WEBVTT 00:00:00.000 --> 00:00:02.779 Welcome back. It is it's so good to have you 00:00:02.779 --> 00:00:04.780 here with us again. Absolutely. You know, we 00:00:04.780 --> 00:00:06.639 always keep a seat open for you, the learner, 00:00:06.780 --> 00:00:09.039 because you constantly show up ready to explore 00:00:09.039 --> 00:00:11.580 these really complex systems and deep histories. 00:00:11.859 --> 00:00:15.619 And today, well, you are in for an absolute treat. 00:00:15.839 --> 00:00:18.320 Yeah, this one is pretty wild. It really is. 00:00:18.480 --> 00:00:21.280 Our mission for this deep dive is to unpack the 00:00:21.280 --> 00:00:24.699 wild two decade roller coaster of Ring of Honor 00:00:24.699 --> 00:00:28.469 or ROH. Since you follow the industry, you already 00:00:28.469 --> 00:00:30.390 know they're an American professional wrestling 00:00:30.390 --> 00:00:32.909 promotion that fundamentally shaped the modern 00:00:32.909 --> 00:00:35.770 landscape of the sport. But today we're looking 00:00:35.770 --> 00:00:38.009 at the foundational architecture of that survival. 00:00:38.329 --> 00:00:40.829 Because the behind the scenes business reality 00:00:40.829 --> 00:00:44.329 of ROH. often rivals the storylines playing out 00:00:44.329 --> 00:00:45.869 in the ring. I mean, we are looking at a company 00:00:45.869 --> 00:00:48.969 that has experienced the absolute highest of 00:00:48.969 --> 00:00:51.689 commercial highs and the most devastating organizational 00:00:51.689 --> 00:00:54.329 lows. And to chart that journey, we're using 00:00:54.329 --> 00:00:57.270 a comprehensive Wikipedia history detailing everything 00:00:57.270 --> 00:00:59.710 from their founding in 2002 all the way up to 00:00:59.710 --> 00:01:02.270 present day today being Sunday, March 8, 2026. 00:01:02.609 --> 00:01:06.230 This is a masterclass in business survival. Even 00:01:06.230 --> 00:01:08.269 if you don't follow professional wrestling, the 00:01:08.269 --> 00:01:10.329 corporate mechanics here are fascinating. We're 00:01:10.329 --> 00:01:13.370 talking about internet massive corporate debt, 00:01:13.530 --> 00:01:16.370 the launch of billionaire -backed rival companies 00:01:16.370 --> 00:01:19.909 draining top -tier talent, and ultimately a billionaire 00:01:19.909 --> 00:01:23.180 savior stepping in at the 11th hour. It is a 00:01:23.180 --> 00:01:26.519 profound look at how brand equity can keep a 00:01:26.519 --> 00:01:29.019 company on life support when the financial or 00:01:29.019 --> 00:01:31.480 operational infrastructure completely collapses. 00:01:31.739 --> 00:01:34.140 Okay, let's unpack this. To really understand 00:01:34.140 --> 00:01:36.219 the DNA of Ring of Honor, we have to look at 00:01:36.219 --> 00:01:38.659 the landscape in 2001. There was a professional 00:01:38.659 --> 00:01:40.859 wrestling video distributor called RF Video. 00:01:41.159 --> 00:01:43.379 Their entire business model relied on selling 00:01:43.379 --> 00:01:45.359 VHS tapes of Extreme Championship Wrestling, 00:01:45.480 --> 00:01:50.480 or ECW. But in 2001, ECW goes bankrupt and its 00:01:50.480 --> 00:01:52.500 assets are immediately swallowed up. by the industry 00:01:52.500 --> 00:01:56.340 giant, WWE. So how does a mail order video catalog 00:01:56.340 --> 00:01:58.939 survive losing its flagship product overnight? 00:01:59.299 --> 00:02:01.780 They had to manufacture their own supply. RF 00:02:01.780 --> 00:02:03.939 video was essentially a pipeline without water. 00:02:04.040 --> 00:02:06.439 Wow. They'd previously tried to partner with 00:02:06.439 --> 00:02:09.439 other regional independent promotions, like Combat 00:02:09.439 --> 00:02:12.379 Zone Wrestling, to fill that massive gap in their 00:02:12.379 --> 00:02:14.840 catalog. But the tape sales just weren't moving 00:02:14.840 --> 00:02:18.180 the needle the way ECW did. So the owner of RF 00:02:18.180 --> 00:02:21.379 Video, Rob Feinstein, realized that to control 00:02:21.379 --> 00:02:24.020 his revenue stream, he needed to own the intellectual 00:02:24.020 --> 00:02:28.060 property from the ground up. In 2002, he creates 00:02:28.060 --> 00:02:30.979 his own wrestling promotion out of pure financial 00:02:30.979 --> 00:02:33.590 necessity. That is the birth of Ring of Honor. 