Success Stories: Bob Johnson

Robert L. "Bob" Johnson (born April 8, 1946) is an American businessman and founder of Black Entertainment Television (BET), and is also its former chairman and chief executive officer. Johnson is currently chairman and founder of RLJ Development and former majority owner of the Charlotte Bobcats, a National Basketball Association franchise along with rapper Nelly and NBA legend and current majority owner Michael Jordan. In 2001 Johnson became the first African American billionaire, and the first black person to be listed on any of Forbes world's rich list. In 2009 Forbes estimated that his net worth declined to $550 million because of the economic recession. He also owns MBM.

In 1979, he left NCTA to create Black Entertainment Television, the first cable television network aimed at African Americans. It was launched in January 1980, initially broadcasting for two hours a week. In 1991 BET became the first black-controlled company listed on the New York Stock Exchange. As of 2007, BET reaches more than 65 million U.S. homes and expanded into other BET-related television channels that make up the BET Networks: BETJ, and digital cable channels BET Hip-Hop and BET Gospel. In 2002, Johnson took the company private, buying back all of its publicly traded stock. In 2003, BET was no longer a black owned business when Viacom bought BET for $3 billion. Johnson's 63% stake made him worth over a billion dollars after taxes, making him the richest black person until surrendering the title to Oprah Winfrey, when then-wife Sheila Johnson claimed much of his billion in divorce. Johnson continued to be the company's chairman and CEO for six years. In 2005, Johnson turned over the titles of President and Chief Operating Officer of BET to Debra L. Lee, a former BET vice president