I have to admit, I didn't notice until late this week that World Wrestling Entertainment's (WWE) Legendary film, which opened yesterday, was some sort of drama. Maybe I was aware of it, somewhere in the back of my mind, but honestly, I've suddenly been hit by the notion that WWE's celluloid division made one heck of a strange business decision in green lighting the project.

Let me say upfront that I have not seen the movie. But I've read several reviews, such as the one in the Los Angeles Times. They don't make me want to see the flick.

World Wrestling Entertainment (WWE) hasn't fully succeeded with its film model. The company's slate has yet to produce a bona fide hit yet. Because of this, management has decided to change the strategy governing the operations of the WWE Studios asset.

WWE has elected to take over the marketing/distribution chores for its movies, ditching previous partners Lions Gate Entertainment (LGF) and News Corp. (NWS) in the process, as this article at Variety indicates. However, there's an even bigger change that all shareholders should focus on.

DreamWorks Animation (NYSE: DWA) has done it again. The studio's new computer cartoon, Monsters Vs. Aliens, which was distributed by Viacom (NYSE: VIA), debuted in the top slot over the weekend at domestic multiplexes. According to Boxofficemojo estimates at the time of this writing, the film earned around $58 million. I think we all expected the performance in terms of rank, but I have to say that I thought the film would have taken in north of $60 million.

If you look at this very useful reference, you'll see that the opening for Monsters is relatively decent when compared to other DreamWorks Animation openings. But since both Kung Fu Panda and Madagascar: Escape 2 Africa had both hit the $60 million mark, I thought Monsters could do the same. An element to keep in mind is the timing. This is the first time that the studio opened one of its animated projects in March since The Road to El Dorado, and that one doesn't really count since it wasn't a CGI affair. So from that standpoint, perhaps this is a big victory.

Don't tell me you haven't noticed the rise in value of shares of World Wrestling Entertainment (NYSE: WWE). The recent rally in the stock is supremely impressive. The shares closed on Thursday at $12.08. The 52-week low of $8.76 was made back in November of last year. If you look at a one-month chart, you'll see that it's been nothing but straight-up action.

Yes, my friends, the stock is Hulking up! (I love it when Hulk Hogan does that routine.) Of course, by the time this is published, maybe the shares will have experienced a sell-off, but for now, the shares are hot.

World Wrestling Entertainment (NYSE: WWE) is going to be one busy company this weekend. And don't tell me you don't know why. Well, okay, I suppose a few of you may be in the dark -- you see, Wrestlemania 24 is scheduled for this Sunday. It promises to be a big affair. In fact, I caught Triple H, John Cena, Chris Jericho, The Big Show, Floyd "Money" Mayweather, and Vincent Kennedy McMahon on Larry King's CNN program yesterday -- they were in full promotion mode, and even Donald Trump called in to wish the gang well (you may recall that Trump won last year's hair-match battle with McMahon, a feat that left the latter with a bald head). Oh, and Vince even mentioned the stock.

It was an interesting interview, and it highlighted the fact for shareholders that the data from Wrestlemania should help to tell what kind of state the company is in. Will the buy rates be lower or higher than last year? Tough to tell, but I have to say that there doesn't seem to be, for me at least, that one match that's sure to drive even the most casual of wrestling fans to order up the show on their pay-per-view menu. A lot of the fallen fans will probably come back into the fold this weekend, however, to view the Ric Flair contest, in what is being billed as perhaps his last match. Thing of it is, though, Wrestlemania should still do well, even if it isn't necessarily the best roster they've ever had (I say this subjectively, of course) -- remember, Wrestlemania is not just an event, it's a brand, and a lot of people will order it up regardless. And the event is an excellent opportunity to bring more mindshare into the WWE product. THQ (Nasdaq: THQI) and JAKKS Pacific (Nasdaq: JAKK), for instance, will certainly be hyping the heck out of their WWE videogames this weekend with their annual superstar challenge.