A lot of people carve WCW but it would have been a great promotion. It was the suit and ties of Ted Turner that ruined WCW. Otherwise, they had the work horses to do the shows. They were merely mis-managed.
Actually, I think it was AOL-Time Warner... They bought WCW and the ratings started to slip a little, so they would change WCW execs, wouldn't give them any ability to pull out of the slight ratings dip.
Eventually, Time Warner decided they didn't want to be in the wrestling biz and sold WCW to another entity... Vince just happened to have the most to gain, so he paid the most for it.
WCW didn't have to go away, but Vince offered the most.