MISGUIDED MAGAZINE SPRING 2020

SPRING 2020
ENTREPRENUERS
ROBERT LOUIS JOHNSON
Robert Louis Johnson is an African American entrepreneur,
media magnate, executive, philanthropist, and investor. Out
of the 2,043 people who appeared on the 2017 Forbes list
of billionaires, only three were African-American: Oprah
Winfrey, Robert Smith and Michael Jordan. But before any of
them appeared on the list, Robert L. Johnson, 75, became the
first African-American billionaire in 2001. Johnson created
Black Entertainment Television (BET), a prominent cable
station targeted toward an African-American audience, in
1980. In 1991, BET became the first black-owned company
to be traded on the New York Stock Exchange, according
to CNN Money. In 2001, Johnson became a billionaire after
selling the station to Viacom for $3 billion, which catapulted
his net worth to an estimated $1.3 billion. While Johnson
is no longer a billionaire, according to Forbes’ estimates,
he made history as the first African-American to join the
exclusive billionaire’s club. Johnson became the first black
majority owner of an NBA team with the purchase of the
Charlotte Bobcats. In 2010, he sold his majority stake
to Michael Jordan in a $275 million bid. Today, Johnson is
the owner and chairman of asset management firm RLJ
companies which he founded in 2004. The RLJ Companies is
a holding company with a diverse portfolio including hotel
real estate investment, private equity, financial services,
asset management, automobile dealerships, sports and
entertainment, and Video lottery terminal gaming. In 2016,
Johnson finalized a partnership agreement with AMC
Networks through his RLJ Company after launching his own
video on demand streaming service, Urban Movie Channel
(UMC) in 2014. According to the agreement, AMC will use
its programming and distribution clout to benefit Acorn TV
and UMC.
Sources: cnbc.com/2018/02/26/what-to-know-about-robertjohnsonamericas-first-black-billionaire.html
and en.wikipedia.org/
wiki/Robert_L._Johnson
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