March Madness is a term used to describe the time when the professional basketball teams play against one another in a championship near the end of their season. During this time, many people will create brackets to determine who they think will win the championship. Many different channels take credit for coming up with this title. One production company that claims ownership is CBS Broadcast or CBS Sports.
However, over time other channels have used March Madness to display the time in March when the basketball teams compete. ESPN is one of those channels who show March Madness basketball. However, it is unlikely that ESPN is solely responsible for creating March Madness. It seems that March Madness was most likely coined by CBS.