00:02:33.689 --> 00:02:36.629 Which is such a bizarre origin for a live touring 00:02:36.629 --> 00:02:38.610 company. They weren't launching with a grand 00:02:38.610 --> 00:02:40.849 vision of selling out stadiums. They were literally 00:02:40.849 --> 00:02:42.990 just trying to shoot enough compelling footage 00:02:42.990 --> 00:02:46.229 to burn onto DVDs and mail out to their subscriber 00:02:46.229 --> 00:02:48.990 base. Exactly. And that constraint defined their 00:02:48.990 --> 00:02:51.590 early presentation. They couldn't afford massive 00:02:51.590 --> 00:02:54.210 pyrotechnics or expensive arena lighting. They 00:02:54.210 --> 00:02:55.969 had to rely entirely on the athletic quality 00:02:55.969 --> 00:02:58.770 of the performers to move those DVDs. So they 00:02:58.770 --> 00:03:00.389 kicked things off with their very first event 00:03:00.389 --> 00:03:03.569 on February. 23, 2002 in Philadelphia, which 00:03:03.569 --> 00:03:05.729 is a very strategic choice since Philly was the 00:03:05.729 --> 00:03:08.449 spiritual home base of ECW. Yeah, very smart 00:03:08.449 --> 00:03:10.789 move to capture that orphan fan base. The show 00:03:10.789 --> 00:03:14.250 was called The Era of Honor Begins. The timeline 00:03:14.250 --> 00:03:17.210 shows it featured nine matches, but the defining 00:03:17.210 --> 00:03:20.310 moment was a triple threat match between Christopher 00:03:20.310 --> 00:03:24.810 Daniels, Bryan Danielson, and Lokai. Those three 00:03:24.810 --> 00:03:27.129 are heavily credited as the founding fathers 00:03:27.129 --> 00:03:30.069 of the promotions in -ring style. and beyond 00:03:30.069 --> 00:03:32.449 the sheer athleticism they established. A very 00:03:32.449 --> 00:03:34.909 rigid psychological framework right out of the 00:03:34.909 --> 00:03:37.629 gate called the Code of Honor. Right. These were 00:03:37.629 --> 00:03:40.189 five strict rules that competitors were morally 00:03:40.189 --> 00:03:42.830 required to follow. Shaking hands before and 00:03:42.830 --> 00:03:45.750 after matches. No outside interference. No sneak 00:03:45.750 --> 00:03:49.189 attacks. No harming the officials. And any disqualification 00:03:49.189 --> 00:03:51.789 violates the code. It was a huge departure from 00:03:51.789 --> 00:03:53.669 the norm. It aggressively mimicked the presentation 00:03:53.669 --> 00:03:56.110 of Japanese professional wrestling, treating 00:03:56.110 --> 00:03:58.610 it as a legitimate, honorable athletic contest 00:03:58.610 --> 00:04:01.090 rather than a soap opera. But from a storytelling 00:04:01.090 --> 00:04:03.509 perspective, imposing those rules seems like 00:04:03.509 --> 00:04:06.069 putting handcuffs on the performers. What's fascinating 00:04:06.069 --> 00:04:08.949 here is how the promotion utilized these strict 00:04:08.949 --> 00:04:12.409 moral constraints to instantly generate visceral 00:04:12.409 --> 00:04:14.810 heat from the audience. In standard professional 00:04:14.810 --> 00:04:18.089 wrestling, creating a compelling antagonist usually 00:04:18.089 --> 00:04:20.889 requires elaborate promos, betrayals, or over 00:04:20.889 --> 00:04:24.470 -the -top antics. Right. But in early ROH, they 00:04:24.470 --> 00:04:27.529 essentially gamified respect. The baseline of 00:04:27.529 --> 00:04:29.529 honor was so highly enforced by the promotion 00:04:29.529 --> 00:04:32.329 that a competitor could generate massive outrage 00:04:32.329 --> 00:04:35.310 simply by refusing to shake hands. Because the 00:04:35.310 --> 00:04:37.709 audience is conditioned to expect the handshake, 00:04:37.730 --> 00:04:40.730 so denying it is an act of total defiance. Christopher 00:04:40.730 --> 00:04:43.850 Daniels and his faction, the Prophecy, weaponized 00:04:43.850 --> 00:04:46.370 this perfectly. They completely rejected the 00:04:46.370 --> 00:04:48.750 code of honor. Because the boundaries were so 00:04:48.750 --> 00:04:51.889 clearly drawn, the live crowds reacted intensely 00:04:51.889 --> 00:04:54.269 to that simple passive aggressive act. They didn't 00:04:54.269 --> 00:04:56.689 need a 20 minute monologue to explain why Daniels 00:04:56.689 --> 00:04:58.790 was the bad guy. Exactly. The structure of the 00:04:58.790 --> 00:05:01.250 rules themselves engineered the conflict organically. 