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World Wrestling Entertainment, Inc. (WWE) is a publicly traded integrated media (focusing in television, internet, and live events), sports, and entertainment company dealing primarily in the professional wrestling industry, with major revenue sources also coming from movies, music, product licensing, and direct product sales. Vincent K. McMahon is the owner and Chairman of the company and his wife Linda McMahon holds the position of Chief Executive Officer (CEO). Together with their children, Executive Vice President of Global Media Shane McMahon and Senior Vice President of Creative Writing Stephanie McMahon-Levesque, the McMahons hold approximately 70% of WWE's economic interest and 96% of all voting power in the company. The company's global headquarters are located at 1241 East Main Street in Stamford, Connecticut, with international offices in Los Angeles, New York City, London, and Toronto. The company was previously known as Titan Sports, Inc. before changing to World Wrestling Federation Entertainment, Inc., and most recently becoming World Wrestling Entertainment, Inc.

Professional wrestling is the company's main business module. WWE is currently the largest professional wrestling promotion in the world, and holds an extensive library of videos representing a significant portion of the visual history of professional wrestling. The promotion has previously existed as the Capitol Wrestling Corporation, preceded by the World Wide Wrestling Federation (WWWF), then the World Wrestling Federation (WWF). WWE has three brands splitting the full WWE Roster; Monday Night RAW, Friday Night SmackDown! and ECW. WWE is also home to three of the eight internationally recognized world titles.

WWE's revenue in the last twelve months was approximately $400 million (US), with a net profit of approximately $47 million. As of May 2006, the company's market capitalization is over $1 billion (US). Its stock is traded on the NYSE as WWE.

History

The Beginning/Capitol Wrestling

Roderick James "Jess" McMahon was a boxing promoter whose achievements included co-promoting a boxing match in 1915 between Jess Willard and Jack Johnson. In 1925, while working with Tex Rickard (who, ironically, despised wrestling to such a degree he prevented wrestling events from being held in Madison Square Garden between 1939 and 1948), he started promoting boxing in Madison Square Garden in New York. The first match during their partnership was a light-heavyweight championship match between Jack Delaney and Paul Berlenbach.

Around the same time, former professional wrestler Joseph Raymond "Toots" Mondt had a revolutionary concept. He decided to take wrestling to a higher level, bringing it out of back alleys and rough areas into sporting arenas. He also made wrestling more exciting, with his "Slam Bang Western Style Wrestling." His next move was to form a promotion with Ed Lewis and Billy Sandow. They persuaded a lot of wrestlers to sign up contracts with the newly named 'Gold Dust Trio'. They also were the group that developed the concept of working. Of course that changed the course of professional wrestling history forever.

Eventually the trio dissolved and the promotion did also, after a disagreement over power. Mondt formed partnerships with several promoters. When Jack Curley was dying, Mondt knew that New York wrestling would fall apart. Realizing this he gained help from several bookers, one of these being Jess McMahon.

Together Jess and Mondt created the Capitol Wrestling Corporation (CWC). There is not a lot of information on the early days of the CWC, but it is known that it joined the NWA in 1953.

Mondt had been using Antonio Rocca as a main eventer. He was successful in the role and Mondt was pleased to have him as part of the company. Unfortunately, Mondt was unable to keep Rocca happy.

So in 1953, Ray Fabiani, one of Mondt's other associates, brought in Vince McMahon Sr. He replaced his father Jess in 1953 (around the time the CWC became a territorial member of the NWA). They controlled all of the northeastern wrestling circuit.

Vince Sr. and Toots Mondt were a great combination. Within a short time, they controlled around 70% of the NWA's booking. Considering what a landmark organization the NWA was, that is a considerable achievement. Mondt taught Vince Sr. about booking and how to work in the wrestling industry. This was the start of the wrestling revolution.

In 1956, the CWC signed a deal with WTTG Channel 5 to air live professional wrestling shows.

World Wide Wrestling Federation

The NWA recognized an undisputed NWA World Heavyweight Champion that went from wrestling company to wrestling company in the alliance and defended the belt around the world. In 1963, the champion was "Nature Boy" Buddy Rogers.

The rest of the NWA was unhappy with Mondt because he rarely allowed Rogers to wrestle outside of the Northeast. Mondt and McMahon wanted Rogers to keep the NWA World Championship, but Rogers was unwilling to sacrifice his States dollar|$" target="_blank" >*25,000 deposit on the belt (title holders at the time had to pay a deposit to insure they would honor their commitments as champion). Rogers lost the NWA World Championship to Lou Thesz in a one-fall match in Toronto, Ontario on January 24, 1963, which led to Mondt, McMahon and the CWC leaving the NWA in protest, creating the World Wide Wrestling Federation (WWWF) in the process.

