WEBVTT 00:00:00.000 --> 00:00:02.480 Welcome to a brand new custom -tailored deep 00:00:02.480 --> 00:00:05.379 dive. We are really thrilled you're joining us 00:00:05.379 --> 00:00:07.419 today. We really are. We've got a fantastic one 00:00:07.419 --> 00:00:09.800 lined up. Yeah, because we are looking at a topic 00:00:09.800 --> 00:00:13.279 that is chaotic, triumphant, and honestly profoundly 00:00:13.279 --> 00:00:16.699 influential to an entire industry. We're talking 00:00:16.699 --> 00:00:19.000 about the American Professional Wrestling Promotion, 00:00:19.120 --> 00:00:22.839 Ring of Honor, or ROH. It's just a fascinating 00:00:22.839 --> 00:00:25.120 journey. I mean, we are exploring a brutal, fascinating 00:00:25.120 --> 00:00:27.460 business story just as much as a wrestling story 00:00:27.460 --> 00:00:30.219 today. Exactly. For you, the listener, our mission 00:00:30.219 --> 00:00:32.719 today goes way beyond looking at who body slammed 00:00:32.719 --> 00:00:36.280 who. We are going to explore how a company that 00:00:36.280 --> 00:00:39.079 was literally created just to sell VHS tapes 00:00:39.079 --> 00:00:43.119 managed to survive shocking scandals, massive 00:00:43.119 --> 00:00:45.579 corporate buyouts, and a global pandemic. All 00:00:45.579 --> 00:00:47.380 to completely reshape the modern professional 00:00:47.380 --> 00:00:50.100 wrestling industry. The sheer resilience of this 00:00:50.100 --> 00:00:52.259 brand holds serious lessons for anyone interested 00:00:52.259 --> 00:00:54.399 in business, entertainment, or just incredibly 00:00:54.399 --> 00:00:56.520 unlikely success stories. Right. Like, how do 00:00:56.520 --> 00:00:58.859 you build brand loyalty when the sky is constantly 00:00:58.859 --> 00:01:01.000 falling? Yeah. That is what we are looking at. 00:01:01.060 --> 00:01:02.960 And to guide us on this journey, we are relying 00:01:02.960 --> 00:01:07.019 on a single comprehensive source. Yes. The Wikipedia 00:01:07.019 --> 00:01:09.579 article on Ring of Honor, tracking its history 00:01:09.579 --> 00:01:12.480 from its inception in 2002 all the way up to 00:01:12.480 --> 00:01:17.250 today, March 6th, 2026. Okay, let's unpack this 00:01:17.250 --> 00:01:19.310 by going back to the very beginning. The absolute 00:01:19.310 --> 00:01:21.310 ground floor. Yeah, the origin story of Ring 00:01:21.310 --> 00:01:23.870 of Honor is so purely entrepreneurial. Let's 00:01:23.870 --> 00:01:26.890 set the stage here. It is 2001. There's a video 00:01:26.890 --> 00:01:29.549 distributor called RF Video, and their main cash 00:01:29.549 --> 00:01:33.150 cow was selling tapes of ECW. Right. But then 00:01:33.150 --> 00:01:35.810 ECW goes out of business and gets bought by WWE. 00:01:36.459 --> 00:01:39.280 Which leaves RF Video in a terrifying position 00:01:39.280 --> 00:01:41.939 for any business. They suddenly had a massive 00:01:41.939 --> 00:01:43.939 void in their catalog. I mean, their primary 00:01:43.939 --> 00:01:46.180 product vanished overnight and their revenue 00:01:46.180 --> 00:01:48.379 stream was about to dry up entirely. So their 00:01:48.379 --> 00:01:50.659 entire business model is collapsing. What is 00:01:50.659 --> 00:01:53.939 their move to fix this? Well, they manufacture 00:01:53.939 --> 00:01:56.650 their own supply. To fill that void, the owner 00:01:56.650 --> 00:01:59.290 of RF Video, Rob Feinstein, decided to just start 00:01:59.290 --> 00:02:01.030 his own wrestling promotion. Just build it from 00:02:01.030 --> 00:02:03.209 scratch. Exactly. They literally needed tapes 00:02:03.209 --> 00:02:05.370 to sell, so they created the live events to put 00:02:05.370 --> 00:02:08.189 on the tapes. That sheer necessity led to the 00:02:08.189 --> 00:02:11.310 very first show called The Era of Honor Begins. 