00:05:01.350 --> 00:05:03.410 It's an incredibly efficient way to build a brand 00:05:03.410 --> 00:05:05.850 identity. But while the product was critically 00:05:05.850 --> 00:05:08.350 acclaimed, the business side almost imploded 00:05:08.350 --> 00:05:10.290 just two years in. Yeah, this was the first real 00:05:10.290 --> 00:05:14.180 crisis. In 2004, founder Rob Feinstein is caught 00:05:14.180 --> 00:05:17.660 in an internet -based sting operation. He allegedly 00:05:17.660 --> 00:05:20.060 attempted to solicit sex online from someone 00:05:20.060 --> 00:05:22.339 he thought was an underage boy, though it turned 00:05:22.339 --> 00:05:24.889 out to be an adult posing as a minor. And the 00:05:24.889 --> 00:05:27.029 fallout from those allegations was immediate. 00:05:27.430 --> 00:05:29.410 We're looking strictly at the business impact 00:05:29.410 --> 00:05:32.610 here. And for a fledgling promotion, a scandal 00:05:32.610 --> 00:05:34.589 of that magnitude attached to the founder is 00:05:34.589 --> 00:05:37.209 usually an extinction level event. Feinstein 00:05:37.209 --> 00:05:40.269 resigns in March 2004 as soon as the news cycle 00:05:40.269 --> 00:05:42.290 picks up the story and the collateral damage 00:05:42.290 --> 00:05:45.379 is just. Staggering. Oh, it was brutal. At the 00:05:45.379 --> 00:05:48.019 time, TNA Wrestling, a rival promotion, had a 00:05:48.019 --> 00:05:50.660 talent sharing agreement with ROH. TNA immediately 00:05:50.660 --> 00:05:52.680 pulls all of their contracted wrestlers from 00:05:52.680 --> 00:05:55.459 ROH shows to protect their own brand. We are 00:05:55.459 --> 00:05:57.980 talking about massive box office draws for the 00:05:57.980 --> 00:06:00.860 company. Guys like AJ Styles, Christopher Daniels, 00:06:00.860 --> 00:06:03.480 guys who are actively holding or competing for 00:06:03.480 --> 00:06:05.839 major championships in Ring of Honor. You lose 00:06:05.839 --> 00:06:08.290 your founder. your primary financial backer, 00:06:08.290 --> 00:06:11.069 and your top main event stars in one fell swoop. 00:06:11.129 --> 00:06:13.449 The company was bleeding out. Thug Gentry briefly 00:06:13.449 --> 00:06:15.990 steps in to buy Feinstein's stake, but it is 00:06:15.990 --> 00:06:19.329 Kerry Silkin who ultimately purchases 100 % ownership. 00:06:19.910 --> 00:06:22.370 Silkin is widely regarded as the white knight 00:06:22.370 --> 00:06:25.189 of this era. He really was. He absorbs the financial 00:06:25.189 --> 00:06:28.250 blows, stabilizes the locker room, and eventually 00:06:28.250 --> 00:06:30.689 starts branching the company out globally with 00:06:30.689 --> 00:06:33.759 tours in Japan and the UK. He keeps the doors 00:06:33.759 --> 00:06:36.060 open long enough to reach their next massive 00:06:36.060 --> 00:06:38.839 evolutionary step, which was the corporate takeover. 00:06:38.879 --> 00:06:41.240 Because the transition from an independent niche 00:06:41.240 --> 00:06:44.339 DVD selling operation to a television property 00:06:44.339 --> 00:06:48.339 is a massive hurdle. Right. And in May 2011, 00:06:48.660 --> 00:06:51.240 Sinclair Broadcast Group purchases Ring of Honor. 00:06:51.759 --> 00:06:53.740 For a touring indie company, getting acquired 00:06:53.740 --> 00:06:56.240 by a massive media conglomerate seems like the 00:06:56.240 --> 00:06:58.959 ultimate victory condition. Suddenly, ROH has 00:06:58.959 --> 00:07:01.139 television syndication across Sinclair's huge 00:07:01.139 --> 00:07:04.139 network of local CW and My Network TV affiliates. 00:07:04.220 --> 00:07:06.740 The reach expanded exponentially. Instead of 00:07:06.740 --> 00:07:08.899 relying on a niche audience actively seeking 00:07:08.899 --> 00:07:11.279 out physical media or early Internet pay -per 00:07:11.279 --> 00:07:13.740 -views, ROH was being broadcast directly into 00:07:13.740 --> 00:07:15.680 living rooms across the country. It changed everything. 