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Anthem Sports to acquire majority interest in TNA Wrestling

In a move expected since the end of 2016 and one discussed on this site frequently, Anthem Sports & Entertainment officially announced Wednesday night they have entered into a definitive agreement to acquire a majority interest in TNA Impact Wrestling.

The media company also owns The Fight Network, a big player in combat sports in Canada and 30+ countries, as well as TNA's exclusive broadcast partner in Canada.

In a press release, Anthem announced that Executive VP Ed Nordholm will become president of Anthem Wrestling Exhibitions, LLC. He's been the managing director of the company's Board of Managers since October 2016.

As for Dixie Carter, the release said she will step down as chairman of the board to join the advisory board of Fight Media Group "which holds all of the combat sports-related assets of Anthem, where her focus will be on the global growth of the combat sports-related brands owned by Anthem." She will remain a minority equity stakeholder.

TNA's financial woes have been well-documented and a major story throughout last year were the efforts to keep the company alive through various investor initatives. One of those initiatives involved musician Billy Corgan who ended up suing the company in an effort to gain control over moneys owed. Corgan eventually settled with Anthem and TNA after a judge rejected those claims.

From the release:

“Anthem has been a great partner for many years,” added Dixie Carter. “We have worked hard to find the right company who would acquire TNA, use its strategic influence and have a long-term commitment to the brand. TNA’s incredible fans, talent and staff deserved to see the brand continue to thrive after 15+ years of incredible growth.  I’m excited to move to a new position and work with Anthem on their global strategic plan, and I am confident TNA IMPACT Wrestling is going to be a huge part of their success."

We'll have more on this story on the Wednesday night edition of Wrestling Observer Radio.