The event, which is traditionally WWE's second-largest of the year, took place on Aug. 18. McMahon noted that pay-pay-views are attraction driven and that Summerslam didn't feature the right attraction.
The advertised co-main events at Summerslam were John Cena defending the WWE title against Daniel Bryan, and CM Punk vs. Brock Lesnar.
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WWE reported in its third quarter earnings statement that the buy rate for SummerSlam this year was 296,000, compared to 358,000 the previous year.Follow Arda on Twitter @arda_ocal