00:07:15.879 --> 00:07:18.439 But Sinclair didn't buy them to make them a global 00:07:18.439 --> 00:07:21.339 phenomenon. Sinclair bought them because owning 00:07:21.339 --> 00:07:24.339 a wrestling promotion provides cheap, evergreen, 00:07:24.339 --> 00:07:27.100 original content to fill weekend programming 00:07:27.100 --> 00:07:29.519 blocks on their local stations. That's a crucial 00:07:29.519 --> 00:07:31.819 distinction. They were a line item on a corporate 00:07:31.819 --> 00:07:34.379 balance sheet, but the talent leveraged that 00:07:34.379 --> 00:07:37.699 massive platform perfectly. This kicks off a 00:07:37.699 --> 00:07:40.420 period of explosive growth throughout the 2010s. 00:07:40.439 --> 00:07:43.139 They established global partnerships, most notably 00:07:43.139 --> 00:07:45.720 a talent exchange program with New Japan Pro 00:07:45.720 --> 00:07:48.139 Wrestling. Which was huge for them. Huge. And 00:07:48.139 --> 00:07:51.040 this era culminates in an absolute peak in 2019 00:07:51.040 --> 00:07:54.579 with a co -promoted event called G1 Supercard. 00:07:54.939 --> 00:07:57.100 They completely sold out Madison Square Garden 00:07:57.100 --> 00:07:59.540 in New York City. The cultural significance of 00:07:59.540 --> 00:08:02.220 that venue cannot be overstated. Madison Square 00:08:02.220 --> 00:08:04.459 Garden had effectively been a closed fortress, 00:08:04.740 --> 00:08:08.720 completely monopolized by WWE for decades. For 00:08:08.720 --> 00:08:10.620 Ring of Honor to break that monopoly and sell 00:08:10.620 --> 00:08:12.579 it out proved they were no longer just an indie 00:08:12.579 --> 00:08:15.360 darling. They were a legitimate commercial force. 00:08:15.639 --> 00:08:18.300 And that MSG show was built on the momentum of 00:08:18.300 --> 00:08:21.139 another monumental milestone just a year prior. 00:08:22.000 --> 00:08:25.379 In September 2018, ROH wrestlers Cody Rhodes 00:08:25.379 --> 00:08:28.120 and the Young Bucks Matt and Nick Jackson independently 00:08:28.120 --> 00:08:30.920 promoted a collaborative event called All In. 00:08:31.060 --> 00:08:33.539 Right, in Chicago. Suburban Chicago, yeah. They 00:08:33.539 --> 00:08:36.500 drew over 11 ,000 fans. If we connect this to 00:08:36.500 --> 00:08:38.899 the bigger picture, the American wrestling landscape 00:08:38.899 --> 00:08:41.559 had been entirely dominated by WWE since the 00:08:41.559 --> 00:08:46.429 late 90s. All In was the first non -WWE or WCW 00:08:46.429 --> 00:08:49.350 wrestling event in the United States to hit that 00:08:49.350 --> 00:08:52.629 10 ,000 attendance mark in decades. It proved 00:08:52.629 --> 00:08:55.509 there was an alternative market. Exactly. ROH 00:08:55.509 --> 00:08:57.370 was officially considered the number three promotion 00:08:57.370 --> 00:09:01.230 in the U .S. behind WWE and TNA, but their cultural 00:09:01.230 --> 00:09:03.950 influence, their ability to set trends, dictate 00:09:03.950 --> 00:09:06.350 match styles, and build underground megastars 00:09:06.350 --> 00:09:09.090 was vastly outpacing their actual corporate size. 00:09:09.350 --> 00:09:11.190 Here's where it gets really interesting, because 00:09:11.190 --> 00:09:13.509 that massive peak at All In actually planted 00:09:13.509 --> 00:09:15.409 the seeds for their next catastrophic crisis. 00:09:15.529 --> 00:09:17.789 It was a classic startup brain drain. Yeah, they 00:09:17.789 --> 00:09:19.879 became victims of their own success. In early 00:09:19.879 --> 00:09:22.519 2019, the architects of that massive success, 00:09:22.840 --> 00:09:26.240 Cody Rhodes, the Young Bucks, and a slew of other 00:09:26.240 --> 00:09:29.059 top talent leave Ring of Honor. They depart to 00:09:29.059 --> 00:09:31.539 form their own well -funded major league company, 00:09:31.799 --> 00:09:35.320 All Elite Wrestling, or AEW. The executives at 00:09:35.320 --> 00:09:37.559 ROH found themselves in a terrifying position. 00:09:37.860 --> 00:09:39.960 The talent that had essentially been booking 00:09:39.960 --> 00:09:42.360 their own historic success took their blueprint, 00:09:42.600 --> 00:09:45.419 found independent billionaire backing, and set 00:09:45.419 --> 00:09:47.899 up shop down the street. It was an Absolute exodus 00:09:47.899 --> 00:09:50.700 of top tier drawing cards. The metrics reflect 00:09:50.700 --> 00:09:53.600 the devastation immediately. Average live show 00:09:53.600 --> 00:09:57.100 attendance in 2019 plummets to just 1 ,082 fans. 00:09:57.480 --> 00:10:00.179 But the external loss of talent was masking a 00:10:00.179 --> 00:10:03.100 severe internal breakdown. The operational infrastructure 00:10:03.100 --> 00:10:05.500 of the company was failing. The culture and the 00:10:05.500 --> 00:10:08.059 safety protocols came under intent public scrutiny 00:10:08.059 --> 00:10:10.519 during this period. In October 2019, producer 00:10:10.519 --> 00:10:13.399 and road agent Joey Mercury resigns and he makes 00:10:13.399 --> 00:10:16.240 his grievances very public. He specifically targets... 