In mid-April, Rogers was awarded the new WWWF World Championship following an apocryphal tournament in Rio de Janeiro. he lost the title to Bruno Sammartino a month later on May 17, 1963 after supposedly suffering a heart attack shortly before the match.

Toots Mondt left the company in the late sixties for unclear reasons, probably due to old age.

The WWWF rejoined NWA in 1971. This meant that the WWWF World Heavyweight Championship was downgraded (was no longer a world title) and was renamed the WWWF Heavyweight Title.

In March 1979, the WWWF became the World Wrestling Federation (WWF). The change was purely cosmetic, and the ownership and front office personnel remained unchanged during this period.

World Wrestling Federation

In 1980, the son of Vincent J. McMahon, Vincent K. McMahon, founded Titan Sports, Inc. and in 1982 purchased Capitol Sports from his father. The elder McMahon had long since established the northeastern territory as one of the most vibrant members of the NWA by recognizing that pro wrestling was more about entertainment than sport. Against his father's wishes, McMahon began an expansion process that would fundamentally change the sport, and place both the WWF - and his own life - in jeopardy.

Leaving the NWA for a second time in itself was not that big of a step; the American Wrestling Association (AWA) had long ago ceased being an official NWA member, and just over a decade earlier the WWWF itself had rejoined the NWA. But in neither instance did the defecting member attempt to undermine, and destroy, the territory system that had been the foundation of the industry for more than half a century.

Other promoters were furious when McMahon began syndicating WWF television shows to television stations across the United States, in areas outside of the WWF's traditional northeastern stronghold. McMahon also began selling videotapes of WWF events outside the Northeast through his Coliseum Video distribution company. He effectively broke the unwritten law of regionalism around which the entire industry had been based. To make matters worse, McMahon would use the income generated by advertising, television deals, and tape sales to poach talent from rival promoters. Wrestling promoters nationwide were now in direct competition with the WWF.

According to several reports, Vince Sr. warned his son: "Vinny, what are you doing? You'll wind up at the bottom of a river." In spite of such warnings, the younger McMahon had an even bolder ambition: the WWF would tour nationally. However, such a venture required huge capital investment; one that placed the WWF on the verge of financial collapse.

The future of not just McMahon's experiment, but also the WWF, the NWA, and the whole industry came down to the success or failure of McMahon's groundbreaking sports entertainment concept, WrestleMania. WrestleMania was a pay-per-view extravaganza (in some areas; most areas of the country saw WrestleMania available on closed-circuit television) that McMahon marketed as being the Super Bowl of professional wrestling.

The concept of a wrestling super card was nothing new in North America; the NWA had been running StarrCade a few years prior to WrestleMania, and even the elder McMahon had marketed large Shea Stadium cards viewable in closed-circuit locations. However, McMahon wanted to take the WWF to the mainstream, targeting the public who were not regular wrestling fans. He drew the interest of the mainstream media by inviting celebrities such as Mr. T and Cyndi Lauper to participate in the event. MTV, in particular, featured a great deal of WWF coverage and programming at this time, in what was termed the Rock 'n' Wrestling Connection.

The Golden Age
The new formula of what McMahon deemed sports entertainment was a resounding financial success at the original WrestleMania in 1985. The WWF did incredible business on the shoulders of McMahon and his all-American babyface hero, Hulk Hogan, for the next several years, creating what some observers dubbed a second golden age for professional wrestling. However, by the 1990s the WWF's fortunes steadily declined as fans were tired of Hulk Hogan's act and circus-like wrestling gimmicks (such as a clown and animal mascots).

The New Generation
The WWF hit a low point in the wake of allegations of steroid abuse and distribution made against McMahon and the WWF in 1994; there were also allegations of sexual harassment made by WWF employees. McMahon was eventually exonerated, but it was a public relations nightmare for the WWF. The steroid trial cost the WWF an estimated $5 million at a time when revenues were at an all-time low. To compensate, McMahon cut the pay of both wrestlers and front office personnel - close to 40% in the latter case. This helped drive many WWF wrestlers to its only major competition, WCW, between 1994 and 1996. During this time period, WWF promoted itself as "The New WWF Generation." Unlike the past, this was led by Shawn Michaels, Diesel, Razor Ramon, Bret Hart, and The Undertaker.

The Attitude Era
Starting with "Stone Cold" Steve Austin's speech at the 1996 King of the Ring PPV, the WWF ended its "family era" and began broadcasting more violence, swearing, and more edgy angles in its attempt to compete with WCW. After Bret Hart left for WCW following the infamous Montreal Screwjob incident, Vince McMahon used the resulting backlash in the creation of his Mr. McMahon character, a dictatorial ruler who favored heel wrestlers who were "good for business" over "misfits" like "Stone Cold" Steve Austin. This, in turn, led to the Austin vs. McMahon feud, which, along with the formation of D-Generation X, laid the foundation for the Attitude Era. The Attitude Era also featured the established Monday Night Wars, where both WCW and the WWF had Monday night shows that competed against each other in the ratings.