00:02:11.650 --> 00:02:15.110 And that took place in February 2002 in Philadelphia, 00:02:15.330 --> 00:02:17.889 right? It did. And that event featured the guys 00:02:17.889 --> 00:02:19.689 who had become known as the founding fathers 00:02:19.689 --> 00:02:22.810 of the company, Christopher Daniels, Brian Danielson, 00:02:22.870 --> 00:02:25.919 and Loci. incredible talent. What's fascinating 00:02:25.919 --> 00:02:28.840 here is how Ring of Honor immediately differentiated 00:02:28.840 --> 00:02:30.439 itself from the rest of the American wrestling 00:02:30.439 --> 00:02:32.879 landscape. They didn't just put on standard matches. 00:02:33.240 --> 00:02:35.620 They instituted something called the Code of 00:02:35.620 --> 00:02:37.979 Honor. I want to pause on that for a second because 00:02:37.979 --> 00:02:40.680 the code of honor is so vital to this. The original 00:02:40.680 --> 00:02:43.659 code consisted of five strict rules. You had 00:02:43.659 --> 00:02:46.219 to shake hands before and after every match. 00:02:46.400 --> 00:02:48.800 There was no outside interference allowed. There 00:02:48.800 --> 00:02:50.939 was sneak attacks. No harming the officials. 00:02:51.120 --> 00:02:53.860 And finally, any action resulting in a disqualification 00:02:53.860 --> 00:02:56.860 violated the code. Right. Wait, I have to play 00:02:56.860 --> 00:02:59.159 devil's advocate here for a minute. In 2002, 00:02:59.500 --> 00:03:02.740 mainstream wrestling is doing massive, chaotic 00:03:02.740 --> 00:03:06.139 soap opera storylines. Wasn't instituting a polite 00:03:06.139 --> 00:03:08.840 set of rules incredibly risky? Didn't that risk 00:03:08.840 --> 00:03:11.099 alienating a mainstream audience that wanted 00:03:11.099 --> 00:03:14.020 the circus? Oh, it was a massive risk, but it 00:03:14.020 --> 00:03:16.860 was a calculated one. The goal was to emulate 00:03:16.860 --> 00:03:19.919 Japanese professional wrestling. Ring of Honor 00:03:19.919 --> 00:03:21.819 wasn't trying to beat the massive mainstream 00:03:21.819 --> 00:03:23.939 promotions at their own game. They were playing 00:03:23.939 --> 00:03:26.979 a different game entirely. Exactly. They wanted 00:03:26.979 --> 00:03:29.520 their product to feel like a legitimate, honorable 00:03:29.520 --> 00:03:33.300 combat sport. They were counterprogramming. It 00:03:33.300 --> 00:03:36.539 presented a clear, distinct alternative for fans 00:03:36.539 --> 00:03:39.000 who specifically wanted to see pure athleticism 00:03:39.000 --> 00:03:41.900 and technical wrestling without the soap opera 00:03:41.900 --> 00:03:44.759 chaos. That makes a lot of sense. Find a niche 00:03:44.759 --> 00:03:48.150 and dominate it. But, as with any scrappy startup, 00:03:48.370 --> 00:03:51.150 the honeymoon phase didn't last forever. We have 00:03:51.150 --> 00:03:53.289 to talk about the first major crisis that nearly 00:03:53.289 --> 00:03:55.490 killed the company in its infancy. It was a very 00:03:55.490 --> 00:03:58.909 dark period. In 2004, founder Rob Feinstein was 00:03:58.909 --> 00:04:01.069 caught in an internet sting operation. Yeah, 00:04:01.150 --> 00:04:03.250 the details from the source report that he allegedly 00:04:03.250 --> 00:04:05.469 tried to solicit sex on the internet from someone 00:04:05.469 --> 00:04:07.590 he believed was an underage boy, though it was 00:04:07.590 --> 00:04:09.849 actually an adult posing as a minor. It was an 00:04:09.849 --> 00:04:12.349 immediate, severe scandal. Feinstein resigned 00:04:12.349 --> 00:04:15.430 from the company in March of 2004. But the ripple 00:04:15.430 --> 00:04:17.529 effects went much further than just the executive 00:04:17.529 --> 00:04:19.810 level. The impact on the business operations 00:04:19.810 --> 00:04:22.949 was instantaneous. At the time, Ring of Honor 00:04:22.949 --> 00:04:25.569 relied heavily on talent sharing agreements with 00:04:25.569 --> 00:04:29.050 other promotions. When the scandal broke, rival 00:04:29.050 --> 00:04:32.350 promotion TNA immediately pulled all of its contracted 00:04:32.350 --> 00:04:34.550 talent from Ring of Honor shows. And that included 00:04:34.550 --> 00:04:36.689 some major stars at the time, like AJ Styles, 00:04:36.970 --> 00:04:39.449 who was a