00:10:16.240 --> 00:10:18.440 the company's lack of a standardized concussion 00:10:18.440 --> 00:10:20.700 protocol. Which is a massive issue in any contact 00:10:20.700 --> 00:10:23.600 sport. Absolutely. The timeline highlights a 00:10:23.600 --> 00:10:25.820 specific incident where the Women of Honor champion, 00:10:26.220 --> 00:10:29.039 Kelly Cline, was allowed to wrestle after suffering 00:10:29.039 --> 00:10:31.399 a concussion. She eventually sought independent 00:10:31.399 --> 00:10:33.519 medical treatment for post -concussion syndrome, 00:10:33.740 --> 00:10:35.759 was removed from the schedule for the rest of 00:10:35.759 --> 00:10:38.320 the year, and her contract was simply allowed 00:10:38.320 --> 00:10:41.470 to expire. Without weighing in on the internal 00:10:41.470 --> 00:10:44.129 communications, the public relations nightmare 00:10:44.129 --> 00:10:48.009 for ROH was undeniable. It painted a picture 00:10:48.009 --> 00:10:50.490 of a corporate -owned company that lacked basic 00:10:50.490 --> 00:10:53.549 major league safeguards for its athletes. It 00:10:53.549 --> 00:10:56.029 shatters the illusion of prestige they had spent 00:10:56.029 --> 00:10:58.899 the last decade building. And the attempt to 00:10:58.899 --> 00:11:01.679 rebuild that prestige backfires spectacularly. 00:11:02.080 --> 00:11:04.899 Entering 2020, ROH is desperate for star power 00:11:04.899 --> 00:11:07.720 to replace the talent that left for AEW. They 00:11:07.720 --> 00:11:09.639 sign wrestler Marty Skrull to what was reportedly 00:11:09.639 --> 00:11:11.480 the most lucrative contract in the history of 00:11:11.480 --> 00:11:13.360 the promotion. They bet the house on him. They 00:11:13.360 --> 00:11:15.759 really did. Furthermore, they hand him the keys 00:11:15.759 --> 00:11:18.259 to the kingdom by making him head booker, meaning 00:11:18.259 --> 00:11:20.759 he dictates the storylines, controls the roster, 00:11:20.919 --> 00:11:24.269 and shapes the creative direction. But just months 00:11:24.269 --> 00:11:26.610 into this massive investment, the speaking out 00:11:26.610 --> 00:11:28.509 movement sweeps through the global wrestling 00:11:28.509 --> 00:11:30.950 industry. This was a systemic reckoning across 00:11:30.950 --> 00:11:33.129 the business where numerous individuals came 00:11:33.129 --> 00:11:35.750 forward with allegations of misconduct, abuse 00:11:35.750 --> 00:11:38.409 and inappropriate behavior. Allegations surface 00:11:38.409 --> 00:11:40.950 regarding Skrull and an incident involving a 00:11:40.950 --> 00:11:43.929 16 -year -old girl who was inebriated. Skrull 00:11:43.929 --> 00:11:45.990 releases statements claiming the encounter was 00:11:45.990 --> 00:11:48.850 consensual, but he does not deny the event itself. 00:11:49.210 --> 00:11:52.490 Right. ROH immediately launches an internal investigation. 00:11:52.909 --> 00:11:55.409 removes him from his head booking position in 00:11:55.409 --> 00:11:58.830 June 2020, and by January 2021, the promotion 00:11:58.830 --> 00:12:01.149 announces they have mutually agreed to part ways. 00:12:01.409 --> 00:12:03.669 Let's analyze the sheer velocity of that collapse. 00:12:03.970 --> 00:12:06.669 Within a 12 -month window, you lose your highest 00:12:06.669 --> 00:12:09.330 -paid marquee star and your chief creative director 00:12:09.330 --> 00:12:12.490 under a massive cloud of controversy. And this 00:12:12.490 --> 00:12:14.730 catastrophic internal unforced error happens 00:12:14.730 --> 00:12:17.610 precisely as the COVID -19 pandemic completely 00:12:17.610 --> 00:12:20.070 eradicates live touring revenue across the globe. 