Disney Has Winner In ESPN, But Game Gets Complicated
ESPN bills itself as the Worldwide Leader In Sports, and the slogan is not mere hyperbole. ESPN is available in 94 million pay-TV homes in the U.S., and its channels air in more than 200 nations. Clearly, Burbank, Calif.-based Walt Disney (DIS) has benefited wildly from buying an 80% stake in ESPN in 1995. For openers, ESPN, which broadcasts jewels ranging from the NFL and NBA to Major League Baseball and all sorts of college sports, provides a