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Entering the Ring: McMahon Takes On the WWF

Article Overview: “The only way to beat a billionaire is to become one yourself,” said McMahon. He would soon go on to do exactly that.

Entering the Ring: McMahon Takes On the WWF

“The only way to beat a billionaire is to become one yourself,” said McMahon. He would soon go on to do exactly that.

McMahon continued to extend the reach of his business both nationally and internationally. Initially, he limited his efforts to sending videotapes of his weekly wrestling broadcasts to other states, but soon actually began promoting wrestling matches throughout the country. McMahon had a greater vision than did his father; he wanted wrestling to enter the mainstream and he wanted to be the one to take it there. But McMahon knew that if he was going to gain a broader audience, he would really have to change things around.

One of the first things that McMahon did was break away from the National Wrestling Alliance, whose methods of promotion McMahon saw as old school. He then began to create a whole new genre of sports entertainment, particularly by getting celebrities such as Mr. T, Alice Cooper, and Cyndi Lauper involved in his promotion. After the success of wrestler Hulk Hogan in “Rocky III”, and with MTV beginning to take interest in the “Rock ‘n’ Wrestling Connection,” the popularity of McMahon’s wrestling began to take off.

All of McMahon’s efforts culminated in the very first Wrestlemania in 1985 at Madison Square Garden in New York City. Seen as a long shot to most industry insiders, McMahon devoted all of his company’s resources to pulling it off. Offered across the U.S. on closed-circuit television, the show was a huge success, so much so that from thereon out it would become an annual event. On the heels of Wrestlemania, McMahon decided to create similar yearly pay-per-view matches, including “Survivor Series”, “Summer Slam”, and the “Royal Rumble”.

As he continued to expand his operations nationally, he began signing up the top talent thereby weakening his competition. Each wrestler was then marketed to a whole new degree, with trading cards, lunch boxes, action figures and more being produced after them. McMahon also began to focus his attention outside of the wrestling industry, creating a bodybuilding company called the World Bodybuilding Federation, and promoting pay-per-view events in a similar manner to the WWF. However, after allegations of steroid abuse, the WBF would eventually go out of business.

With the demise of the WBF, and the increasing popularity of Ted Turner’s rival World Championship Wrestling, McMahon was falling on hard times. McMahon also found himself at the centre of numerous legal battles relating to sexual harassment, drug possession, and even a wrongful death suit in the case of wrestler Owen Hart. A venture into the world of football, with the creation of the XFL, would also result in a loss of $35 million for McMahon. And, after a lawsuit from the World Wildlife Fund over its initials, McMahon was forced to change the name of his company to World Wrestling Entertainment.

But, McMahon would soon start the climb back up to the top. He embraced the company’s name change by humorously telling wrestling fans to “Get the F out.” In 2001, he bought out his long-time competitor WCW. He began to focus on more dramatic storylines between fighters, even taking the ring himself for numerous matches. Recognizing the reality TV craze, McMahon also started his own $250,000 Raw Diva Search.

While his two children, Stephanie and Shane, are today continuing in their father’s footsteps and working at expanding the activities of the WWE, McMahon remains Chairman of the Board and majority shareholder of the business he helped transform into a global sensation.

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Article Tags: alice cooper, billionaire, closed circuit television, cyndi lauper, greater vision, hulk hogan, industry insiders, lunch boxes, madison square garden, mr t, national wrestling alliance, rocky iii, royal rumble, summer slam, survivor series, trading cards, videotapes, wrestlemania, wrestling connection, wrestling matches



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