ESPN, which stands for Entertainment and Sports Programming Network, is a sports network owned by Disney. The network began in 1979 and covers sports news and programming 24 hours a day, although sometimes the network covers other events such as spelling bees and chess.
ESPN has spent many billions of dollars in exclusive sports broadcasting rights, such as spending $1.9 billion a year to broadcast NFL Monday Night Football. ESPN's revenue is based on subscriber fees (about $6.61 per month) plus advertising. But in the past two years, 7 million subscribers (nearly 10% of its overall subscription level, which as of 2015 is about 92 million homes) have cancelled their subscriptions.