"It's a small organization that doesn't have very much vision," Bischoff said.

Bischoff said he didn't want to work with people in the creative process "that couldn't get a job in WWE or shouldn't have had a job in WCW."

Bischoff continued, "There's no vision for that company. They are people who have never been to the dance. They've never been a part, really, of any of the decision-making processes that led to the success of the industry. Some of them happen to have been working there while other people did it, but have never really done it for themselves. They just don't have the feel for it. So that's the reason we wouldn't want to be there."

TNA issues the following announcement on their website after the press conference:

“Hulkamania” is back! The biggest name in professional wrestling history, Hulk Hogan, is joining Total Non-Stop Action Wrestling (TNA), the fastest rising wrestling organization in the world and home to one of cable television’s highest rated shows for young men, TNA iMPACT! The announcement was made today by TNA Wrestling in conjunction with Spike TV at a press conference held in New York City.

“Hulk Hogan is one of the world’s top pop culture icons and the biggest superstar in the history of professional wrestling. We are truly excited to welcome him into the TNA family,” said Dixie Carter, President of TNA Wrestling. “Our goal is to become the world’s biggest professional wrestling company. Hulk defines professional wrestling and we look forward to partnering with him in a variety of ways as we continue to grow TNA globally.”

“I’m thrilled to be jumping back into the world of professional wrestling,” said Hogan. “My fans have been asking me to return to the business for many years on a full time basis, but the timing or the opportunity has never been right until now. TNA Wrestling is a great company with an already excellent fan base, business and broadcast partner. I firmly believe now is the time for some change at TNA as they are positioned to jump to the next level in their development and I’m here to work with Dixie to help make that a reality.”

Through Hogan’s partnership with Bischoff Hervey Entertainment Television, the deal with TNA was negotiated by longtime Hogan colleague Eric Bischoff. Additionally, BHE TV has inked a first-look deal with TNA and will be working with the organization to develop new programming extensions of the TNA brand.