huge draw for them. They lost their 00:04:39.449 --> 00:04:41.920 top billing overnight. And this highlights a 00:04:41.920 --> 00:04:44.180 brilliant business vulnerability that you see 00:04:44.180 --> 00:04:47.160 a lot in the modern gig economy. It shows just 00:04:47.160 --> 00:04:50.000 how fragile independent wrestling companies are 00:04:50.000 --> 00:04:52.540 when their business model relies on a shared 00:04:52.540 --> 00:04:54.920 pool of independent contractors. Because you 00:04:54.920 --> 00:04:57.079 don't actually own the exclusive rights to the 00:04:57.079 --> 00:04:59.540 talent. Right. A scandal at the corporate level 00:04:59.540 --> 00:05:02.240 can instantly strip a promotion of its main attractions, 00:05:02.519 --> 00:05:05.199 and you have absolutely no recourse. How do you 00:05:05.199 --> 00:05:07.980 even survive that? You lose your founder, your 00:05:07.980 --> 00:05:10.790 top stars are pulled, and... Your reputation 00:05:10.790 --> 00:05:14.189 is in tatters. You survive through ownership 00:05:14.189 --> 00:05:16.290 shifts and a reliance on that core identity we 00:05:16.290 --> 00:05:18.730 talked about earlier. Doug Gentry stepped in 00:05:18.730 --> 00:05:21.129 and bought Feinstein Steak to save the company, 00:05:21.269 --> 00:05:23.850 and it was later sold to Cary Silken. During 00:05:23.850 --> 00:05:27.269 that period from 2004 up through the late 2000s, 00:05:27.269 --> 00:05:29.529 they stabilized by leaning heavily into that 00:05:29.529 --> 00:05:32.620 pure wrestling identity. They built a legendary 00:05:32.620 --> 00:05:36.019 independent reputation simply by putting on matches 00:05:36.019 --> 00:05:38.959 of such high quality that word of mouth kept 00:05:38.959 --> 00:05:41.379 the brand alive. Which perfectly sets the stage 00:05:41.379 --> 00:05:43.899 for a massive turning point. So they survived 00:05:43.899 --> 00:05:45.819 the scandal. They stabilized their reputation. 00:05:45.920 --> 00:05:48.600 But to really grow, a company needs capital. 00:05:48.740 --> 00:05:51.139 And that leads to a culture clash no one saw 00:05:51.139 --> 00:05:54.500 coming. The Sinclair era. Yes. In 2011, Ring 00:05:54.500 --> 00:05:56.779 of Honor is sold to the Sinclair Broadcast Group. 00:05:57.160 --> 00:05:59.000 To put this in perspective for you listening, 00:05:59.120 --> 00:06:02.439 imagine your favorite underground, gritty, punk 00:06:02.439 --> 00:06:05.060 rock indie band suddenly getting bought by a 00:06:05.060 --> 00:06:08.189 massive corporate media conglomerate. It is bizarre 00:06:08.189 --> 00:06:10.810 pairing. You can only imagine what those boardroom 00:06:10.810 --> 00:06:12.610 meetings must have looked like. It's a hilarious 00:06:12.610 --> 00:06:14.930 visual, but that corporate backing fundamentally 00:06:14.930 --> 00:06:17.949 changed their trajectory. Under Sinclair's ownership, 00:06:18.110 --> 00:06:20.589 they suddenly had access to syndicated TV stations 00:06:20.589 --> 00:06:22.850 all across the country. They went from trading 00:06:22.850 --> 00:06:25.410 VHS tapes to traditional television broadcast 00:06:25.410 --> 00:06:27.750 distribution. And they used that massive platform 00:06:27.750 --> 00:06:29.990 to build real momentum over the next several 00:06:29.990 --> 00:06:33.230 years. They absolutely did. By 2018, they modernized 00:06:33.230 --> 00:06:35.709 by establishing their own streaming service called 00:06:35.709 --> 00:06:38.740 Honor Club. But arguably their most strategic 00:06:38.740 --> 00:06:41.480 move was forging a vital international partnerships, 00:06:41.740 --> 00:06:44.500 most notably with New Japan Pro Wrestling or 00:06:44.500 --> 00:06:48.660 NJPW. That NJPW partnership is crucial. What 00:06:48.660 --> 00:06:50.459 did that actually look like in practice for the 00:06:50.459 --> 00:06:53.079 fans and the business? It meant a direct talent 00:06:53.079 --> 00:06:55.399 exchange. You suddenly had premium international 00:06:55.399 --> 00:06:58.800 stadium level wrestling