WWE Network announcement once again delayed

In news that should shock absolutely no one, the oft-delayed WWE Network has been ... well, delayed again.

The project, announced in early September 2011, was set to debut the same day as WrestleMania 28 earlier this year but as the days, weeks and months came and went, the launch date became more and more unrealistic.

So the channel was delayed.

Still, the fledgling network kept running into trouble. From considering shifting the format from a regular cable channel to a subscription channel -- kind of like HBO but also exactly like WWE Classics On Demand -- to possibly needing over one million subscribers to break even if they go that route, it seems this is a WBF or XFL in the making.

Just ask Illuminati member Oprah Winfrey how difficult it is to start a new cable network from scratch. If the "Queen of Daytime" is struggling with OWN, it should be no surprise that cable distributors aren't clamoring to broadcast what could be described as niche programming.

Finally, a month after the first launch date, Vince McMahon said a distribution deal would be announced in three months. Looking at my 2012 WWE wall calendar -- it's Edge this month -- those three months seem to be up. So where's our announcement Vinny Mac?

"You guys have been very patient with us on what it is. I hope next quarter I will be making an announcement on our Network."

Boo.

This is quickly becoming the El Dorado of the Squared Circle. The initial excitement is now gone and what little excitement is left stems from wagering how long it'll be before the WWE Network actually does get off the ground. And if it does -- and that's a big if -- how long it will be before it fails.

Should WWE cut its losses? Or will McMahon's stubbornness lose him another $40 million?