00:12:20.440 --> 00:12:23.600 It is the ultimate perfect storm. They are forced 00:12:23.600 --> 00:12:26.360 to cancel tours. They pivot to taping television 00:12:26.360 --> 00:12:29.580 in completely empty arenas to fulfill their broadcast 00:12:29.580 --> 00:12:32.460 obligations to Sinclair. But the ticket revenue 00:12:32.460 --> 00:12:35.080 is completely gone. And if the pandemic wasn't 00:12:35.080 --> 00:12:37.259 enough, their corporate parent company is suddenly 00:12:37.259 --> 00:12:41.299 drowning. Sinclair's Q3 2021 financial results 00:12:41.299 --> 00:12:44.299 reveal the broadcast group is saddled with $12 00:12:44.299 --> 00:12:48.519 .5 billion of debt. it is the equivalent of finding 00:12:48.519 --> 00:12:51.620 out your wealthy benefactor's own house, is in 00:12:51.620 --> 00:12:54.639 foreclosure. Sinclair's billions of debt were 00:12:54.639 --> 00:12:57.000 tied up in other massive regional sports networks, 00:12:57.220 --> 00:12:59.419 but when a parent conglomerate is bleeding capital 00:12:59.419 --> 00:13:02.080 on that scale, a niche professional wrestling 00:13:02.080 --> 00:13:03.960 promotion that isn't generating live gate revenue 00:13:03.960 --> 00:13:06.850 becomes highly expendable. The floor finally 00:13:06.850 --> 00:13:10.769 gives out on October 27, 2021. ROH makes an announcement 00:13:10.769 --> 00:13:12.970 that shakes the industry. They are going on an 00:13:12.970 --> 00:13:15.269 indefinite hiatus at the end of the year. But 00:13:15.269 --> 00:13:17.590 it's not just a pause. They announce the complete 00:13:17.590 --> 00:13:19.669 release of all personnel from their contracts. 00:13:19.970 --> 00:13:22.429 The official statement claims they plan to reimagine 00:13:22.429 --> 00:13:24.509 the company as a fan -focused product, but they 00:13:24.509 --> 00:13:26.929 essentially fire their entire roster. They stripped 00:13:26.929 --> 00:13:29.250 the company down to its studs. They announced 00:13:29.250 --> 00:13:32.570 plans to return as an indie promotion using non 00:13:32.570 --> 00:13:35.509 -contracted, per -appearance talent. What is 00:13:35.509 --> 00:13:38.230 remarkable here is the resilience of the brand 00:13:38.230 --> 00:13:41.610 identity itself. How so? Well, during this hiatus, 00:13:41.730 --> 00:13:43.629 the wrestlers who have been released took the 00:13:43.629 --> 00:13:46.330 physical ROH championship belts and defended 00:13:46.330 --> 00:13:49.330 them on rival promotions broadcasts like Impact 00:13:49.330 --> 00:13:52.210 Wrestling and various independent shows. They 00:13:52.210 --> 00:13:54.490 kept the intellectual property warm in the minds 00:13:54.490 --> 00:13:56.929 of the audience, purely out of respect for the 00:13:56.929 --> 00:13:59.649 legacy of the letters. Which sets the stage for 00:13:59.649 --> 00:14:02.309 a truly staggering plot twist. The billionaire 00:14:02.309 --> 00:14:04.710 savior arrives, but it comes from the most ironic 00:14:04.710 --> 00:14:08.320 place imaginable. In March 2022, on an episode 00:14:08.320 --> 00:14:11.340 of AEW television, Tony Khan, the co -owner and 00:14:11.340 --> 00:14:13.820 president of All Elite Wrestling, walks out and 00:14:13.820 --> 00:14:15.840 announces he has officially purchased Ring of 00:14:15.840 --> 00:14:17.799 Honor. You couldn't write it any better. Right. 00:14:17.899 --> 00:14:20.000 He acquires the brand assets, the intellectual 00:14:20.000 --> 00:14:23.259 property, and critically, the massive video library 00:14:23.259 --> 00:14:26.179 dating all the way back to 2002. The irony is 00:14:26.179 --> 00:14:28.519 incredible. The very company that was willed 00:14:28.519 --> 00:14:31.139 into existence by the stars who abandoned ROH 00:14:31.139 --> 00:14:33.899 three years prior has now outright purchased 00:14:33.899 --> 00:14:37.500 ROH. Beyond the poetry of the moment, Khan acquired 00:14:37.500 --> 00:14:40.139 a foundational piece of wrestling history. That 00:14:40.139 --> 00:14:42.480 tape library contains the early developmental 00:14:42.480 --> 00:14:44.840 footage of generation -defining stars like Seth 00:14:44.840 --> 00:14:48.460 Rollins, CM Punk, Samoa Joe, and Bryan Danielson. 