Are there enough John Cena and Triple H fans to justify the launch of a WWE pay cable channel?

That's what WWE Chairman Vince McMahon and the rest of the executive team are going to be wrestling with for the next few months.

More than three years ago, McMahon unveiled plans to create a WWE cable channel that would capitalize on the company's vast library as well as feature new programming. But since then there have been lots of fits and starts and delays but no channel and little about it coming out of the WWE. Wall Street is eager to see movement because WWE has been telling investors it thinks having its own distribution platform could be a game changer for the company.

"You guys need to say more than you have," an exasperated Brad Safalow, an analyst with PAA Research, said on the WWE's second-quarter-earnings call last month. McMahon promised more clarity on the company's next earnings call. So far, WWE has spent about $40 million developing a programming service, according to its financial filings.

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