Kellner basically took the air out of the Attitude Era and wrestling in general when he referred to wrestling as lowbrow entertainment and not deserving of being on Turner networks. As a result, he basically took the bitch's way out, since the WWE was kicking WCW's ass at that time he just said that wrestling sucked and that was that.
I have to disagree.
People fail to realize that the other Turner/Time Warner executives had pretty much gave up on wrestling in 1996, after the first merger. And that was after WCW began winning the ratings war. It only lasted so long because Ted Turner maintained majority share.
Problem was, WCW was still losing money back then. Turner maintained faith in the company because it was responsible for the success of his networks. With him still in charge, WCW remained in business. By the time he was forced out in 2000 when AOL merged with Time Warner, the ship had sunk even further, losing over 60 million in that year alone. It was no point in keeping a program on air that was losing that kind of money, even if it was the ratings puller for Time Warner.
And eventhough the networks were owned by Time Warner, it left little room for profit to be made, as unlike Turner, they actually cared about turning a profit and had little patience on waiting for a "maybe".
But in the end, remember this, if Turner didn't have majority share in 1996, WCW would have been taken off Turner Networks back then, as they wanted nothing to do with wrestling, eventhough WCW was dominating the ratings.