Simplify the following text for a Grade 12 native English-speaking person.
Original: In terms of storyline , Ric Flair had become fifty percent owner of the WWE following Survivor Series 2001 after Shane and Stephanie McMahon had sold their stocks to him in order to purchase WCW and Extreme Championship Wrestling ( ECW ) , respectively .
Simplified: In terms of storyline , Ric Flair had become co-owner of the WWF following Survivor Series 2001 where Shane and Stephanie McMahon sold their stocks to Flair in order to buy WCW and Extreme Championship Wrestling ( ECW ) .