By late 1988, JCP was financially struggling after further territory acquisitions. Ted Turner, the namesake principal owner of Turner Broadcasting, did not want to lose pro wrestling on his network, as it was a steady ratings draw. So in October 1988, Turner Broadcasting formed a new subsidiary to acquire most of the assets of JCP, continuing the television shows without interruption, with the acquisition being completed on November 2, 1988. While initially the subsidiary was incorporated as the Universal Wrestling Corporation, following the purchase the decision was made to utilize the familiar "World Championship Wrestling" as the name for the promotion.