On April 29, 1999, the WWF made its return to terrestrial television by launching a special program known as SmackDown! on the fledgling UPN network. The Thursday-night show became a weekly series on August 26, 1999.

On the back of the success of the Attitude Era, on October 19, 1999 the WWF's parent company, Titan Sports (by this time renamed World Wrestling Federation Entertainment, Inc.) became a publicly traded company, offering 10 million shares priced at $17 each. WWF announced its desire to diversify, including creating a nightclub in Times Square, producing feature films, and book publishing.

In 2000 the WWF, in collaboration with television network NBC, announced the creation of the XFL, a new professional football league. The league had surprisingly high ratings for the first few weeks, but was later pulled from the network after the initial interest waned and its ratings plunged to dismally low levels.

Acquisition of WCW and ECW
With the success of the Attitude Era, WCW's financial situation deteriorated significantly, and its newly-merged parent company AOL Time Warner decided to cut the division loose. In March 2001, WWF Entertainment, Inc. acquired WCW from AOL Time Warner for $7 million. Extreme Championship Wrestling (ECW), which was at one point the number three promotion in North America after WWF and WCW, folded around the same time, with its assets being purchased by WWFE in October 2001.

World Wrestling Entertainment

A 2000 lawsuit from the World Wildlife Fund (also WWF) was settled in 2002, when on May 6, 2002, the company changed its name to World Wrestling Entertainment, Inc., or WWE. This forced the company to issue new licensed merchandise such as apparel, action figures, video games, and DVDs with the new WWE logo. For a short while, WWE had the slogan: "Get the "F" out."

In April 2002, about a month before the name change, the WWF decided to create two separate rosters, one on RAW, the other on SmackDown!, due to the overabundance of talent left over from the Invasion storyline (which involved talent from the absorbed ECW and WCW rosters interacting in WWF storylines). This is known as the WWE Brand Extension. Following the Brand Extension, a yearly Draft Lottery was instituted to exchange members of each roster and generally refresh the lineups.

On May 26, 2006, WWE revived the old ECW promotion as its third brand. The new ECW airs Tuesday nights at 10 PM on the Sci-Fi Channel.

Championships and accomplishments

Current champions

Brand Championship Current champion(s) Held since
RAW WWE Champion Edge July 3, 2006
WWE Intercontinental Champion Johnny Nitro June 25, 2006
WWE Women's Champion Mickie James April 2, 2006
World Tag Team Champions Spirit Squad †
(Kenny, Johnny, Mitch, Nicky, and Mikey) 		April 3, 2006
SmackDown! World Heavyweight Champion Rey Mysterio April 2, 2006
WWE United States Champion Finlay July 11, 2006
(aired July 14, 2006)
WWE Cruiserweight Champion Gregory Helms January 29, 2006
WWE Tag Team Champions Paul London and Brian Kendrick May 21, 2006
ECW ECW World Heavyweight Champion Big Show July 4, 2006

† All five members of the Spirit Squad are recognized as the World Tag Team Champions. Any two members can defend the titles. This type of title defense is known as the Freebird Rule.

Accomplishments
Brand Accomplishment Latest Winner(s) Date Won
SmackDown! King of the Ring King Booker (2006) May 21, 2006
RAW and
SmackDown! 		Royal Rumble Rey Mysterio (2006) January 29, 2006
Money in the Bank Rob Van Dam (2006) April 2, 2006
Diva Search Ashley Massaro (2005) August 15, 2005

Current developmental champions
Promotion Championship
or accomplishment 		Current champion(s) Held since
OVW OVW Heavyweight Champion CM Punk May 3, 2006
(aired May 6, 2006)
OVW Television Champion Seth Skyfire March 8, 2006
(aired March 11, 2006)
OVW Southern Tag Team Champions Shad Gaspard and Neighborhoodie May 27, 2006
(aired May 30, 2006)
DSW Deep South Heavyweight Champion Ryan O'Reilly June 22, 2006
Deep South Tag Team Champions High Impact
(Mike Taylor and Tony Santarelli) 		May 18, 2006

Defunct championships and accomplishments

See also

External links

1952 establishments | World Wrestling Entertainment | Sports entertainment | Entertainment companies of the United States

World Wrestling Entertainment | World Wrestling Entertainment | World Wrestling Entertainment | World Wrestling Entertainment | 월드 레슬링 엔터테인먼트 | World Wrestling Entertainment | WWE | WWE | WWE | WWE | World Wrestling Entertainment | World Wrestling Entertainment | World Wrestling Entertainment | World Wrestling Entertainment | WWE | World Wrestling Entertainment

 

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