8/19/01:
In this weekly column, I will comment on the past week's goings-on in WOW, and whatever else it occurs to me to discuss :-) I also hope that a big part of the column will be printing and responding to your e-mails. So please send them in (the address is thatthing35@yahoo.com)!
TFHWrestling.com - read my column, "Eat My Dust" by Tom Dean, and all the other (often WOW-related) content!
8/19/01:
Two brief, arguably off-topic updates:
7/17/01 (REPRINT): The Bell Tolls
Link to a
great piece from Dave Meltzer on "What's
needed to run nationally"
In a swerve that would make the most manipulative wrestling booker green with envy, it appears that WOW is finished. A couple of weeks ago, WOW put out a press release called "WOW Entertainment, Inc. Announces a Major Capital Restructuring to Allow for the Completion of Acquisitions Currently in Negotiations." At that time, I shared my thoughts with you on what it meant. To recap, WOW has never come close to anything resembling anything even vaguely close to making a profit. They have stayed in business solely because of one man, Carter M. Fortune, who loaned the company money every time they needed it. As a result, eventually, WOW, Inc. owed Fortune about $5.5 million. The June 29 press release announced that Fortune, in exchange for more ownership of the company, had waived that debt. Simultaneously, David McLane sold all of his stock at WOW, meaning that he was no longer an owner of the company. It appeared at that point that Fortune had pushed McLane out as an owner... and that Fortune was willing to put more money into the WOW project. In the press release, CEO Jeffrey Lewis reassured us that this news "effectively gives WOW's fans, many of whom are shareholders, the most likely scenario for the vitality of the WOW - Women of Wrestling® property going forward."
At that time, a few people wrote in to me in a jubilant mood, foreseeing the resurrection of WOW, and the end of McLane's stultifying influence. Personally, I was cautiously optimistic. It was good to hear that WOW was seemingly willing to make another go of it... but in order for them to have a hope of making a profit, they had to get other powerful players to share their enthusiasm, and that seemed less likely.
Turns out that even "cautiously optimistic" was too optimistic (and Jeffrey Lewis was selling us a load). WOW's most recent financial report came out on Monday, and it dropped a bombshell. The reason Fortune was willing to forgive WOW, Inc.'s debt to him... and the reason McLane is out of the ownership group... is because WOW, Inc. is not going to be in the wrestling business anymore. Or as the report puts it, "After assessing the syndication, cable and network television markets for the 2001 season, the Company decided as of June, 2001 not to produce future episodes of its WOW-Women of Wrestling(R) program and discontinued related activities."
To symbolize their decision, "the Company plans to amend its Certificate of Incorporation to change its name from WOW Entertainment, Inc. to Fortune Diversified Industries, Inc."
Fortune Diversified Industries will get rid of the wrestling end of the operation by dumping it on McLane. "The Company agreed in principle to general terms for licensing the WOW - Women of Wrestling(R) property to David McLane Enterprises, Inc. ('DME') for a minimum monthly dollar amount plus a percentage of certain revenues for three and one half years. DME is owned by David McLane, who was until June, 2001, the president, a director and one of the controlling shareholders of the Company. The Company also expects to grant an option to DME to purchase the WOW - Women of Wrestling(R) property at the end of the license. As of the date of this report, a licensing agreement with DME has not been finalized; however, the Company anticipates that an agreement will be completed in the near future."
So what exactly is McLane getting? As the report properly points out, "the WOW - Women of Wrestling(R) property consist[s]of certain intellectual property, including trademark rights in the 'WOW-Women of Wrestling(R)' name, logos and character names of performers; rights in characters portrayed by performers; publicity rights of performers with respect to their performances; and copyrights in recorded performances, events, programs, advertisements and promotional materials." At this point, that's all WOW is... as readers of this page know, WOW does not own the rights to any wrestlers, and its TV deal is going to expire in a couple of months. This most recent financial report also lets us know that they no longer have office space at the Great Western Forum.
So basically, McLane gets the logos, characters, and whatever money can be made off reruns... and that's it. If he actually wants to sign wrestlers and run a show, he will need a financial backer. And apparently, it ain't gonna be Carter M. Fortune.
Most of the rest of the financial report summarizes other press releases we've discussed here in the past. We learn that WOW, Inc. lost another $702,000 in the last three months, bringing their total loss to about $6.5 million. Another interesting note relates to M/G Perin, WOW's syndicator. The financial report tells us that "Since Perin is paying all expenses relating to distribution of WOW's programs, Perin shall have the right to discontinue the distribution of the programs at any time, provided Perin gives as much advance notice to WOW as is reasonably practicable." Given this, I would expect the show to be pulled off the air very soon in those few areas where it still airs.
What does all of this mean? I don't think it takes a crystal ball to see it: The party's over. The fact that Fortune is getting out of wrestling means that McLane no longer has access to money. And there is no television deal, and clearly no realistic hope of one. I have no doubt that McLane will try to resurrect the federation -- he is nothing if not persistent. But there is no logical reason to think it will happen at any time, never mind anytime soon.
Barring something that redefines the term "act of God", this website will cease to be updated on Aug. 26. I have a couple of more columns to write, although I may not write a column every time I update now. I also have a few more fantasy episodes to do. The fantasy "season" will conclude on that date with a (as yet unnamed) PPV event that I think everyone will enjoy.
My responses are in italics.
Pat writes:
"Keep up that great work on the site.Who is the GLOW girl who wants to buy GLOW? Hollywood? Cheryl Rusa? Tina?"
Babe, the Farmer's Daughter. And if I'm reading their press release right, she doesn't just want to, she already has.
"How do you get the inside scoop?"
As I think I linked last time, their web site talks about it.
"I agree with you I am glad there is a new site but looks more like a tool to sell the company. Just by the wording plus the site itself looks different and in some ways better but there is no web board. Too bad.
"Check out this post on Pro Wrestling Daily it is not indepth as your reporting but I thought it was cool he mentioned WOW. Look what he wrote about Danger. Good news for WOW I hope. With the new site online I hope this is a good sign."
Well, I rolled my eyes when I saw the link, because that site (whatever the heck it is... I don't go there myself, but people keep pointing it out to me) has posted some nonsensical articles about WOW in the past. But as it turns out, the article is quite good, so do check it out.
A. Turner writes:
"I've put together my list of WOW Women that I feel could make it in the WWF. 1. JUNGLE GrrrL...She's a damn good wrestler and great on the mic. 2. RIOT...Her personality alone will make it. 3. BECKIE "TFD"...She has that blonde look and a tough wrestler. 4. Mrs. "D" She also has that blonde look and a pretty good wrestler. 5. ROXY POWERS...Pretty face, tight body and with work could become a pretty good wrestler. 6. SANDY...Hey if TORRIE can make it in the WCW/WWF on her blonde looks, so can SANDY. 7. JANE BLOND...Nice face and body, not a bad wrestler. 8. LANA STAR...I hate to say it...but she could... possibly make it in the WWF on looks alone."
Please e-mail me with
your thoughts about anything WOW-related!
(e-mail: thatthing35@yahoo.com)