On January 11, 2001 with WCW facing major financial woes, Siegel accepted Bischoff's offer to purchase the company. However, the new head of Turner Broadcasting, Jamie Kellner then canceled all WCW programming from its television networks. With no network on which to air its programming, WCW was of little value to Fusient, whose offer depended on being able to continue to air WCW programming on the Turner networks. Bischoff stated that "it made absolutely no sense for us to do the deal under those circumstances." With WCW programming canceled the company's key assets (tape library, trademarks, and selected contracts) were purchased by the WWF in March 2001 for a substantially lower price (approximately US$3.5 million).