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I think running as 2 companies would have been good. With WWE having the monday night time slot. Then WCW having the smackdown time slot. Then you could have all the champions on each brand...then once a year do the whole WWE vs WCW PPV to determine the dominance of one over the other.
You could even have cross brand main events with something WWE Champ Vs. WCW Champ. Maybe even have the other company win the belt from the other show. That would set up some cool angles I think.
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