00:14:48.759 --> 00:14:52.460 The sale officially closes in May 2022. Khan 00:14:52.460 --> 00:14:55.200 integrates ROH as a sister promotion running 00:14:55.200 --> 00:14:58.120 parallel to AEW. They ramp up pay -per -view 00:14:58.120 --> 00:15:00.500 production, and by the end of 2022, it's announced 00:15:00.500 --> 00:15:02.860 that ROH's weekly television program will be 00:15:02.860 --> 00:15:05.100 reborn on their proprietary streaming platform, 00:15:05.320 --> 00:15:08.120 Honor Club, launching in 2023. It was a total 00:15:08.120 --> 00:15:10.299 organizational renaissance. They transitioned 00:15:10.299 --> 00:15:12.220 from a dead brand on hiatus back to having a 00:15:12.220 --> 00:15:14.740 dedicated salaried roster, a consistent taping 00:15:14.740 --> 00:15:17.120 schedule, and the impenetrable financial backing 00:15:17.120 --> 00:15:19.610 of the Khan family. Which brings us to the present 00:15:19.610 --> 00:15:23.269 landscape. Today is March 8th, 2026. Looking 00:15:23.269 --> 00:15:25.470 at the current footprint, the promotion has evolved 00:15:25.470 --> 00:15:30.009 yet again. As of March 1st, 2026, ROH has relocated 00:15:30.009 --> 00:15:32.870 its weekly television ratings to the WJCT studios 00:15:32.870 --> 00:15:35.370 down in Jacksonville, Florida. They've shifted 00:15:35.370 --> 00:15:37.470 from a touring circus model to a stationary, 00:15:37.750 --> 00:15:40.830 highly controlled production hub. Having a dedicated 00:15:40.830 --> 00:15:43.850 residency stabilizes the production costs tremendously. 00:15:44.309 --> 00:15:46.669 It allows them to focus heavily on the championship 00:15:46.669 --> 00:15:49.110 hierarchies, which have become incredibly robust 00:15:49.110 --> 00:15:51.769 under this new regime. The title reigns happening 00:15:51.769 --> 00:15:54.330 right now are historic. Bandito is the current 00:15:54.330 --> 00:15:57.149 ROH world champion. He captured that title back 00:15:57.149 --> 00:15:59.830 in April 2025 by defeating Chris Jericho in a 00:15:59.830 --> 00:16:02.549 massive title versus mask match at the AEW Dynasty 00:16:02.549 --> 00:16:05.070 pay -per -view. He has anchored the men's division 00:16:05.070 --> 00:16:08.850 for 336 days now. A nearly year -long reign for 00:16:08.850 --> 00:16:11.230 the world title provides immense stability, but 00:16:11.230 --> 00:16:12.889 the numbers in the women's division are truly 00:16:12.889 --> 00:16:15.879 staggering. Athena is the reigning ROH Women's 00:16:15.879 --> 00:16:18.419 World Champion. She captured that belt on December 00:16:18.419 --> 00:16:21.919 10th, 2022, defeating Mercedes Martinez at Final 00:16:21.919 --> 00:16:24.779 Battle. As of today, she has held that championship 00:16:24.779 --> 00:16:29.960 for an unbelievable 1 ,184 days. When a brand 00:16:29.960 --> 00:16:32.600 suffers the kind of violent whiplash that ROH 00:16:32.600 --> 00:16:35.259 endured, from the pandemic to the Sinclair debt 00:16:35.259 --> 00:16:38.639 crisis to the con acquisition, having a champion 00:16:38.639 --> 00:16:41.419 hold down a division for over three years is 00:16:41.419 --> 00:16:44.059 an incredible stabilizing. mechanism. It builds 00:16:44.059 --> 00:16:46.559 equity and trust back with the audience. Tony 00:16:46.559 --> 00:16:49.279 Khan also preserved some of the unique legacy 00:16:49.279 --> 00:16:51.620 mechanics of the brand, specifically the proving 00:16:51.620 --> 00:16:54.399 ground match. This is a brilliant piece of competitive 00:16:54.399 --> 00:16:56.899 strategy. It really is. An up and coming talent 00:16:56.899 --> 00:16:59.100 faces a current champion in a non -title match. 00:16:59.419 --> 00:17:01.919 If the challenger can simply survive the time 00:17:01.919 --> 00:17:04.180 limit, usually 10 minutes, or manage to score 00:17:04.180 --> 00:17:06.460 an upset victory, they are guaranteed a future 00:17:06.460 --> 00:17:09.000 title shot. It solves a massive booking problem. 00:17:09.140 --> 00:17:11.019 It allows you to showcase your champions against 00:17:11.019 --> 00:17:13.289 lower tier talent. without making the outcome 00:17:13.289 --> 00:17:15.549 completely predictable. The audience invests 00:17:15.549 --> 00:17:17.390 in the underdog simply trying to run out the 00:17:17.390 --> 00:17:20.029 clock. The timeline highlights a perfect execution 00:17:20.029 --> 00:17:23.410 of this. Lee Moriarty stepped into a proving 00:17:23.410 --> 00:17:26.509 ground match against then pure champion Wheeler 00:17:26.509 --> 00:17:29.750 Utah. Moriarty managed to survive the full 10 00:17:29.750 --> 00:17:32.410 minutes. That endurance earned him a title shot 00:17:32.410 --> 00:17:34.730 at the Death Before Dishonor event in July 2024, 00:17:35.089 --> 00:17:38.069 where Moriarty capitalized and actually defeated 