In an update on TNA Wrestling announcing today that Billy Corgan is now the President of TNA Wrestling’s parent company, Impact Ventures, a report from PWInsider.com notes that the news is indeed 100% legitimate and not some part of a storyline deal and that Impact Ventures is the parent company that was created after Panda Energy divested themselves of TNA Wrestling, with the company becoming a separate entity.

The report notes that an official announcement was made today during a meeting with the TNA Wrestling roster and staff in Orlando, Florida, with Dixie Carter explaining the change and officially welcoming Billy Corgan to his new role. The report goes on to state that there was a huge uptick in morale backstage after the announcement and that Corgan spent around 10 minutes discussing his strategy and his hopes for the company going forward.