Source: Wrestling Observer NewsletterWWE inducting Carlos Colon into the Hall of Fame this year has to do with the WWE Network expansion.
With WWE expanding the Network internationally next year, they are in need of Spanish language programming and are preparing to purchase the World Wrestling Council tape collection from Puerto Rico.
It's said that WWC is interested in selling their tapes as a way of raising money. They were apparently close to folding several years ago and wouldn't sell the tapes. Colon's induction is said to be part of the deal for the WWC library.
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