According to a Twitter post from pro wrestling journalist Justin LaBar, it has been officially confirmed that WWE will be purchasing TNA Wrestling's video library, according to a text message that LaBar says he received today.

In the meantime, LaBar also cites the same text message in stating that Billy Corgan, who is the current President of TNA Wrestling, will become the company's new majority owner and will "likely rebrand" the organization.

Below is LaBar's post from his official Twitter page:

Just got a text saying #WWE to buy TNA video library & Billy Corgan is going to be new majority owner of TNA that he'll likely rebrand. Wow!

— Justin LaBar (@JustinLaBar) October 5, 2016

Forbes.com has also picked up on the story as well, posting the following quote from WWE Hall of Famer Jim Ross's "Ross Report" podcast from earlier this week, in which he stated that WWE was "very close" to purchasing TNA Wrestling's video library:

"WWE is allegedly very close to buying the TNA library. Not the promotion, the TNA library. Obviously, with WWE Network, the TNA library could be a nice resource, a nice asset. Now, you know, TNA does have some talents I’m sure WWE would like to have down the road, but now I hear that WWE and TNA have had talks about buying the library and that a deal is imminent."