Johnson, Robert L.

Impact on the world

Founded BET in 1980 with a $15,000 loan, building it into the first Black-controlled company listed on the New York Stock Exchange in 1991 before selling it to Viacom for $3 billion in 2001, a deal that made him the first African American billionaire.

Life & background

Born the ninth of ten children to a Mississippi farming family that later moved to Illinois, Johnson earned degrees from the University of Illinois and a master's from Princeton before working in cable television policy in Washington, D.C. Recognizing an untapped market for Black-focused programming, he co-founded Black Entertainment Television in 1980 with his then-wife Sheila Crump Johnson, also profiled in this collection, securing a $15,000 personal loan to launch the network, growing it into the first Black-controlled company listed on the New York Stock Exchange in 1991. After taking the company private again and selling it to Viacom for roughly $3 billion in 2001, Johnson became the first African American billionaire, later becoming the first Black principal owner of a major North American sports franchise with his purchase of the Charlotte Bobcats.

Sources

1. Encyclopædia Britannica; CNBC