Bischoff said something interesting on Raw a few weeks ago when somebody (probably Austin) made a comment how Bischoff ran WCW into the ground, and out of business. Bischoff responded by saying they didn't "go out of business" but were rather purchased.
I think it's a pretty interesting point. Think about it. WCW was purchased by WWE, and because WWE didn't want competition anymore, folded the federation. What if somebody else purchased WCW? They would have continued to run the business. I know what you're thinking, the business was going down further and further each day and was headed for bankruptcy. And yes, WCW is no longer around, so technically they're "out of business", but if you think about it, it's really a unique situation. They're not around because their competition happened to purchase them, not because the company "folded" in normal terms.
Being acquired is something that happens in business every day. My company was acquired by a larger company about 4 years ago. Though my group is now part of the larger organization, we still retain much of our independence and style, all within the auspices of the big company. I think that is sort of what is happening with Raw. Although, in our situation, much of our infrastructure was left intact
Heel Steve Austin created WHAT. It actually seems like they are trying to transition WOOOO! from Flair to Angle though. Which, if it is going to go to another wrestler, Angle is the right one to get it.