WWE Relaunching Cruiserweight Division On Raw Brand
New era, new division...

On the last Raw of the pre-brand split era, Raw Commissioner Stephanie McMahon opened the show with a major announcement - thanks to the popularity of the WWE Network's Cruiserweight Classic tournament, the company will be reviving the cruiserweight division, and it will be the exclusive property of the Raw brand.
WWE first introduced a light heavyweight division in 1997, with Taka Michinoku winning a tournament for the championship. Over the next few years, the title was de-emphasized, and when WWE bought out WCW, the company chose to keep the lineage of WCW's Cruiserweight Title. The renamed WWE Cruiserweight Championship became a staple of the Smackdown brand after the initial roster split, with men like Rey Mysterio, Chavo Guerrero, Tajiri, Paul London, and Juventud Guerrera holding the title.
In 2007, the division was shuttered when Hornswoggle captured the championship. The title was subsequent phased out, with periodic rumors regarding its return occasionally popping up. Still, the announcement of the Cruiserweight Classic earlier this year was the first step toward the return of official cruiserweight competition.
No other details regarding the division have been released yet, but it's safe to assume that a new Cruiserweight Championship will be introduced, and that, like the Cruiserweight Classic, the division will have a 205-pound weight limit.