If WCW was profitable, even if they didn't like wrestling, they could have aired the shows on another network, while still keeping the company, thus, making profits. The problem is, there was no real profit to offer any company to play the shows.
and even with what happened, we can even look at it from this point, Vince bought most of WCW, and even brought a nice amount of it's talent to WWF, do you not think that if the brand WCW was profitable, he would keep it and expand? He expanded with his brands soon after, and even kept ECW (although he changed it too much and it lost it's appeal), but why not WCW? Vince is a smart business man, and I honestly believe that if he felt that WCW could still be profitable to him, he would have managed to keep WCW alive, seeing how he had the trademarks, tapes, history, and majority of the relevant roster. The reality was that there was no profit in doing so, and thus, decided to just absorb the remainding roster into the E and let the WCW name, brand and company go by the wayside. If Vince could have SD, ECW, Raw, and all of that other mumbo jumbo he had going on, he could have savaged WCW, the problem most like was that the people running WCW ran it into the ground, making it unsavagable, not that the company didnt want them.
It's like seeing a prize winning horse go down, and everyone knows that it can't run the race anymore, the company just happened to be the one who put it down, but it wasn't the cause of it.