World Championship Wrestling was formerly Jim Crockett Promotions and was purchased by Ted Turner in 1988. It existed until 2001 when it went out of business and was purchased by its rival, the World Wrestling Federation. Among all the wrestling companies that stood up to Vince McMahon, WCW was the only one to have been able to beat him and they did so eighty four weeks in a row. Here are some of the reasons why WCW failed.
1) Guaranteed contracts - Guaranteed contracts are bad because they do not encourage performance. Why work harder when the pay is the same?
2) Overusing the nWo angle - Sure the nWo or the New World Order angle took WCW to the mountaintop. Unfortunately, WCW never had a long term vision on what to do after the nWo had run its course. They ended up recycling the angle into splitting the nWo twice and recreating it in the year 2000.
3) Burying the young talent - When WCW was getting ready to go to war against the WWF, Eric Bischoff raided the WWF of its marquee names. He got Hulk Hogan, Randy Savage, Roddy Piper, Scott Hall, Kevin Nash and many more. While this helped WCW initially by showing fans names that they recognized, fans got tired of the same names after a while. WCW was not able to develop the younger talent and give them a push. Young talent such as Chris Benoit, Chirs Jericho, Paul Wight and Steve Austin left the company but became big stars in the WWF. As far as I remember, the only stars that were created were Diamond Dallas Page and Bill Goldberg.
4) Vince Russo - During the last days of WCW, Vince Russo was brought in to revitalize the product. He ended up destroying the Cruiserweight Division and creating nonsensical matches such as the Viagra on a pole match between Shane Douglas and Billy Kidman.