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The title was established under WCW in 1996andwould continue to be used after WCW's purchase by theWWFuntil March 2008, when it was retired as the WWECruiserweightChampionship. The title was established underWCW in March18, 2001 but was retired eight days later afterthe WCW'spurchase by the WWF.
Similarly, you may ask, why did WCW go out of business?
WCW was owned by Turner Broadcasting, who solditto the WWE. So while WCW did lose a lot of money, itneveractually went bankrupt. The trigger of WCW'sdownfallwas its stagnation. WCW made it big with the nWo,and theybasically rode that horse into the ground and was stillbouncing upand down on it going “Hyah!
Similarly, you may ask, when did WCW get bad?
1998
When Shane McMahon and StephanieMcMahonhad bought WCW and ECW earlier in the yearthey had soldtheir shares in the WWF to "a consortium", and thatFlair was theman who had bought them, making him half-ownerof theWWF.