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Hogan drawing and WCW going under are sperate issues. WCW was alive until the time warner meger where it was decided internally to kill the product or at least sell it off because wrestling was not congruent with the companies image. WCW could have mounted a comeback - the "star-power" was certainly out there.
I don't think the demise of WCW relates to whether Hogan was a draw or not. If you look at it the WWF didn't go under when hogan left
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