It doesn’t stand for anything.
But the story is, when ESPN started in 1979, they called themselves the Entertainment and Sports Programming Network (thus, ESPN).
However, the full name was dropped in February, 1985, when the company adopted a new corporate name – ESPN, Inc. – and a new logo. Based in Bristol, CT., 80 percent of ESPN is owned by ABC, Inc., which is an indirect subsidiary of The Walt Disney Company. The Hearst Corporation holds the remaining 20 percent interest in ESPN.
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