Source: WWE Officially Buying TNA’s Video Library; New TNA Majority Owner Revealed

As noted earlier, Jim Ross discussed on his Ross Report podcast that WWE is very close to a deal to purchase TNA’s tape library but WWE would not be buying the actual company, a claim also backed by Dave Meltzer and the Wrestling Observer Newsletter.

In an update, wrestling reporter Justin LaBar wrote the following about the situation on Twitter:

“Just got a text saying #WWE to buy TNA video library & Billy Corgan is going to be new majority owner of TNA that he’ll likely rebrand. Wow!”

LaBar also responded to another comment about everyone getting what they want:

“Exactly. Dixie gets a payday on selling to Corgan and a payday on selling the library to Vince.”

In regards to the re-branding, Corgan mentioned in a recent interview that he would likely change TNA’s name if he bought the company.

We will have more on this story as it develops.