Where'd the new name come from?
IFBB Pro Division was the name for the last few years. Wayne owns the name Pro Division in the United States. Instaed of keeping IFBB Pro Division and having it confused with Pro Division Inc., they changed the name, and the logo for the IFBB, aka Professional League. Are they aware of the PDI - yes, of course - after all, it is Wayne, and I would be mildly concerned. So they changed the name to avoid any confusion in the future. And yes, it was confusing to some.
Well it was tried before, Wayne had high hopes for it but when it failed he "cancelled" it.
Well, this is a little more difficult. Wayne wanted to start the Pro Division, with the backing of others. The backers didn't come through, so Wayne effectively was out, and chose not to continue. Technically, the Night of Champions was an IFBB event, even though it said Pro Division on there, and Pro Division was running it. The other shows that were planned were allegedly IFBB shows that would come and join the PDI - and that didn't happen. They weren't cancelled, they just didnt change.
the PDI failed back in 04
Yes, it did. No question about it. What many pro's at the Florida Pro show were wondering, and many people at the Night of Champions were wondering was if this PDI or Pro Division was going to take over. It was definately news, and since Wayne was a key figure for many years, many didn't doubt what he was saying. No one knew what was going on between the Florida Pro and at least four days before the Night of Champions, until the press release came out saying that AMI and Weider's will continue to support the IFBB, and Wayne has no connection. It was that simple. So yes, the PDI did fail back in 2004.