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Pretty much what Rob said.
Once Turner killed all WCW programming, EB lost all his investors, and since AOL was looking to make something on their investment (the year before WCW had lost $60 million) they took the first credible offer they got. Which was Vince, who I believe paid around 1/10th of what EB's ownership group was prepared to pay before losing the TV deal.
That of curse didn't include the big-name guaranteed deals, which meant that at the time it actually cost more money to sign the nWo then to buy the entire WCW.
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