Has WWE Lost Its Soul? Inside TKO’s Controversial Takeover of Wrestling

When the lineup for last week’s edition of Monday Night Raw was released, fans weren’t too pleased. Only two matches were announced, and the rest were promo segments. In typical WWE fashion, two more bouts were added during the episode.

That’s not exactly what the WWE Universe signed up for, or subscribed to.

On January 5th, 2025, WWE premiered Raw on Netflix in a ten-year deal. Additionally, the company has found a new home to showcase PLE (Premium Live Events) on ESPN. A five-year deal that is meant to bring the product to a bigger audience. For $30/month, casual or hardcore WWE fans can watch the biggest shows of the year like SummerSlam and WrestleMania. To put the cherry on top, Triple H and co. gave Peacock exclusive rights to stream “Saturday Night’s Main Event”. This doesn’t even include Friday Night SmackDown, which is on USA Network.

For anyone hoping to watch WWE in the year of 2026, you’d have to fork over at least 450/year across all platforms (and that’s not counting cable). How did this happen, and why is it that viewers are sitting through more ads than wrestling matches? Well, let me tell you how.

When Vince McMahon stepped down as Chairman of WWE in 2022, he sold the company to Endeavors Group Holdings (TKO) for 9.3 billion dollars. TKO is led by three men: Ari Emanuel (CEO and Executive Chair), Mark Shapiro (President and COO), and Nick Khan (President of WWE).

With Vince ousted from the creative process, his son-in-law, Paul Levesque (aka Triple H), was appointed to the throne.

Many fans were intrigued to see what was in store for WWE with HHH in charge. He brought back names like Chelsea Green, Dakota Kai, and Braun Strowman. He also pulled off one of the most shocking returns in WWE history. CM Punk returned after a nearly decade-long absence at Survivor Series Wargames in Chicago, his hometown. Punk has since won the World Heavyweight title and main evented both nights of WrestleMania.

However, the presence of TKO lingered in the shadows. Monday Night Raw is a 2.5-hour show featuring thirty minutes of in-ring action at best. A three-minute ad would occur every ten minutes, no matter if an entrance or a match was happening. It usually features an opening promo segment, matches that end in DQ or interference, and very rarely has a match end the show.

This company also loves their sponsors, as they’re plastered on tables (Slim Jim), barricades (DoorDash), and the ring canvas (Cricket Wireless).

How TKO's blueprint is getting stale

The same blueprint could be copied and pasted for Friday Night SmackDown. Currently a three-hour show that will be scaling back to two hours this summer. At least when they do commercial breaks, it’s frame by frame, so viewers don’t miss the action. Cody Rhodes being the WWE Champion is getting old, but it’s not entirely his fault.

Heading into WM 40, Rhodes won the Royal Rumble and chose Roman Reigns to face at ‘Mania. However, the American Nightmare found out that day the company was going with Reigns vs the Rock instead. Thanks to the fans, WWE changed course, and Rhodes won the belt his father, Dusty Rhodes, never did.

At the Elimination Chamber the following year, John Cena turned heel and aligned with the Rock and Travis Scott. What seemed like a paradigm shift for the company turned into a massive flop. Rumor has it Scott got cold feet when it came to taking bumps, while the Rock had other obligations to tend to. Cena even told Chris Van Vliet that his heel turn was meant for shock value rather than an actual playoff.

When Rhodes and Cena faced off at WM 41, Scott appeared instead of the Rock. Cena won his 17th title, surpassing Ric Flair for the most belts won. Earlier this year, Rhodes was on a collision course with his old stablemate Randy Orton at WM 42. Rather than diving into their history, TKO, specifically Ari Emanuel, inserted Pat McAfee into the main event picture. To make matters worse, Jelly Roll sided with Rhodes and was involved in their ‘Mania match.

At least both celebrities bounced after hearing the negative feedback from fans, and admitted they should have never been a part of a main event program. Speaking of celebrities, TKO loves them A LOT. Jelly Roll, Pat, Lil Yachty, iShowSpeed, and Logan Paul. Reports are swirling around that the company is looking to get Stephen A Smith involved in a storyline this summer. In addition to these, WWE cameras pan to singers, boxers, comedians, and athletes in attendance at every Raw, SmackDown, and PLE.

While WWE talent struggle to get any TV time, TKO decides to release them rather than give them a storyline. Kairi Sane, the Wyatt Sicks, Aleister Black and his wife Zelina Vega, and Tyra Mae Steele were among the several talents released. Members of the TKO board didn’t like supernatural characters, which explains the Wyatt Sicks and Black/Vega. Not only that, but WWE superstars are being approached by management to take a 50% pay cut.

