There's some exciting news in the world of World Wrestling Entertainment (NYSE: WWE). Looks like Vince McMahon wants to expand his media empire via entering the world of basic cable. Yes, he's already on basic cable, of course, but now he's intent on literally creating his very own wrestling channel.

According to a blog at the Los Angeles Times website, McMahon would be interested in launching a dedicated WWE channel within two years. This makes complete sense on several levels. First, WWE has a lot of content in its library that needs to be monetized; WWE's existing video-on-demand product already leverages the company's portfolio, but exposure to ad-supported cable would be helpful. Second, it could boost the profile of the WWE brand. Third, it might help long-term growth; without question, WWE needs to do something to compensate for the falloff it is seen in pay-per-view buys.

There is not much novel about it, but the idea may work. General Electric (NYSE: GE)'s NBC will begin airing re-runs from its cable operation, USA Network, in prime-time. This will let the parent network field programming at a very low cost while the industry's writers strike drags on. Some of the late-night programs like Jay Leno's show, have agreed to go back on the air without writers.

The approach may put greater strain on the writers to settle. Some of the USA shows are very popular. Monk and Psych are among the programs that will begin to air.

According to The Wall Street Journal, "Until now, the networks had been expected to soon run out of fresh episodes of their most popular prime-time shows, forcing them to revert to unscripted fare such as reality and game shows." TV executives are worried that, without popular shows, their ad rates may fall and earnings could suffer.

If the networks field line-ups of cable programming, shows produced outside the U.S., and reality shows, the writers may have run out of leverage.

Douglas A. McIntyre is an editor at 247wallst.com.