Post by flame3169118 on Sept 19, 2016 17:12:19 GMT -5
Take this with a grain of salt, as until we get confirmation from TNA this is a rumor at best:
Smashing Pumpkins’ Billy Corgan wants to be the new front man for a pro wrestling group.
Corgan is in talks to become the majority owner of cash-strapped Impact Ventures, the producer of pay-per-view TNA and Impact Wrestling, which also appears weekly on the Pop cable and satellite network.
His transition from rock star to wrestling impresario may not be as crazy as everybody thinks.
“There’s a rebel spirit in wrestling that has gone out of rock ‘n’ roll,” he told The Post.
Corgan, whose band has sold more than 30 million albums, joined Impact as a senior producer in May 2015. He upped his commitment last August by investing in the company and becoming its president.
On Oct. 2, the night of Impact’s banner pay-per-view event, “Bound for Glory,” he hopes to take that commitment to the max.
“I would love nothing better than to stand up in front of everyone and give a clear picture of where this company is and where it’s going,” he said.
While Corgan wants to make the presentation as Impact’s new majority owner, he admits there’s still “a lot of people at the table.”
WWE and Sinclair Broadcast Group, owner of the Ring of Honor wrestling organization, are rumored to have made recent bids.
A complicated ownership structure also poses challenges in getting every stakeholder on the same page. In addition to majority owner and Chairwoman Dixie Carter, Corgan, Aroluxe Marketing and Canada’s Fight Network all have equity stakes.
Meanwhile, the Nashville, Tenn.-based company is so financially strapped that investor and working-capital provider Aroluxe has reportedly taken over its “TNA” (Total Nonstop Action) trademark.
Corgan says the relevant parties have agreed on a sale price. Although he can’t reveal the figure, an estimate based on publicly traded WWE’s market value of two times revenue would put it at around $40 million.
“You ultimately have to rely on your own calculus about what something is worth,” he said.
Ultimate Fighting Championship’s $4 billion sale to entertainment and sports talent agency WME-IMG factored into his math.
“After signing up MLB, the NBA and soccer, who do you call?” he said.
Corgan believes wrestling is under-appreciated in the digital era, particularly in light of its being a driver of traditional TV from the beginning.
“Our providing story lines in people’s lives is overlooked,” he said. “So is the multicultural aspect of wrestling as a perfect sell to advertisers.”
Corgan plans to use his celebrity to change that.
“I can get anyone I want to listen to my vision,” he said.
As previously reported, The New York Post published a story that claimed that both WWE and Sinclair Broadcasting have put in bids recently to purchase TNA Wrestling. We have been told that while Ring of Honor have put in an offer, WWE has not.
It’s being said that the reason Ring of Honor would make an offer is only so that the company could secure their television deals for ROH. They most likely would not continue the TNA brand if they purchased the company.
In regards to WWE possibly buying the promotion, they would only want to buy it for the tape library. They would definitely not keep the promotion around, and it would shut down. As far as to how much WWE would pay for TNA’s library, we have been told that they pay around $500 per hour of taped television.
So if you factor in on average of 100 hrs of television a year, for 14 years you get around 14,000 hrs of television. 14,000 hrs of television at $500 per hr, WWE would pay around $7 million for their library. That is if they wanted their library.
Dixie Carter still owns 70% of TNA Wrestling while Corgan and another investor own 30%. As of this writing, they still need around $600,000 to fund the upcoming set of tapings and Bound for Glory
Smashing Pumpkins’ Billy Corgan wants to be the new front man for a pro wrestling group.
Corgan is in talks to become the majority owner of cash-strapped Impact Ventures, the producer of pay-per-view TNA and Impact Wrestling, which also appears weekly on the Pop cable and satellite network.
His transition from rock star to wrestling impresario may not be as crazy as everybody thinks.
“There’s a rebel spirit in wrestling that has gone out of rock ‘n’ roll,” he told The Post.
Corgan, whose band has sold more than 30 million albums, joined Impact as a senior producer in May 2015. He upped his commitment last August by investing in the company and becoming its president.
On Oct. 2, the night of Impact’s banner pay-per-view event, “Bound for Glory,” he hopes to take that commitment to the max.
“I would love nothing better than to stand up in front of everyone and give a clear picture of where this company is and where it’s going,” he said.
While Corgan wants to make the presentation as Impact’s new majority owner, he admits there’s still “a lot of people at the table.”
WWE and Sinclair Broadcast Group, owner of the Ring of Honor wrestling organization, are rumored to have made recent bids.
A complicated ownership structure also poses challenges in getting every stakeholder on the same page. In addition to majority owner and Chairwoman Dixie Carter, Corgan, Aroluxe Marketing and Canada’s Fight Network all have equity stakes.
Meanwhile, the Nashville, Tenn.-based company is so financially strapped that investor and working-capital provider Aroluxe has reportedly taken over its “TNA” (Total Nonstop Action) trademark.
Corgan says the relevant parties have agreed on a sale price. Although he can’t reveal the figure, an estimate based on publicly traded WWE’s market value of two times revenue would put it at around $40 million.
“You ultimately have to rely on your own calculus about what something is worth,” he said.
Ultimate Fighting Championship’s $4 billion sale to entertainment and sports talent agency WME-IMG factored into his math.
“After signing up MLB, the NBA and soccer, who do you call?” he said.
Corgan believes wrestling is under-appreciated in the digital era, particularly in light of its being a driver of traditional TV from the beginning.
“Our providing story lines in people’s lives is overlooked,” he said. “So is the multicultural aspect of wrestling as a perfect sell to advertisers.”
Corgan plans to use his celebrity to change that.
“I can get anyone I want to listen to my vision,” he said.
As previously reported, The New York Post published a story that claimed that both WWE and Sinclair Broadcasting have put in bids recently to purchase TNA Wrestling. We have been told that while Ring of Honor have put in an offer, WWE has not.
It’s being said that the reason Ring of Honor would make an offer is only so that the company could secure their television deals for ROH. They most likely would not continue the TNA brand if they purchased the company.
In regards to WWE possibly buying the promotion, they would only want to buy it for the tape library. They would definitely not keep the promotion around, and it would shut down. As far as to how much WWE would pay for TNA’s library, we have been told that they pay around $500 per hour of taped television.
So if you factor in on average of 100 hrs of television a year, for 14 years you get around 14,000 hrs of television. 14,000 hrs of television at $500 per hr, WWE would pay around $7 million for their library. That is if they wanted their library.
Dixie Carter still owns 70% of TNA Wrestling while Corgan and another investor own 30%. As of this writing, they still need around $600,000 to fund the upcoming set of tapings and Bound for Glory
