ECW of old. I don't see that happening, so it'll be hardcore matches with corporate rules and standards that stretchs to an hour, with as much meaning as Heat or Velocity.

 

Then again, if it is played as an ACTUAL COMPETITOR with RAW/Smackdown! and given an hour and a half (2 hours is too long and 1 hour isn't long enough for X-Panded Hardcore Division).

 

But what time and what day?

 

I'll wait and see.

[Guest HartFan86]

WTF? Why doesn't he just bring back WCW instead of ECW? Wow...

[Guest the 1inch punch]

Because he has the satisfaction of killing WCW, he doesnt want to see it again, he didnt destroy ECW

[Guest ftwdevils2469]

IF Vince wants ECW to work badly there going to have to pick up some old ECW guys. Then he can turn Velocity and Confidential into The ECW show. Also if he wants he could take some WWE "Hardcore" wrestlers, and add them as well.

[Guest Eagan469]

ECW on TNN...again. An interesting idea. TNN would probably go for it too. The Saturday night spot would be perfect.

 

Vince could rent out all the old regular ECW venues dirt cheap. Have the show live Saturday night, and once a month from Viking Hall in PA. Talent doesn't necessarily have to be all old ECW guys, but bringing in Sandman or Sabu would be great.

 

And Joey Styles...they'd have to shell out for him too.

 

Let Heyman have total control, slip Vince the bills and go crazy with the product.

 

The fanbase would come back. I would

[Guest Mad Dog]

What is with all this pandering to the ECW crowd. Last I checked the ECW crowd was still watching the WWE. And the ECW crowd was only a little over a million at the most.

 

There are possibly 2 maybe even 3 million WCW fans who have disappeared from the ratings. If Vince really wanted to he could make a product to bring those fans back and have something successful.

 

I was an ECW fan and everything but business wise he has more to gain from an honest attempt at reviving WCW instead.

[Guest ftwdevils2469]

The Reason he wants ECW back is since they have such a loyal fanbase is that he wants to pop some bigg ratings on Saturday Nights with them.

[Guest Mad Dog]

He won't even break a 1 with the ECW fans.

 

ECW would've died a long time ago had Vince not been giving Heyman money. They don't have a large fanbase. WCW had 3 times the fans. And WCW's crowd tended to be older and therefore home on Saturday nights.

[Guest Youth N Asia]

Part of me would love this...but the other part knows they'd just fuck it up and piss off the ECW die hards...

 

If they went through with it though they'd have to let them do more risky material and dig into the indies to get some of the ECW names back.

[Guest tominator89]

This is something that really worries me. Would Vince try to sign former ECW mainstays like Joey Styles, Cyrus, Sandman, Lynn, Corino, Douglas, Sabu, etc? I'd love to see ECW return as it once was, with some fine-tuning. But a lot of the ECW icons are washed-up, have heat with others in the business, or were just lucky enough to have been hired by ECW in the first place. I could see them getting Super Crazy, FBI, Doring, Simond Diamond. But those aren't the biggest names in the industry. Also, would Vince allow "his" stars to return to their former ECW characters? RVD? Dudleyz? Taz? Raven? Rhyno, who apparently still has the ECW world title sitting on his mantle. It could work, but this is a really touchy subject. As an ECW fan, I would be seriously pissed if Vince gave ECW the WCW treatment.

[Guest Trivia247]

Oh Goodie, New Jack, Balls Mahoney, Axl, Guido, Sandman, and a whole Horde of others of Former ECW wrestlers could get hired to Bring the trash back in ECW.

[Guest ShooterJay]

Hey man, Guido is great, don't diss the Sicilian Shooter.

 

Anyway, this would be a major-league markout moment for me, but I'll believe it when I see it.

 

They don't have to sign a lot of the old ECW names (although seeing Doring, Roadkill, Simon and Swinger again would be nice) but a lot of indy guys who could work the ECW style that their fans would appreciate. Here are some examples:

 

1. TNA- Red and the SAT, maybe Low-Ki if they're truly dedicated to ECW style.

2. RoH- the FBI, Hit Squad, Natural Born Sinners, Carnage Crew, Briscoes, maybe some of HBK's TWA students (the Paul London/Michael Shane street fight on 9/21 was the most insane match I've ever seen live- perfect ECW highspot/hardcore)

3. CZW- Acid and Kashmere, Justice Pain. Mondo and Messiah would have outside shots, again, if they really want to do hardcore the right way.

 

P.S. They have Nova under contract too, that's another ECW guy on the list.