Breaking News: WWE Officially Changes Their Name

WWE announced today that the organization would no longer be referred as World Wrestling Entertainment due to Vince McMahon's decree to eliminate the term "wrestling" from the product. The company will be solely branded as WWE.

Here is the press release from WWE:

To better reflect the company's global entertainment offerings, World Wrestling Entertainment, Inc. (NYSE: WWE) announced today a new business model for future growth, including formally rebranding itself, WWE.

Two key components to WWE's brand expansion will be the active pursuit to acquire entertainment content companies and the outsourcing of WWE's core competencies ? television and film production, live event production and licensing. As part of the new business model, the company will also focus on the development of new television products including scripted, non-scripted and animated programs, as well as the launch of a new WWE network in the next 12-18 months. The first new program of the brand expansion is Tough Enough, WWE's non-scripted program that debuted on the USA Network on Monday.

"The new business model of the company better reflects what WWE is all about, being a global entertainment company," stated Vince McMahon, Chairman and CEO, WWE. "We will always be loyal to our core business that made WWE a globally known entity, however, the future of WWE will be the addition of new entertainment content opportunities beyond the ring."

This new rebranding initiative will be highlighted through a national consumer and business-to-business advertising campaign entitled "Bigger. Badder. Better.?" The campaign kicked off at WrestleMania? XXVII on Sunday and will be featured on cable TV, print and online.

In addition to focusing on the expansion of the company, the company will bolster its core business with the launch a new talent development department headed by Paul "Triple H" Levesque. The new department will put a greater emphasis on worldwide recruitment, training and character development to identify future WWE Superstars and Divas. The first recruit acquired under Levesque's new department was the signing last month of future WWE Superstar, Sin Cara, formerly known worldwide as Mistico.

Source: WWE Corporate

Timothy McDaniel contributed to this article.