Claim: The Walt Disney Company owns and operates ESPN.

The Walt Disney Company , commonly known as Disney , is an American diversified multinational mass media and entertainment conglomerate , headquartered at the Walt Disney Studios in Burbank , California . It is the world 's second largest media conglomerate in terms of revenue , after Comcast . Disney was founded on October 16 , 1923 -- by brothers Walt Disney and Roy O. Disney -- as the Disney Brothers Cartoon Studio , and established itself as a leader in the American animation industry before diversifying into live-action film production , television , and theme parks . The company also operated under the names The Walt Disney Studio and then Walt Disney Productions . Taking on its current name in 1986 , it expanded its existing operations and also started divisions focused upon theater , radio , music , publishing , and online media .   In addition , Disney has since created corporate divisions in order to market more mature content than is typically associated with its flagship family-oriented brands . The company is best known for the products of its film studio , Walt Disney Studios , which is today one of the largest and best-known studios in American cinema . Disney 's other three main divisions are Walt Disney Parks and Resorts , Disney Media Networks , and Disney Consumer Products and Interactive Media . Disney also owns and operates the ABC broadcast television network ; cable television networks such as Disney Channel , ESPN , A+E Networks , and Freeform ; publishing , merchandising , music , and theatre divisions ; and owns and licenses 14 theme parks around the world . The company has been a component of the Dow Jones Industrial Average since May 6 , 1991 . Mickey Mouse , an early and well-known cartoon creation of the company , is a primary symbol and mascot for Disney .