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[ UPDATE ]

Sources have informed Nuke the Fridge that the stories going around about  Warner Bros.  buying or wanting to buy the entire WWE Library are NOT true.

That means the following story we reported from The Wrap has no ground to stand on.

 

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Two insiders have leaked information concerning negotiations between Warner Bros. and the WWE. WB wants to purchase WWE’s entire library. The two companies declined to comment on the financial terms of the deal.

The library is estimated to hold over 150 thousand hours of content dating back to the 1950s. It contains television shows, pay-per-view events and house shows. There is also a large selection of the visual history of modern day wrestling, which is currently held by leading independent content distributor Cinedigm.

Cinedigm holds the contract with WWE with no end date as of yet, but the World Wrestling Entertainment, Inc. company is transitioning away from the library.

WWE launched its network in February, and has used the library, but hasn’t signed up enough subscribers to make up for its lost pay-per-view orders. WWE needed at least 1.3 to 1.4 million members, but the company closed its first quarter with a disappointing 676,000 subscribers and declining PPV revenue. The company is hoping to hit the one million subscriber mark sometime this year.

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The WWE Network is a  24/7-streaming network that features 12 WWE live pay-per-view events, original programming, reality shows, documentaries, classic matches and more than 1,500 hours of video on demand at launch.

Sources: The Wrap, Cinedigm