Hearst Corp. Buys Stake in ESPN: The...

Hearst Corp. Buys Stake in ESPN: The New York-based publishing giant, said it bought a 20% stake in the sports television network, the nation’s largest cable programming service, from RJR Nabisco, for an undisclosed price. However, according to a person familiar with the talks, “Hearst is paying about $170 million for the 20% stake.” Capital Cities/ABC owns the remaining 80% share of ESPN. The ESPN network goes to more than 57 million viewers and operates 24 hours a day, providing professional and amateur sports events and lifestyle programs.