stars coming over and 00:06:58.800 --> 00:07:01.220 wrestling in local American venues for Ring of 00:07:01.220 --> 00:07:04.519 Honor. It elevated the prestige of the ROH brand 00:07:04.519 --> 00:07:06.879 exponentially. They were no longer just a scrappy 00:07:06.879 --> 00:07:09.459 indie. Exactly. They became the American gateway 00:07:09.459 --> 00:07:11.720 to the best wrestling in Japan. Here's where 00:07:11.720 --> 00:07:13.600 it gets really interesting because all of that 00:07:13.600 --> 00:07:16.240 momentum, the TV deals, the streaming, the international 00:07:16.240 --> 00:07:18.740 partnerships, it all... built up to an absolute 00:07:18.740 --> 00:07:22.860 explosion in 2018 and 2019. In September 2018, 00:07:23.220 --> 00:07:26.160 we get the all -in event. Promoted by and featuring 00:07:26.160 --> 00:07:28.240 Ring of Honor stars Cody Rhodes and the Young 00:07:28.240 --> 00:07:31.160 Bucks. They drew over 11 ,000 fans in suburban 00:07:31.160 --> 00:07:34.160 Chicago. That number cannot be overstated in 00:07:34.160 --> 00:07:36.860 this industry. It was the first professional 00:07:36.860 --> 00:07:39.279 wrestling event in the United States not promoted 00:07:39.279 --> 00:07:43.139 by WWE or WCW to break the 10 ,000 attendance 00:07:43.139 --> 00:07:46.800 mark since the 1990s. Decades of a virtual monopoly 00:07:46.800 --> 00:07:49.980 broken. And they followed that up in April 2019 00:07:49.980 --> 00:07:53.360 with the G1 Supercard. This was a show co -promoted 00:07:53.360 --> 00:07:55.980 with NJPW, held at Madison Square Garden in New 00:07:55.980 --> 00:07:58.420 York City. The source notes it sold out instantly. 00:07:58.680 --> 00:08:01.360 It became the most attended event in Ring of 00:08:01.360 --> 00:08:03.779 Honor's entire history. For you listening, think 00:08:03.779 --> 00:08:05.680 about the business implication here for a second. 00:08:05.959 --> 00:08:08.579 For decades, the conventional wisdom dictated 00:08:08.579 --> 00:08:11.379 that a massive monopoly was the only truly viable 00:08:11.379 --> 00:08:13.600 major league wrestling product in North America. 00:08:14.079 --> 00:08:16.360 These events prove that an alternative product 00:08:16.360 --> 00:08:19.600 built on work rate and a specific indie ethos 00:08:19.600 --> 00:08:22.120 could draw massive crowds and generate serious 00:08:22.120 --> 00:08:24.379 revenue. It paved the way for a massive industry 00:08:24.379 --> 00:08:26.860 shift. It really did. But in a classic painful 00:08:26.860 --> 00:08:29.220 twist of fate, reaching that historic peak is 00:08:29.220 --> 00:08:31.699 exactly what triggered their next massive downfall. 00:08:32.159 --> 00:08:34.539 They prove alternative wrestling is viable, which 00:08:34.539 --> 00:08:36.919 immediately inspires their top stars to leave 00:08:36.919 --> 00:08:39.379 and make their own alternative. The decline started 00:08:39.379 --> 00:08:43.259 incredibly fast in 2019. Those top stars we just 00:08:43.259 --> 00:08:46.240 mentioned, Cody Rhodes and the Bucks, the Architects 00:08:46.240 --> 00:08:48.799 of All In, they left Ring of Honor to form a 00:08:48.799 --> 00:08:50.919 brand new, incredibly well -funded promotion, 00:08:51.360 --> 00:08:54.360 AEW. And the departure of that top -tier talent 00:08:54.360 --> 00:08:57.279 had a devastating immediate negative effect on 00:08:57.279 --> 00:08:59.679 the bottom line. Ring of Honor's live attendance 00:08:59.679 --> 00:09:02.720 plummeted. The data in our source shows they 00:09:02.720 --> 00:09:06.299 averaged just 1082 fans per live show in 2019. 00:09:06.639 --> 00:09:09.399 A huge drop. Massive. They went from selling 00:09:09.399 --> 00:09:12.039 out Madison Square Garden to barely filling high 00:09:12.039 --> 00:09:14.399 school gyms again. And the fans who did stick 00:09:14.399 --> 00:09:16.500 around were heavily criticizing the creative 00:09:16.500 --> 00:09:19.100 direction of the shows. Specifically, the world 00:09:19.100 --> 00:09:21.039 championship reign of Matt Taven was pointed 00:09:21.039 --> 00:09:23.000 out as a major point of friction with the audience. 