It's public knowledge that WCW lost $80 million dollars in their last year of operation. They were a public company, and that information can be found in Time Warner/AOL's fiscal reports for 2000 and 2001.If you google the ratings for WCW in 2000 & 2001, you would see they were still doing 2s and 3s even when they were getting ready to close, these are the same numbers WWE is doing today, does that mean WWE is about to fall off and are hemorrhaging money like people who didn't work for WCW claim? The fact if the matter is they were still producing good numbers, never below a 2 even in 2000 and 2001. Harvey Schiller has stated many times how people in the org thought of WCW, mike Graham, who hogan blasted in his book still says this, Dave Crockett talks openly about it, so yes I can go on with more names.
I asked you for sources, not "well this guy said". Ted Turner said that WCW was a horrible investment and should have been put out of its misery. See what I did there? Anyone can say "well this guy said". So what if there were people in Time Warner who didn't like wrestling, as per "this guy said"? I guarantee you there are people at USA who don't like wrestling; you don't turn your back on a money-making business just because you "don't like that dadgummed wrasslin'".
In addition, WCW was pulling 2's in their final year, they were on a downward trend, and at the time, 2's were considered weak performance for professional wrestling, especially when your competition at the same time was pulling in 5's. You can't compare ratings from a decade apart directly; the marketplace changes. If the WWF was pulling 2's in 2001, they would have had some serious answers to provide too. Now, the WWE's 3.2-3.4 is considered acceptable, if not good, for what the network they are on is looking for. Professional wrestling also isn't the money maker it was at the beginning of the last decade. Expectations are lower. That's part of the reason the WWF/E left for SpikeTV for a few years; they received an offer they found unacceptable from USA Networks in light of their lower ratings after the Monday Night Wars. The WWE is not as strong as they were in 2001.
You're also making the mistake of directly tying ratings to financial loss. WCW was losing $80 million in their last year because of some insanely foolish decisions; like signing talent to multimillion dollar contracts through their parent organization, sending airline tickets to wrestlers who weren't traveling, even paying wrestlers that they didn't know they had under their employ (Lanny Poffo). A show earning a 2 rating doesn't automatically mean it's a money loser; correlation != causation.
I always prefer to buy into the most logical explanation. You have a business with ratings that are slowly descending, that's absolutely bleeding money, and has limited hopes for regeneration. That's a recipe for a business that gets closed down. The "I just don't like that wrasslin'!" line sounds great to professional wrestling fans, familiar with the bad guy doing bad things to the good guy for no reason, but holds absolutely no logic in a world which is measured by which business can bring you money.
There's a reason that Time Warner/AOL could only get $7m for WCW. (Again, the specifics of the Bischoff/Fuscient offer were dependent upon Time Warner purchasing three years of WCW programming, with most of the money for the offer coming in later years.) It's not because they were a business that was secretly successful that evil people wanted to destroy because they just didn't understand it.