ESPN (originally an acronym for the Entertainment and Sports Programming Network) is an American cable television network dedicated to broadcasting and producing sports-related programming 24 hours a day. It was founded by Scott Rasmussen and his father Bill Rasmussen and launched on September 7, 1979, under the direction of Chet Simmons, who was the network's first President and CEO (and later became the United States Football League's first commissioner). Getty Oil Company provided the funding to begin the new venture. George Bodenheimer is ESPN's current president, a position he has held since November 19, 1998; since March 3, 2003, he has been the head of ABC Sports as well, which has since been rebranded as ESPN on ABC (though ABC Sports still legally has a separate existence).