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Ownership of ABC, and thus control of ESPN, was acquired by Capital Cities Communications in 1985. [12] ESPN's parent company renamed themselves as Capital Cities/ABC Inc. Capital Cities/ABC Inc. was then acquired by The Walt Disney Company in 1996 [13] and was re-branded as Walt Disney Television.
ESPN is 80 percent owned by ABC, Inc. (an indirect subsidiary of The Walt Disney Company) and 20 percent by Hearst. Based in Bristol, Conn., ESPN has approximately 3,800 employees (4,600 worldwide).
Capital Cities Communications acquired ABC, and with it, their stake in ESPN. However, the plot thickens in 1996 when The Walt Disney Company stepped onto the scene, acquiring Capital Cities/ABC. This acquisition was monumental not just for ESPN but for the entire sports broadcasting ecosystem.
ESPN Inc. is an American multinational sports media conglomerate majority-owned by the Walt Disney Company, with Hearst Communications as an equity stakeholder. [1] Headed by James Pitaro, it owns and operates local and global cable and satellite television variants of ESPN, ESPN2, ESPN Radio, ESPN.com, ESPN+ and other related ventures. [2] [3] [4]
Officially, the broadcast network retains its own sports division; however, in 2006, ABC's sports division was merged into ESPN Inc., which is the parent subsidiary of the cable sports network ESPN that is majority owned by ABC's corporate parent, The Walt Disney Company, in partnership with Hearst Communications.
Getty and ABC Video, a wholly owned subsidiary of ABC, Inc, announce letter of intent for pay sports venture involving ESPN. Deal involves supplementary coverage by ESPN of various events from ABC and an option for ABC to acquire 10% of ESPN. 1984.
The company also distributes content through three major acquired brands—ABC, ESPN, and 21st Century Fox—as well as through its own Disney Channel.
The historic 10-year agreement, which begins with the 2023 season, was announced today by Bob Chapek, Chief Executive Officer, The Walt Disney Company, Jimmy Pitaro, Chairman, ESPN and Sports Content, and Roger Goodell, NFL Commissioner.
Key Dates: 1978: Bill Rasmussen forms Entertainment Sports Programming Network, Inc. (ESPN) to broadcast sporting events to cable television operators via satellite. 1979: ESPN begins broadcasting on a limited-time basis. 1980: ESPN begins broadcasting 24 hours a day, seven days a week. 1984: ABC, Inc. acquires ESPN.
New England sports announcer William Rasmussen founded ESPN to broadcast New England Whalers hockey games and University of Connecticut sports events. It was purchased by the Getty Oil Company before it began broadcasting in 1979, the year it began signing large advertising contracts.