Partial Source: The Wrestling Observer

UPDATE x 11: TNA officials have reportedly told the talent that the rumors that Spike TV canceled Impact are not true. TNA's acting the same now as when the sale rumors began last year. They emailed the wrestlers to tell them not to worry about the rumors. They are expecting good news and will update the roster when they know more.

Meanwhile, it was previously reported that TNA was losing around $45 million three years ago. While that number is lower now and the loss has slowed down, they are still losing money.

UPDATE x 10: During the latest edition of WOL Radio, the possibility of WWE buying TNA's video library (if they can't get picked up by another network) was discussed.

An interesting note from that discussion was that TNA has over 1,000 hours (approximately 1,400 hours) of footage and the going rate from the WWE is about $500 per hour of footage. The word is that the offer from WWE would be at around $500,000 for the entire TNA video library. This is of course a worst case scenario situation, and again, is only speculation.

Meanwhile, TNA is currently having issues shopping the product because Hulk Hogan is no longer with them. Many networks view Hogan as a big draw in wrestling. Since TNA doesn't have Hogan anymore, it's hurting their reputation.

UPDATE x 9: Spike TV informed us today that there are "ongoing negotiations" in regards to TNA iMPACT. They refused to comment any further.

UPDATE x 8: As previously reported, Spike TV will apparently not renew their contract with TNA and iMPACT! Wrestling will be canceled if the company can't find a new TV deal. Now Dave Lagana, a former WWE creative writer and current Director of Creative Writing for TNA, has allegedly approached Ring of Honor for a job. He reportedly wants to produce future live PPV events and manage ROH's online and social media presence.

He has worked for TNA since October 2011. However, after he left WWE (where worked as a writer and producer for six years), he worked in Ring of Honor as a backstage producer. He gained some recognition of the internet with the "I Want Wrestling" podcast in 2011. There appears to be early interest from ROH in bringing him back.

UPDATE x 7: According to sources, when asked for a comment on the story, a Viacom (the parent company of SpikeTV) representative stated the following…

"Per Viacom company policy - we don't comment on ongoing negotiations."

UPDATE x 6: Following the news that Spike TV is not renewing TNA's TV deal in October, Dixie Carter and TNA's Bob Ryder posted the following on Twitter today…

UPDATE x 5: Late Sunday night, news broke that Spike TV has canceled TNA iMPACT! Wrestling and will not be renewing their TV deal, which expires in October.

As noted earlier, TNA held a major company meeting on Friday and dropped the bombshell news on her staff. According to sources close to the situation, she attempted to spin the situation in her favor, saying that TNA decided to leave Spike TV because they failed to promote the company effectively. While she might have a point there, all indications are that Viacom and Spike TV made the decision to end their relationship with TNA for a variety of factors.

Spike's decision to not renew TNA's TV deal was made immediately after news of Vince Russo working for TNA became public. It was rumored for months that Russo was working as a consultant for the company, which he and TNA vehemently denied. Earlier this month, Vince Russo inadvertently CC'd Mike Johnson on an internal email intended for Taz and Mike Tenay, essentially confirming that he was in fact working for TNA.

There were many reasons that TNA did not want that knowledge made public. First, Russo's reputation speaks for itself and the majority of wrestling fans would not have a lot of faith in TNA's decision to rehire one of the most infamous and controversial writers in the industry. There was also an issue of TNA's relationship with The Great Muta and his Japanese Wrestle-1 promotion, which currently has a partnership with TNA. Muta has very negative feelings about Vince Russo due to his negative portrayal of Japanese wrestlers over the years. It's believed that he was assured Vince Russo was not working for TNA when he agreed to partner with TNA and host Bound For Glory in Japan later this year.

However, the main reason TNA did not want Russo's involvement made public was because...