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Depends on what they actually purchase. If they simply buy the footage, then no. (I think somebody else owns the rights to the AWA as a wrestling promotion) If the deal is for the intellectual property of the company too, specifically including all trademarks, then they can do what they want with it. That's why there was a lot of fuss in 2001 during the InVasion angle, because WWE were using the ECW name and logo despite not owning the rights, at the time. I think they MAY have owned the video library for ECW but not yet the intellectual property. Something like that anyway.
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