World Wrestling Entertainment has unveiled a new business model for future growth, which will help the firm focus on being a 'global entertainment' company, said its chairman.

Formally rebranded as WWE, the firm will actively pursue acquisitions of entertainment content companies and the outsourcing of its core compentencies - TV and film production, live event production and licensing.

As part of the new business model, WWE will also focus on developing new TV projects including scripted, non-scripted and animated programmes, as well as the launch of a new WWE network in the next 12 to 18 months.

"The new business model of the company better reflects what WWE is all about, being a global entertainment company," explained Vince McMahon, chairman and CEO. "We will always be loyal to our core business that made WWE a globally known entity, however, the future of WWE will be the addition of new entertainment content opportunities beyond the ring."

The rebranding intiative will be highlighted through a national consumer and trade ad campaign, entitled 'Bigger. Badder. Better'.

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In addition to focusing on the expansion of the company, WWE will boost its core business with the launch of a new talent development department. This will put greater emphasis on worldwide recruitment, training and character development to identify future WWE Superstars and Divas.