WCW wasn't the only casualty Ted Turner suffered at the hands of Time Warner.
Being restricted during their final few years partly explains why their shows were rewritten so much, or written spur of the moment. Bischoff wasn't the only one to deal with it. I can't remember if Bischoff said it, but I think Time Warner also played a part in creating Thunder and causing WCW to raise their ticket prices. In the "Kevin Sullivan and the end of WCW" DVD, he gives great details about dealing with Time Warner.
Even in 1999, WCW averaged ratings that Raw currently gets without much competition, except for Monday Night Football. They got some of their higher ratings in 1999. From 2000-2001, their ratings were their worst in years, but that was still better than what TNT & TBS usually got. Kevin Nash gave a good example in an interview, of how the network would spend lots of money (millions) on a movie that would get a fraction of the rating that WCW got. Come to think of it, around that time, other popular shows were gutted despite doing well. Mortal Kombat Conquest being one.
The NWO was getting old by 1998, but that was around the time WCW began having more restrictions placed on them. I had no problem with the storylines until 2000. Prior to that, they put on more believable feuds than WWE and kept things simple. During 2000, Russo's 2nd term, Jim Herd's term, and Hogan's feuds with Warrior & the Dungeon Of Doom, WCW got criticized for doing wild things you'd expect from WWE. Bischoff's biggest problem was overspending. Take away that and WCW probably wouldn't have been in the red in 1999, if they would have it wouldn't have been by much. That's why he was replaced. Losing 60-80 million dollars in 2000 is nothing compared to losing a few million in 1999. WCW was in the red before, but not nearly by that much.
There's a theory that someone was in on WCW being sold so cheap to McMahon, mainly Brad Segal. They could have sold it for much more. They could have profited from that video library alone whether they sold WCW or not.
Reboot, restart or re-imagining is another word for remake