00:09:23.159 --> 00:09:25.100 The product on screen just wasn't connecting 00:09:25.100 --> 00:09:27.399 anymore. But the issues on screen were quickly 00:09:27.399 --> 00:09:29.320 overshadowed by what was happening behind the 00:09:29.320 --> 00:09:32.139 curtain. Looking at the timeline here, two major 00:09:32.139 --> 00:09:34.159 controversies hit the company almost back to 00:09:34.159 --> 00:09:36.600 back, severely damaging the reputation regarding 00:09:36.600 --> 00:09:38.940 safety and workplace conduct. The first occurred 00:09:38.940 --> 00:09:42.120 in late 2019. Producer and road agent Joey Mercury 00:09:42.120 --> 00:09:44.490 resigned from the company. And just to clarify 00:09:44.490 --> 00:09:46.309 for our listeners who might not know the corporate 00:09:46.309 --> 00:09:49.490 structure of a wrestling promotion, a road agent 00:09:49.490 --> 00:09:52.389 or producer is essentially... Middle management. 00:09:52.929 --> 00:09:54.789 They're the ones putting the matches together 00:09:54.789 --> 00:09:57.110 and acting as the safety compliance officers 00:09:57.110 --> 00:09:59.470 for the talent in the ring. Exactly the kind 00:09:59.470 --> 00:10:01.950 of person you want sounding the alarm. When Mercury 00:10:01.950 --> 00:10:04.889 left, he criticized the lack of creative direction. 00:10:05.009 --> 00:10:07.830 But more alarmingly, he revealed that Ring of 00:10:07.830 --> 00:10:10.870 Honor had no concussion protocol in place. That 00:10:10.870 --> 00:10:14.230 is terrifying in a combat sport. It is. For Mercury 00:10:14.230 --> 00:10:16.190 stated that the company allowed the Women of 00:10:16.190 --> 00:10:19.269 Honor champion Kelly Cline to wrestle after she 00:10:19.269 --> 00:10:21.570 had suffered a concussion. Klein subsequently 00:10:21.570 --> 00:10:23.990 had to seek medical treatment for post -concussion 00:10:23.990 --> 00:10:26.850 syndrome. Wow. Following this, she wasn't booked 00:10:26.850 --> 00:10:29.110 for the rest of the year, and her contract was 00:10:29.110 --> 00:10:31.710 not renewed when it expired that December. So 00:10:31.710 --> 00:10:34.669 they're dealing with a massive medical and safety 00:10:34.669 --> 00:10:39.149 PR nightmare. And then, in 2020, the broader 00:10:39.149 --> 00:10:41.269 speaking out movement swept through the wrestling 00:10:41.269 --> 00:10:44.330 industry, bringing numerous allegations of misconduct 00:10:44.330 --> 00:10:47.169 to light across various companies. During this 00:10:47.169 --> 00:10:49.830 time, Ring of Honor's head booker, Marty Skrull, 00:10:49.929 --> 00:10:53.149 became the center of a major controversy. And 00:10:53.149 --> 00:10:55.230 to put that title into perspective, the head 00:10:55.230 --> 00:10:57.990 booker is the chief creative director. They decide 00:10:57.990 --> 00:11:00.529 who wins, who loses, and who gets television 00:11:00.529 --> 00:11:04.129 time. It is an immense position of power. Skrull 00:11:04.129 --> 00:11:06.330 was accused of taking advantage of an inebriated 00:11:06.330 --> 00:11:08.629 16 -year -old girl. Looking at the reporting 00:11:08.629 --> 00:11:11.330 in our source, Skrull released statements where 00:11:11.330 --> 00:11:13.830 he did not deny the encounter occurred, but he 00:11:13.830 --> 00:11:16.259 claimed that it was consensual. In response to 00:11:16.259 --> 00:11:18.679 the allegations, Ring of Honor launched an internal 00:11:18.679 --> 00:11:21.919 investigation. They removed Skrull from his position 00:11:21.919 --> 00:11:24.240 as head booker, taking away that creative power. 00:11:24.440 --> 00:11:27.019 And by early 2021, the company announced that 00:11:27.019 --> 00:11:29.399 the two parties had mutually agreed to part ways. 00:11:29.600 --> 00:11:31.179 Let's take a step back and look at the board. 00:11:31.659 --> 00:11:34.259 You have a company bleeding its top tier talent. 