One of those talents was the New Day, who parted ways with WWE after spending twelve years as a faction because they were asked to restructure their contracts. Many expect them to debut in AEW and have dream matches against FTR and the Young Bucks.

Tyra Mae Steele was another head-scratcher because she was the winner of LFG Season 1. LFG is a reboot of Tough Enough, where athletes from around the world compete for an NXT contract. Instead of fans voting on who advances, the judges make the decision. So, the show is rendered meaningless now that the inaugural winner is gone?

Mark Shapiro’s reasoning behind these pay cuts is that talent today has a lighter schedule. That’s reasonable, but when he announces WWE had the highest-grossing gate in company history at WrestleMania 42, it's not a good look for them.

Speaking of WM, it’s been on a downward trajectory over the last two years. WrestleMania was held in Las Vegas for two straight years, and Nick Khan confessed that it was a big mistake and it won’t happen again. The price of admission for ‘Mania this year was at least 650, and Night 1 was a massive disappointment. Night 2 was a better showing. When Hulk Hogan’s (RIP) documentary gets more airtime than all the women’s matches combined, it’s not a good sign. Now onto the elephant in the room.

In 2022, Vince McMahon made a deal with Saudi Arabia to host two shows a year. Since then, Crown Jewel and King of the Ring have taken place at KSA. The Royal Rumble was there this year, and the WWE superstars got little reaction from the crowd, who didn’t know anybody. However, next year, WrestleMania 43 will take place in Saudi Arabia. Amidst the conflict happening in the Middle East, TKO has assured that ‘Mania will stay there. Women will have to fight in matches looking like Power Rangers as they are covered from head to toe. It’s great progress for their country, but how many fans are going to travel overseas to watch the biggest show of the year?

Another glaring issue is that there are over twenty titles, and there will be another one as John Cena announced the “John Cena Classic,” where the winner gets the John Cena championship. Even better, you don’t have to win any matches to get the coveted title, because fans are going to vote for the winner. This tournament will be covered in a story three weeks from now.

More changes coming soon

With all these titles, Triple H and the creative team are bound to leave a few in the dust. The Women’s United States Championship hasn’t been featured on a PLE since its inception, and may have destroyed the WWE career of Guilia despite her winning it twice. There were plans to have it on the ‘Mania card, but creative opted out, deciding to wait for the return of Jordynn Grace. Maybe Tiffany Stratton is the chosen one to have the belt featured on a PLE, but it’s highly unlikely.

The Tag Team scene has been gutted by the releases and departure of the New Day. On Raw, Austin Theory and Logan Paul are the champs and face the Street Profits in one of the least anticipated ‘Saturday Night’s Main Events’ since its return. On the blue brand, R Truth and Damian Priest hold the belts. Triple H wanted to give them both some gold before Truth hangs up the boots. Let’s not even address the Women’s Tag titles, where Paige and Brie Bella are holding the belts hostage until Nikki returns and the Bellas turn on Paige.

Lastly, there is one element that hasn’t been mentioned yet. The secrecy of the product is gone, and kayfabe is dead. WWE Unreal is headed for its third season on Netflix, and gives viewers a peek into the writers' room while showing how matches and creative pitches are made. There are plenty of podcasts, including the Undertaker, Stephanie McMahon, Chris Van Vliet, and 83 Weeks. You want to know how the sausage is made? It’s now out there for the whole world to see.

This doesn’t mean there is a so-called “death of WWE”, but it seems like WWE is in serious trouble. Triple H confessed to Joe Tesitorre in an interview weeks before WrestleMania 42 that there is no backup plan for the current crop of talent. When most of the champs are over the age of 35, it’s time to look to the future. Oba Femi, Bron Breakker, and Fatal Influence need some respect and time to become the face(s) of the company.

To wrap it all up, many fans and media personalities are claiming that WWE has ‘lost its soul’ and needs to rediscover it. I’m not here to tell you that pro wrestling isn’t worth watching, or that you should even care about it to begin with. Instead, let this be a reality check of how a once beloved brand turned into a greedy, power-hungry machine that couldn't care less about the audience than the dollar bills. In a landscape dominated by streaming services like Netflix, Paramount Plus, Prime Video, Peacock, and Apple TV, I suppose it’s time that WWE adapts. However, if they continue down their current path, pro wrestling fans will continue to seek out alternatives such as AEW, TNA, GCW, or MLW. It seems WWE has gotten TKO’d in their own ring, and now it’s time to see how Triple H responds to all the criticism.