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WCW losing money for paying wrestlers was definately not the main reason that they lost money. At their worst period of losses in 2000, WCW's talent pay roll was about $18 million (I have no idea what a normal company's payroll is by the way so I don't know if that's high or ok) but they lost over $200 million that year. The company was just badly managed.
Remember, had WWE not made various budget cuts over the last 2 years, they would be a very non profitable company right now. That's the difference between good and bad management though.
In 1997, WCW made a profit in the area of $80 million. I don't have the exact number that was the first year that company ever made money. They made over double that over the next two years before Eric Bischoff was fired.
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