00:11:34.460 --> 00:11:37.529 Live attendance has collapsed. The fan base hates 00:11:37.529 --> 00:11:40.149 the creative direction, and the brand is weathering 00:11:40.149 --> 00:11:42.710 intense public relations crises regarding talent 00:11:42.710 --> 00:11:45.330 safety and executive misconduct. The perfect 00:11:45.330 --> 00:11:47.470 storm. And then the ultimate financial breaking 00:11:47.470 --> 00:11:50.059 point arrives. The final glow was an impossible 00:11:50.059 --> 00:11:53.240 combination of macro and microeconomic factors. 00:11:53.539 --> 00:11:56.759 The COVID -19 pandemic effectively shut down 00:11:56.759 --> 00:11:59.700 the live event business worldwide, starving them 00:11:59.700 --> 00:12:02.559 of ticket revenue. Simultaneously, the parent 00:12:02.559 --> 00:12:05.320 company, Sinclair Broadcast Group, was struggling 00:12:05.320 --> 00:12:09.500 with a staggering $12 .5 billion in debt. Billion 00:12:09.500 --> 00:12:13.679 with a B. There is just no way a niche wrestling 00:12:13.679 --> 00:12:16.279 promotion survives on the ledger when the parent 00:12:16.279 --> 00:12:19.100 company is 12 .5 billion in the hole. The financial 00:12:19.100 --> 00:12:22.049 weight was simply unsustainable. So in late 2021, 00:12:22.450 --> 00:12:24.690 Ring of Honor announced a shocking hiatus. It 00:12:24.690 --> 00:12:27.210 was a total reset. And by reset, I mean they 00:12:27.210 --> 00:12:29.710 burned the forest down. They released all personnel 00:12:29.710 --> 00:12:31.730 from their contracts, everyone from the wrestlers 00:12:31.730 --> 00:12:34.009 to the broadcasters. They stated they wanted 00:12:34.009 --> 00:12:36.590 to reimagine the company. But for the fans and 00:12:36.590 --> 00:12:38.830 the industry at large, the future of Ring of 00:12:38.830 --> 00:12:41.070 Honor was completely in doubt. It really looked 00:12:41.070 --> 00:12:43.169 like the final chapter of a 20 -year story. It 00:12:43.169 --> 00:12:45.970 certainly felt like a funeral. But in business, 00:12:46.149 --> 00:12:48.330 distressed assets with strong historical brand 00:12:48.330 --> 00:12:50.970 equity rarely just vanish into thin air. someone 00:12:50.970 --> 00:12:53.409 always sees the underlying value. Which brings 00:12:53.409 --> 00:12:55.590 us to the ultimate plot twist of this entire 00:12:55.590 --> 00:12:59.490 deep dive. In March 2022, a white knight swoops 00:12:59.490 --> 00:13:02.259 in to buy the company. Tony Khan, the billionaire 00:13:02.259 --> 00:13:05.440 co -founder and president of AEW, announces that 00:13:05.440 --> 00:13:08.200 he has bought Ring of Honor from Sinclair. Brand 00:13:08.200 --> 00:13:11.200 assets, intellectual property, the massive 20 00:13:11.200 --> 00:13:13.620 -year video library, all of it. If we connect 00:13:13.620 --> 00:13:15.980 this to the bigger picture, it's a fascinating, 00:13:16.320 --> 00:13:19.580 almost poetic, full -circle moment. Ring of Honor 00:13:19.580 --> 00:13:21.620 essentially gave birth to the talent and the 00:13:21.620 --> 00:13:25.279 independent spirit that built AEW. AEW's creation 00:13:25.279 --> 00:13:28.580 nearly killed Ring of Honor. And now... AEW's 00:13:28.580 --> 00:13:30.500 ownership has stepped in to save Ring of Honor 00:13:30.500 --> 00:13:32.980 from total extinction. It is wild when you think 00:13:32.980 --> 00:13:35.399 about it. Khan effectively set it up to operate 00:13:35.399 --> 00:13:38.240 as a sister promotion to AEW. They share talent, 00:13:38.419 --> 00:13:40.740 but ROH maintains its own distinct identity. 00:13:41.100 --> 00:13:43.340 And it still holds such a deep emotional connection 00:13:43.340 --> 00:13:45.500 for the fans and the wrestlers who grew up watching 00:13:45.500 --> 00:13:47.679 it. You can see that clearly in how they handled 00:13:47.679 --> 00:13:50.980 tragedy. In January of 2023, Ring of Honor mainstay 00:13:50.980 --> 00:13:53.320 Jay Briscoe tragically died in a car accident. 