In a recent episode of his “83 Weeks” podcast, Eric Bischoff delved into the rationale behind his decision to issue guaranteed contracts during WCW’s early days, his nickname “ATM Eric,” and several other subjects.
Below are a few excerpts from the podcast:
On his response to the label ‘ATM Eric’: “It was a nickname I often heard. Vince McMahon was the originator. He painted the picture of malicious billionaire Ted, constantly accusing in every media interaction that ‘Ted Turner is on a mission to bankrupt me. He looks to bleed money to achieve it.’ And unsurprisingly within WWE, there are still individuals who deep down believe that all I did was throw money around, relying on the luck factor. They still refuse to recognize the effort that went into securing our achievements. This was more than just cutting cheques. But that’s the story Vince wanted the world to believe. And the narrative caught on, it became a so-called truth. People heard it in interviews, it was published in reputable outlets like Forbes. Vince wanted to position himself as the poor little fellow, the sympathetic babyface, while the villainous Ted Turner was beating him up. It was meant to evoke sympathy.”
“As I said, the narrative started having a life of its own, especially in the insider wrestling media, and even among our own talent. Even within WCW, there were people in managerial positions who for whatever reasons believed I hadn’t earned my spot. They thought their acquaintance or kin, or whoever else, would have fit better. This sentiment was uncommon, but it was there. Outside of WCW? It was a common belief. People failed to grasp the reality of the situation or what the role demanded. It was simpler to believe that ‘The man can’t be that clever, he has to be spending money recklessly.’”
On his reason for giving out guaranteed contracts in WCW while WWE were selling talent on upside deals: “If I’m making a million dollars a month and my talent budget is only half of that, I’m on safe grounds. On the other hand, if my talent allocation is 0,000 a month and my earnings dwindle, that’s trouble. Vince maintained some margin in his contracts. It wasn’t necessarily a 0,000 guarantee, but it allowed for some leeway that I did not have. I provided a definitive guarantee. I envied Vince’s position. Keep in mind WCW lacked the revenue-share aspect. Vince, on the other hand, had a long history of plentiful revenue to distribute. For instance, the merchandise revenue Hulk Hogan was earning was the stuff of legends. More members of the roster earned well but on a smaller scale. It instilled hope in the rookies and lower-ranked talent. Even though they might not earn mega bucks immediately, at least they could pay their bills, a first for most. Additionally, they had the chance of hitting the big league.”
“Vince and his team came up with an effective pay structure that accounted for wrestling’s unstable nature. I couldn’t replicate that because I didn’t have any revenue to split. I couldn’t promise the talent more money on top of their base pay as I didn’t have any extra to offer. They would have laughed at me. At that time we were losing money while issuing these ‘large contracts.’ This was key to understanding my ability to stay competitive in the industry and to draw the names necessary to make WCW profitable for once. My strategy worked. I had no other choice. The talent would not have joined on a revenue-share basis as they had previously, for the reasons I just mentioned. If anyone compares the WWE contracts with mine and declares WWE’s to be superior, I would not disagree. However, those were a luxury I couldn’t afford.”