Robert L. “Bob” Johnson is best known as the founder of Black Entertainment Television and as the first Black billionaire.
As BLACK ENTERPRISE prepares to honor Johnson at next month’s XCEL Summit For Men, here are five things you may not know about the pioneering entrepreneur.
1. His first business venture was a paper route
Long before BET, Johnson tried his hand at entrepreneurship as a child. At age 12, he launched a paper route that did not exactly go according to plan. According to The Washington Post, Johnson eventually dumped his surplus newspapers in trash cans.
The failed venture did not stop his entrepreneurial ambitions. Years later, he would turn a different idea into one of the most significant media businesses in American history.
2. He did not start with television experience
Johnson was working as a cable-industry lobbyist when he developed the idea for BET. He recognized an opportunity created by the expansion of cable television and saw a gap in programming aimed specifically at Black audiences.
Johnson also entered the industry without previous experience running a television network.
3. A barber shop helped validate the BET idea
Before launching BET, Johnson wanted to know whether Black consumers would actually watch a television channel created specifically for them. He traveled to Anniston, Alabama, and looked for a place where he could speak directly with Black men. He found Pink Junior’s barbershop.
“I told him I’m Bob Johnson and I’m starting a new cable channel if people would be interested in a Black channel if we showed Black college football,” Johnson recalled. The response was yes.
4. BET’s public offering was about more than making history
In 1991, BET became the first company with majority African American ownership to trade on the New York Stock Exchange. Johnson later used the company’s ownership structure to create an opportunity for employees.
“That allowed the people that worked with me to share in the ownership,” he said.
When BET was sold to Viacom for approximately $3 billion in 2000, employees who held shares benefited from the transaction. Johnson has credited that ownership model with creating substantial wealth for Black employees.
5. He views BET as a wealth-building blueprint
Johnson’s legacy extends beyond launching a groundbreaking television network. Through The RLJ Companies, he has pursued investments across industries, while continuing to emphasize ownership and economic opportunity.
“To me, that’s what you do as a founder,” Johnson told BLACK ENTERPRISE, “you bring your people in and give them a significant piece of the commitment to opportunity.”
Johnson did not simply build a brand. He built an ownership model that allowed others to participate in its success. As an XCEL honoree, Johnson’s career offers a reminder that creating wealth can be about more than reaching the top. It can also be about bringing others along for the ride.
RELATED CONTENT: The XCEL Summit for Men is taking place October 21 – 23 in Orlando, Florida.