Yeah, they bought it about 2 years ago (?) to showcase fighters in weight classes below 155. There just really isn't enough room in the UFC right now to add a bunch more weight classes, guys barely get 4 fights a year as it is.
Ah, they were purchased by Zuffa in 2006. http://en.wikipedia.org/wiki/World_Extreme_Cagefighting I stand corrected, good sir.
Crazy good fight so far. A bit sloppy in spots, but we're getting action on the feet and on the ground. It's back and forth. It's got a bit of everything. This is refreshing!