I remember it being advertised, but didn't get to watch it. And I was pissed. And I too thought it was going to be a yearly broadcast as well. Didn't UPN also broadcast the 97 or 98 Arnold as well?
Yes, the order went -
Late 80's, early 90's NBC had them. Mid 90's - Espn. UPN was 97 - 99, I'm not sure who got them after that. UPN seemed to shuffle them around, but I remember them sticking with it for a while. Here's an old snarky review of it -
http://articles.chicagotribune.com/1998-08-26/features/9808260273_1_arnold-dance-a-thon-mulled-wine -
"August 26, 1998| By Steve Johnson, Tribune Television Critic.
"Arnold's Rock 'n' Roll Body Building Championships": It almost makes you cringe to discoverthat the Arnold in question is indeed Schwarzenegger. This kind of syndicated special (7 p.m., WPWR-Ch. 50) is apparently what happens when your box-office magic fades. (Look also for "Sharon's Sheer Energy Dance-a-Thon" and, on cable, "Mulled Wine the Meryl Way.") The publicity material seems to indicate that in this program, oily, way-too-tan, over-inflated humans (and I say that with the utmost respect, should one of them happen to want to talk to me about that comment in person) prance about an Ohio stage tensing their large and veiny muscles and gritting their glimmering white teeth to the beat of rock music. Arnold, who came to fame, you'll recall, doing this sort of thing, is the host and producer of the show, set at his World Bodybuilding Classic event in Columbus. It promises to go someplace I would really rather it didn't: backstage. But the really grim news is that bodybuilding has apparently been scheduled to join the Olympic event list in Sydney in 2000. It is a bulletin only Hans and Franz would appreciate. " .