Executives at World Championship Wrestling, or W.C.W., say they have been told that Fox, owned by the News Corporation, whose chairman, Rupert Murdoch, is a bitter rival of Mr. Turner, is considering adding wrestling to its prime-time lineup and is trying to lure Hulk Hogan, one of the Turner wrestling empire's prized names. A Fox spokesman, Gary Ginsberg, would not comment. http://www.nytimes.com/1999/11/22/business/media-cue-music-roll-mayhem-wrestling-once-ad-libbed-now-carefully-scripted-top.html
The time table is right in the middle of the Monday Night Wars just before things started heading completely south for the WCW rumors began floating around that something big could be coming. Rumors on a variety of sites disclose that former News Corporation Chairman Rupert Murdoch was considering entering the wrestling business.
Apparently, Murdoch was looking to poach Hulk Hogan away from WCW which would have been next to impossible considering Hulk had just resigned with WCW two years prior. The odds are that if Hogan was stolen then that would’ve meant that Murdoch would’ve had to buyout the remaining years of Hulk’s contract.
Hulk Hogan himself confirmed the story in an interview with Dave Meltzer where he claimed that it wasn’t if but when Rupert and Fox would join the wrestling business. However, Hulk did deny the idea that he would be heading to the “rumored” company at least at this point.