00:17:38.069 --> 00:17:40.369 Utah for the pure championship. And he's still 00:17:40.369 --> 00:17:42.890 holding it. Exactly. Looking at the data today, 00:17:43.049 --> 00:17:46.269 almost 600 days later, Moriarty is still the 00:17:46.269 --> 00:17:49.049 reigning champion. So what does this all mean? 00:17:49.519 --> 00:17:51.839 We have traced a company born from the collapse 00:17:51.839 --> 00:17:55.119 of the VHS tape trading market, watched it survive 00:17:55.119 --> 00:17:57.839 its founder's scandalous exit, weather multiple 00:17:57.839 --> 00:18:01.220 talent exoduses, endure a broadcast conglomerate's 00:18:01.220 --> 00:18:03.700 multi -billion dollar debt crisis, and navigate 00:18:03.700 --> 00:18:05.859 a global pandemic. Only to end up as a streaming 00:18:05.859 --> 00:18:08.319 property owned by the rival billionaire who poached 00:18:08.319 --> 00:18:10.119 their talent in the first place. Right. It's 00:18:10.119 --> 00:18:12.339 an unbelievable journey. When you synthesize 00:18:12.339 --> 00:18:15.059 this two -decade timeline, Ring of Honor is fundamentally 00:18:15.059 --> 00:18:18.500 a masterclass in relentless adaptability. Their 00:18:18.500 --> 00:18:20.759 operational infrastructure collapsed half a dozen 00:18:20.759 --> 00:18:23.359 times. Their financial backing disappeared. Their 00:18:23.359 --> 00:18:26.279 top stars abandoned them. But they survived every 00:18:26.279 --> 00:18:29.279 single extinction -level event by falling back 00:18:29.279 --> 00:18:32.220 on an incredibly stubborn, clearly defined core 00:18:32.220 --> 00:18:36.240 product. Pure, unadulterated, in -ring professional 00:18:36.240 --> 00:18:38.839 wrestling. The wrestling itself was the life 00:18:38.839 --> 00:18:41.460 raft. Exactly. The brand equity of that simple 00:18:41.460 --> 00:18:43.859 concept was so strong it literally kept the company 00:18:43.859 --> 00:18:45.950 alive when the bank accounts were empty. There 00:18:45.950 --> 00:18:47.970 is a massive takeaway here for you, no matter 00:18:47.970 --> 00:18:50.190 what industry you are navigating. The Ring of 00:18:50.190 --> 00:18:52.190 Honor story proves that losing your most vital 00:18:52.190 --> 00:18:54.529 talent to a competitor or having your corporate 00:18:54.529 --> 00:18:56.829 safety net yanked out from under you does not 00:18:56.829 --> 00:18:59.069 have to be a death sentence. If you cultivate 00:18:59.069 --> 00:19:01.769 a fiercely loyal community and maintain a distinct, 00:19:01.930 --> 00:19:04.250 uncompromising core identity like the Code of 00:19:04.250 --> 00:19:06.349 Honor, you can weather the most catastrophic 00:19:06.349 --> 00:19:09.210 organizational storms. This raises an important 00:19:09.210 --> 00:19:11.359 question, though. Something to think about as 00:19:11.359 --> 00:19:13.500 the wrestling landscape continues to shift in 00:19:13.500 --> 00:19:17.119 2026, when a fiercely independent, rebellious 00:19:17.119 --> 00:19:20.099 brand, a company whose entire identity was built 00:19:20.099 --> 00:19:21.940 on being the gritty alternative to the mainstream 00:19:21.940 --> 00:19:24.559 machine, is ultimately purchased and absorbed 00:19:24.559 --> 00:19:27.680 by a billionaire who runs a massive mainstream 00:19:27.680 --> 00:19:31.200 wrestling empire. Does that acquisition secure 00:19:31.200 --> 00:19:33.480 the company's legacy, or does it permanently 00:19:33.480 --> 00:19:36.400 extinguish the underground soul that made the 00:19:36.400 --> 00:19:38.180 audience fall in love with it in the first place? 00:19:38.730 --> 00:19:41.109 That is a phenomenal thread to pull on. Does 00:19:41.109 --> 00:19:43.609 the survival of the intellectual property justify 00:19:43.609 --> 00:19:46.210 the sacrifice of its independence? Something 00:19:46.210 --> 00:19:48.670 for you to mull over as you analyze the brands 00:19:48.670 --> 00:19:51.029 you interact with every day. Thank you so much 00:19:51.029 --> 00:19:52.990 for joining us on this deep dive into the chaotic, 00:19:53.049 --> 00:19:55.250 brilliant history of Ring of Honor. We hope you 00:19:55.250 --> 00:19:57.109 pulled some valuable insights from the madness. 00:19:57.309 --> 00:20:00.029 And as always, keep that curiosity alive. We 00:20:00.029 --> 00:20:01.089 will catch you on the next one.