Partial Source: PWInsider.com
As thought, the rumored Hulk Hogan/Eric Bischoff promotion has turned out to be false, but not completely. Instead of a traditional wrestling promotion the pair are working on a "Celebrity Wrestling" show, a concept first done in the UK with Joe Legend and D’Lo Brown.
The idea is to take celebrities and put them through several wrestling/gladiator style challenges. This new American version is thought to have more of a Tough Enough element than the UK show which flopped big time.
Both Hogan and Bischoff are using their TV contacts to get a deal with a big network. I’d assume VH-1.