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Net Worth
Robert L. Johnson, the American businessman, executive, and investor, has a net worth of $650 million.
Highlights
– Co-founded the cable channel BET.
– Founded the asset management firm RLJ Companies.
– Was the majority owner of the NBA’s Charlotte Bobcats.
– First African-American billionaire.
Early Life
Robert L. Johnson was born on April 8, 1946, in Hickory, Mississippi. He was the ninth of ten children born to farmer Archie and schoolteacher Edna. Johnson moved with his family to Freeport, Illinois, during his childhood.
He attended the University of Illinois Urbana-Champaign and graduated in 1968 with a bachelor’s degree in social studies. Johnson then pursued further education at Princeton University, where he earned a master’s degree in public affairs in 1972.
Career
Robert L. Johnson began his career in the television industry as the public affairs director for the Corporation for Public Broadcasting. He later served as the director of communications for the National Urban League and as a press secretary to Congressman Walter E. Fauntroy.
In 1980, Johnson co-founded the cable television channel BET (Black Entertainment Television) with his wife Sheila Johnson. Initially, BET aired for only two hours on Friday nights but later expanded into a full-fledged independent channel. In 1991, BET became the first black-controlled company listed on the New York Stock Exchange. Viacom acquired BET in 2000 for $3 billion.
After leaving BET in 2006, Johnson founded the asset management firm RLJ Companies. The company has diverse holdings, including hotel real estate, private equity, insurance services, car dealerships, and sports and entertainment brands.
In 2002, Johnson made history by becoming the first African-American majority owner of a major American sports team, the NBA’s Charlotte Bobcats. He later sold his majority stake in the team to Michael Jordan in 2010.
Johnson has also been involved in various other business ventures, serving on the boards of directors of companies such as KB Home, Think Finance, Lowe’s Companies, Hilton Hotels, and General Mills. In the television industry, he founded the video-on-demand streaming service Urban Movie Channel, which was later renamed Allblk.
Personal Life
Robert L. Johnson married Sheila Johnson in 1969, and they co-founded BET together. They have two children but divorced in 2002. Following the divorce, Johnson paid Sheila $400 million, making it one of the most expensive divorce settlements in history.
In 2010, Johnson entered a relationship with student Lauren Wooden, 33 years his junior. They got married in 2016 and divorced in 2020.
Net Worth Over Time
Robert L. Johnson’s net worth has fluctuated over time due to various business ventures and investments. As of now, his net worth is estimated to be $650 million.
Components of Net Worth
Robert L. Johnson’s net worth is primarily derived from his successful career in the television and entertainment industry, particularly his co-founding of BET. He also generated wealth through the sale of BET to Viacom and his ownership of the NBA’s Charlotte Bobcats. Additionally, Johnson’s asset management firm RLJ Companies has contributed to his net worth, as it holds diverse investments in various industries.
Johnson’s net worth is also influenced by his ownership stakes in other companies and his involvement in philanthropy, including partnerships with actor Morgan Freeman and initiatives such as the Liberia Enterprise Development Fund.
Overall, Robert L. Johnson’s net worth reflects his entrepreneurial success and diverse investment portfolio.