STAMFORD, CONN. WWE wrestles with the loss of stars and tumbling ratings

The company is developing new stars to replace those who have left, WWE's chairman said.
STAMFORD, Conn. (AP) -- Judged by the lines of loyal fans, who will stand in the cold for hours to witness the flying bodies, the explosions and especially the cheesy intrigue, World Wrestling Entertainment is doing just fine.
"It's a grown man's soap opera," says Jovany Rosado, 27, of New Britain, who attended a recent WWE show in Bridgeport. "There's a lot of twists and turns."
But lately WWE, a commercial empire with matches shown in 10 languages and 130 countries, had been taking a pounding in the television ratings on some of its key programs. The loss of some star performers is weakening its hold on audiences. And some of its fans, WWE plots may be becoming -- is this possible? -- outlandish.
On the decline
Average viewership so far this season for the show "Raw" is 3.1 million households, down 14 percent from 3.6 million last season, 20 percent from 2000 and 35 percent from the 1999 season, according to figures from Nielsen Media Research. "SmackDown!" has suffered a similar decline.
WWE stock, which reached more than $25 a share shortly after it went public in October 1999, is now trading at less than $9 on the New York Stock Exchange.
Many youths worship the stars, who have written best-selling books and appeared in movies. Most of all, the fans love the melodramatic story lines surrounding the matches.
But lately it seems they're loving them less.
"It's not like everyone suddenly discovered it's fake and they don't want to watch it," said Dennis McAlpine, an analyst with McAlpine Associates in Scarsdale, N.Y. "It just sort of drifted down, and they haven't been able to stop it drifting."
Positive outlook
WWE officials acknowledged the decline in ratings but say its programs remain among the top-rated on cable television.
"Clearly we don't have, at the moment, everything the audience wants to see," said WWE chairman Vince McMahon, who with wife Linda, who is chief executive, built up the company. "It's just a matter of time before it goes through the roof again."
He said the company expected a temporary setback after WWE split its wrestling stars into separate television programs following the acquisition last year of its longtime rival, World Championship Wrestling. The move required a change in viewer habits, but in the long run will lead to more stars emerging, McMahon predicted.
WWE, with a recent slump in profits, also has new ventures involving books and movies to boost the bottom line.
McMahon said WWE is developing new stars to replace some popular ones who have left.
"Stone Cold" Steve Austin, who pleaded no contest last week to a charge of assaulting his wife, was suspended after he didn't show up for a performance, and The Rock has been busy making movies.
The company also continues to tangle over the trademark WWF, which it used while calling itself the World Wrestling Federation. The World Wildlife Fund, an environmental group that is known for protecting pandas, successfully sued for the exclusive right to the WWF initials. WWE lost that battle, but is fighting over damages.