Robert L. Johnson: Media Mogul and Founder of BET Networks
Robert L. Johnson is an American media mogul and entrepreneur who is best known for founding the cable channel Black Entertainment Television (BET). Johnson rose to fame as the first African American billionaire from his considerable investments in the entertainment industry, and he continues to mentor and invest in various projects today. In this article, we’ll explore how Johnson built his empire, which companies he has invested in, and how his savvy business practices have made him a successful entrepreneur.
Early Life & Early Career
Robert L. Johnson was born in 1946 in Hickory, Mississippi. Growing up in a household with parents who were schoolteachers, Johnson excelled academically, earning top grades and graduating near the top of his class.
Johnson was accepted at the University of Illinois at Urbana-Champaign as a Political Science major in 1966. During his time as a student, he advocated strongly against the Vietnam War. Shortly after graduating college in 1968, he worked for The Washington Star as a reporter.
In 1975, Johnson moved to Washington, DC to join the Government Employees Insurance Company (GEICO). At GEICO, he rose to the position of Vice President – the first African American to hold a senior position at the company. While employed at GEICO, Johnson earned an MBA from the Wharton Business School of the University of Pennsylvania.
Founding BET
In 1979, Johnson left GEICO to pursue his own entrepreneurial interests. He founded Black Entertainment Television (BET), broadcasting its first program in 1980. BET was the first TV channel geared towards African Americans. Johnson saw a need to fill the void of African American representation in popular media, which was overwhelmingly white.
Despite its initial success, BET struggled initially to develop a foothold in the media industry. Johnson used creative tactics to stay afloat, such as advertising targeted to African American consumers and trading airtime with other stations. Finally, in 1987, BET was acquired by Viacom, giving Johnson the funds to expand his holdings in the entertainment industry. He quickly began to invest in other entertainment mediums like film and music production.
Investments & Projects
• Johnson is a full-time investor and has a portfolio of investments that include Lyft Inc., ESPN, TCA Cable TV, Ebony/Jet, Uptown magazine, Cheyenne Enterprises, and the Charlotte Bobcats.
• He is the founder of RLJ Companies which is an innovative business network that targets investments in diverse markets including TV, satellite radio, publishing, film, music, health care and hospitality.
• He is the founder and also acts as the Chairman of RLJ Equity Partners, which is a private equity firm that focuses on buying and selling middle-market companies – particularly those related to media.
• He is the founder and chairman of the RLJ Investment Group, a venture capital firm that focuses on investing in early-stage information technology companies.
• Finally, Johnson is the founder of The RLJ Financial Group, a financial services firm that specializes in providing investment advisory services and strategic business planning.
Philanthropic Efforts
In addition to his business pursuits, Johnson is involved in a variety of philanthropic endeavors. He is a member of the Council on Foreign Relations, serves on the boards of the Urban Institute and the Kennedy Center, is a trustee of the Brookings Institution, and serves as the chairman of Mission Essential Personnel, a provider of linguistic and cultural services for the US Department of Defense.
He is also the founder of the RLJ Foundation, a nonprofit that has given more than $31 million to charity organizations to foster education, alleviate poverty, build sustainable communities, and promote human dignity.
Robert L. Johnson is one of the most successful entrepreneurs in the entertainment industry today. He started his career as a journalist, but went on to become the founder of BET and build his own empire. His investments span multiple industries including TV, publishing, music, and hospitality, and he is also heavily involved in philanthropic work. Johnson’s business savvy and consistent drive for success have earned him the title of first African American billionaire and made him a role model and mentor for aspiring entrepreneurs everywhere.
