A great movie, one of my favorites from the 80s. It was directed by Paul Michael Glaser and the script was written by Steven E. De Sousza (based on the novel by Stephen King). In addition to Arnold Schwarzenegger and Jesse Ventura the cast included Jim Brown (an ex-football player), Maria Conchita Alonso, Yaphet Kotto, Erland Van Lindth, Gus Rethwisch, Professor Toru Tanaka (another pro-wrestler), Dweezil Zappa, Richard Dawson, Sven-Ole Thorsen (played La Fours in Mallrats), and more.
It may be a little cheesy by today's standards, but this was one hell of a sci-fi, action-adventure movie. They did a good job on the casting; who better to play TV-warriors than pro-wrestlers? Arnold is not asked to act outside his abilities. The movie has a good feel for the topic also. Dark at points, flashy at others (to get across the feeling of exploitation), and action-filled too.
A precursor to reality television. The most common theme being creating entertainment out of the misery/exploitation of others.