Robert L. Johnson Was the First Black Billionaire Athlete

As a trailblazing entrepreneur and sports franchise owner, Robert L. Johnson shattered barriers when he reached billionaire status in 2001. His empire-building journey with Black Entertainment Television (BET) was groundbreaking and visionary. Johnson also made history as the first African American majority owner of a major professional sports team.

Let‘s explore the key ventures that built his fortune – and made him an icon for black business success.

Venturing into Cable TV in the Late 70s

After graduating from University of Illinois and Princeton, Johnson kickstarted his career as a media executive. He worked for corporations like National Urban League and Capital Cities/ABC. During this time, Johnson identified an underserved market niche – television for African American audiences.

In 1979, he raised $15,000 to launch Black Entertainment Television (BET), the first TV network targeting black viewers. At the time, even visionaries doubted BET‘s viability. But Johnson believed in its potential and bootstrapped the network through grit, sweat, and savvy deal-making.

“I wanted to build a media empire for the African-American community even if I had to use my own money at the beginning to ensure blacks controlled it.” – Robert L. Johnson

The Rise of BET – Earning Over $2.4 Billion Annually

Within four years, BET became profitable and was reaching 2 million households by 1986. How? Johnson focused on cheap programming like music shows, black sitcom reruns, gospel shows – content with proven appeal and low licensing costs. This strategic programming allowed BET‘s reach and revenues to soar throughout the 90s.

By 2000, BET was available in over 65 million homes and earning over $2.4 billion annually. Johnson grew BET into the most powerful black-owned media asset and earned praise for spotlighting black culture. But he also faced criticism about "trashy" content quality – a debate that continues today.

“I dove into the cable television industry when it was still in its infancy…and spent the next twenty years growing it from a small television channel into a multi-billion dollar media empire.”

By the Numbers: The Growth of BET

• Launched in 1980 with $15K investment
• Reached 2M households by 1986
• Earned first profit within 4 years
• Reached 65M+ homes and $2.4B annual revenue by 2000

This tremendous growth demonstrated Johnson‘s business acumen and set the stage for BET‘s next chapter.

Selling BET to Viacom for $3 Billion

After rejecting buyout offers through the 90s, Johnson finally sold BET to Viacom in 2001 for an epic $3 billion. The deal instantly made him America‘s first black billionaire – and opened new doors.

As Johnson told Forbes, “I wanted to be respected. You fulfill that expectation, you can see possibilities others cannot.” Those possibilities included NFL ownership.

Making History as the First Black Majority NBA Owner

In 2003, Johnson realized the vision of being a sports mogul when he founded the expansion Charlotte Bobcats. As controlling owner, he became the first African American majority owner in US major pro sports. Johnson convinced the NBA he could lead and represent Charlotte as an ambitious small-market team.

“Owning the Charlotte Bobcats is the fulfillment of a lifelong dream and gives me the chance to make a unique contribution to the City of Charlotte.”

The Charlotte community embraced Johnson, proud of his milestone. Attendance and sponsorships initially boomed though on-court performance was often dismal. After losing millions annually, Johnson sold the team in 2010 to Michael Jordan. But his legacy was etched as a pioneer owner.

By the Numbers: Johnson‘s Tenure as Owner

• Founded Bobcats franchise in 2003 with $300M expansion fee
• Invested $50M in arena & community projects
• Increased attendance by 24% in early years
• Total financial losses estimated around $150M
• Sold 70% stake to Michael Jordan in 2010

Investments and Current $6 Billion Net Worth

Since exiting the Bobcats, Johnson continues to build his fortune across industries. His RLJ Companies portfolio includes interests in banking, real estate, hospitality, auto dealerships and entertainment. Though now in his mid-70s, Johnson told CNBC he won‘t fully retire – he‘s "addicted to the action."

Highlights of Johnson‘s assets and deals include:

• RLJ Lodging Trust: $6B valuation hotel REIT with over 100 properties
• RLJ Entertainment: Majority owner of streaming service UMC (Urban Movie Channel)
• Portfolio of luxury car dealerships under RLJ McLarty Land Rover, Lexus, and Mercedes-Benz
• Minority stake in media giant Oprah Winfrey‘s OWN Network

Forbes estimates his net worth today around $6 billion – wealth few athletes or entrepreneurs ever achieve.

Billions in Charity Supporting Education and Black Communities

Known for luxury homes and private jets, Johnson also gives back generously via his RLJ Companies Foundation. He‘s contributed over $250 million to scholarship funds for minority students. Other passions include early childhood education and leadership initiatives at his alma maters like University of Illinois.

Guest lecturer spots allow Johnson to share his personal tips for startups and self-determination. As Johnson reminds student audiences: "At the end of the day, never limit yourself." This wisdom fueled his own rise and pays dividends to future founders.

Commentary on Sports, Media and Inequality

Even today, Johnson remains vocal about the business world and social issues. When controversies erupt in media or sports, he readily provides perspective. Recent examples include:

• Critiquing HBO‘s Confederate show concept and explaining why alternate history fantasies disturb black Americans
• Arguing for more diversity in NFL ownership and saying, “It’s time for a change. Let somebody else get a piece of the pie.”
• Urging viewers to move “from debate to substantive plans of action” amid 2020‘s racial justice protests

Johnson isn‘t afraid to call out inequality – but also proposes solutions. His trailblazing business success gives him credibility on such pressing issues.

Final Thoughts: A Billionaire Pioneer Still Relevant Today

In closing, Robert L. Johnson achieved what few can even fathom – rising from modest means to join the billionaire athlete club. He brought an entrepreneur‘s tenacity into the worlds of media and sports. Though Johnson built his fortune by serving black audiences, his accomplishments display business insights universal for any CEO.

Even over 40 years since BET‘s launch, Johnson‘s ventures and commentary show he remains compelling as ever. For leading generations of young black professionals – and pushing diversity on new frontiers – Robert L. Johnson deserves recognition as a titan athlete mogul in American history.