00:13:53.500 --> 00:13:55.879 A heartbreaking loss for the industry. It was. 00:13:56.299 --> 00:13:58.620 The company put together a beautiful, poignant 00:13:58.620 --> 00:14:01.240 tribute show for him that taped specifically 00:14:01.240 --> 00:14:04.120 for Honor Club, their streaming platform. It 00:14:04.120 --> 00:14:06.240 proved the heart of the promotion, that deep 00:14:06.240 --> 00:14:09.259 locker room loyalty was still beating even under 00:14:09.259 --> 00:14:11.980 new billionaire ownership. And importantly, they 00:14:11.980 --> 00:14:13.980 are still trying to maintain some of that unique 00:14:13.980 --> 00:14:16.700 competitive identity that made them stand out 00:14:16.700 --> 00:14:19.399 all the way back in 2002. They aren't just copying 00:14:19.399 --> 00:14:22.179 AEW's homework. A great example of that is how 00:14:22.179 --> 00:14:24.379 they continue to utilize proving ground matches. 00:14:24.919 --> 00:14:27.500 There's a fantastic booking mechanism. Explain 00:14:27.500 --> 00:14:29.379 how that works for the listener. It is a really 00:14:29.379 --> 00:14:31.600 cool concept. Basically, if an up and coming 00:14:31.600 --> 00:14:33.860 wrestler can last a full 10 minutes in the ring 00:14:33.860 --> 00:14:36.649 with the current champion. Without getting pinned 00:14:36.649 --> 00:14:38.990 or submitted, or if they actually manage to defeat 00:14:38.990 --> 00:14:41.570 them within that time limit, that newcomer earns 00:14:41.570 --> 00:14:44.470 a guaranteed future title shot. It creates instant 00:14:44.470 --> 00:14:46.809 stakes for a regular match. It allows a newer 00:14:46.809 --> 00:14:49.049 talent to look incredibly strong and credible 00:14:49.049 --> 00:14:51.970 just by surviving the time limit without necessarily 00:14:51.970 --> 00:14:54.450 having to beat the champion outright and ruin 00:14:54.450 --> 00:14:57.250 the champion's momentum. It rewards the pure 00:14:57.250 --> 00:15:00.149 in -ring endurance that the brand was built on. 00:15:00.330 --> 00:15:02.269 Our source gives a perfect recent example of 00:15:02.269 --> 00:15:05.139 this in action. Lee Moriarty managed to last 00:15:05.139 --> 00:15:07.279 the full 10 minutes against the pure champion 00:15:07.279 --> 00:15:10.019 at the time, Wheeler Yuta. By just surviving 00:15:10.019 --> 00:15:12.779 that grueling time limit, Moriarty earned a title 00:15:12.779 --> 00:15:16.080 shot. And he capitalized on it, eventually defeating 00:15:16.080 --> 00:15:18.419 Yuta at the Death Before Dishonored event in 00:15:18.419 --> 00:15:21.600 July 2024 to win the title. That is exactly the 00:15:21.600 --> 00:15:23.740 kind of merit -based storytelling that the Code 00:15:23.740 --> 00:15:25.960 of Honor era was founded on. So let's give you 00:15:25.960 --> 00:15:27.720 a rapid -fire snapshot of where Ring of Honor 00:15:27.720 --> 00:15:31.100 stands today as we record this on March 6, 2026. 00:15:31.720 --> 00:15:33.740 After moving around a bit over the last few years, 00:15:33.860 --> 00:15:35.940 their weekly television tapings have just officially 00:15:35.940 --> 00:15:39.340 moved to the WJCT studios down in Jacksonville, 00:15:39.360 --> 00:15:41.960 Florida. Nice new home base. Yeah, and looking 00:15:41.960 --> 00:15:44.580 at the very... A title versus mask match carries 00:15:44.580 --> 00:15:46.940 massive historical weight, especially in Lucha 00:15:46.940 --> 00:15:49.620 Libre culture, where losing your mask is the 00:15:49.620 --> 00:15:52.659 ultimate disgrace. Incorporating that level of 00:15:52.659 --> 00:15:55.240 cultural stakes shows the diverse international 00:15:55.240 --> 00:15:57.919 styles Ring of Honor continues to highlight. 00:15:58.139 --> 00:16:00.600 And in the women's division, the ROH Women's 00:16:00.600 --> 00:16:04.440 World Champion... And her reign is nothing short 00:16:04.440 --> 00:16:07.139 of astounding. She won the belt back in December 00:16:07.139 --> 00:16:11.360 of 2022. That means as of today, she has held 00:16:11.360 --> 00:16:15.659 that championship for 11 ,182 days. Let's pause 00:16:15.659 --> 00:16:17.360 on that for a second. Holding a championship 00:16:17.360 --> 00:16:19.720 for over three years in modern professional wrestling 00:16:19.720 --> 00:16:22.080 is almost unheard of. That kind of long term 00:16:22.080 --> 00:16:24.840 booking builds incredible prestige for a championship. 