Development
In the late 1980s, Vince McMahon's World Wrestling Federation (WWF)'s main competition in the professional wrestling industry was from Jim Crockett Promotions. McMahon countered Jim Crockett's successful Starrcade pay-per-view, which began airing in 1983, by creating the WrestleMania franchise. After WrestleMania III in March 1987, the most successful professional wrestling pay-per-view event in history, McMahon created the Survivor Series franchise, which aired the same day as Starrcade '87 in November 1987. After defeating Crockett in the ratings war, McMahon created the Royal Rumble, an event airing for free on the USA Network in January 1988. The event set a ratings record for the network with eight million households tuning in to watch the event. In retaliation, Crockett created the Clash of the Champions event, which aired simultaneously with WrestleMania IV. WrestleMania IV garnered higher ratings, and not long after, Crockett filed for bankruptcy and sold his company to Ted Turner, who renamed it World Championship Wrestling (WCW).
As the WWF continued to replace its closed circuit programming with pay-per-view programming, McMahon added more pay-per-views to the lineup to capitalize on the success of his previous events. In addition to WrestleMania in March, Royal Rumble in January, and Survivor Series in November, McMahon created an event for August, which he named SummerSlam. To keep the WWF from having a pay-per-view market monopoly, Turner began airing monthly WCW pay-per-views. As a result, both companies brought in hundreds of millions of dollars of revenue. SummerSlam became one of World Wrestling Federation's most successful events and one of the "Big Four" pay-per-views, along with WrestleMania, Survivor Series, and Royal Rumble. Those four events, along with King of the Ring, are known as the "Classic Five".
Read more about this topic: Summer Slam (1988)
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