00:16:25.019 --> 00:16:27.519 It alters the entire psychology of the women's 00:16:27.519 --> 00:16:29.740 division because whoever eventually defeats her 00:16:29.740 --> 00:16:32.080 won't just be winning a belt. They will be slaying 00:16:32.080 --> 00:16:34.259 a three year dragon. It makes them an instant 00:16:34.259 --> 00:16:36.840 superstar. OK, so what does this all mean? Let's 00:16:36.840 --> 00:16:39.379 take a breath and recap this. Absolutely wild 00:16:39.379 --> 00:16:41.960 journey. You have an underdog wrestling promotion 00:16:41.960 --> 00:16:44.059 that was literally born out of a desperate need 00:16:44.059 --> 00:16:46.159 for a video distributor to just have some VHS 00:16:46.159 --> 00:16:48.399 tapes to sell in a catalog. They invent a strict 00:16:48.399 --> 00:16:51.279 code of honor to stand out in an era of soap 00:16:51.279 --> 00:16:54.679 operas. They build a generation of future megastars 00:16:54.679 --> 00:16:57.259 who redefine the industry. They get bought by 00:16:57.259 --> 00:17:00.159 a massive corporate media conglomerate, stumble 00:17:00.159 --> 00:17:02.720 through billions in corporate debt, weather severe 00:17:02.720 --> 00:17:05.539 public relations and safety controversies, survive 00:17:05.539 --> 00:17:07.980 a global pandemic, and ultimately find their 00:17:08.009 --> 00:17:10.730 salvation by being purchased by the very people 00:17:10.730 --> 00:17:13.029 they helped create the ultimate lesson here is 00:17:13.029 --> 00:17:15.730 about recognizing patterns of survival ring of 00:17:15.730 --> 00:17:17.730 honor proves that whether you are in business 00:17:17.730 --> 00:17:21.089 media or sports entertainment having a distinct 00:17:21.089 --> 00:17:24.670 uncompromising identity like their focus on pure 00:17:24.670 --> 00:17:27.009 wrestling and that initial code of honor is what 00:17:27.009 --> 00:17:29.509 creates a fiercely loyal fan base it's the anchor 00:17:29.920 --> 00:17:32.740 Exactly. It was that foundational loyalty, that 00:17:32.740 --> 00:17:35.240 memory of what the brand represented at its core, 00:17:35.319 --> 00:17:37.619 that allowed the company to survive multiple 00:17:37.619 --> 00:17:39.559 near -death experiences that would have completely 00:17:39.559 --> 00:17:42.799 erased a more generic company. It is an amazing 00:17:42.799 --> 00:17:46.859 story of survival against all odds. But it leaves 00:17:46.859 --> 00:17:49.480 you with one final thing to chew on. For decades, 00:17:49.799 --> 00:17:53.319 Ring of Honor was beloved by its fans specifically 00:17:53.319 --> 00:17:56.849 because it was the scrappy, independent alternative 00:17:56.849 --> 00:18:00.490 to massive corporate wrestling machines. It was 00:18:00.490 --> 00:18:03.309 punk rock. Yeah. Well, today it is owned by a 00:18:03.309 --> 00:18:06.210 billionaire who runs his own massive global wrestling 00:18:06.210 --> 00:18:09.559 empire. So has Ring of Honor finally achieved 00:18:09.559 --> 00:18:12.720 the ultimate indie success story by forever securing 00:18:12.720 --> 00:18:15.119 its financial future? Or has it simply become 00:18:15.119 --> 00:18:17.039 a piece of the very corporate machine it was 00:18:17.039 --> 00:18:19.160 originally created to rebel against? That is 00:18:19.160 --> 00:18:21.099 the ultimate paradox of success, isn't it? You 00:18:21.099 --> 00:18:22.819 survive long enough as the rebel, you eventually 00:18:22.819 --> 00:18:24.759 move into the corporate office. You really do. 00:18:24.960 --> 00:18:26.779 Thank you so much for joining us on this deep 00:18:26.779 --> 00:18:29.180 dive. Keep exploring, keep questioning the media 00:18:29.180 --> 00:18:31.339 you consume, and we will catch you next time.