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Article: Johnson Readies His Next Gamble
- Article from:
- The Washington Post
- Article date:
- February 16, 2009
- Author:
CopyrightThis material is published under license from the Washington Post. All inquiries regarding rights should be directed to the Washington Post. (Hide copyright information)
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Robert L. Johnson's rise to riches is one of those oft-told
success tales in entrepreneurial circles, the stuff of Washington
legend.
He was a lobbyist for the cable-TV industry in the late 1970s
when he convinced communications mogul John Malone to invest in his
idea for a television network targeted at African Americans. Thus
was born BET, Black Entertainment Television, which is located in
the District.
Johnson sold BET to Viacom in 2000 for $3 billion, becoming the
nation's first black billionaire. You'd think he would kick back,
buy an island or a vineyard, and pursue a well-earned life of
leisure.
Nope.
Johnson is hunting for opportunities. He sees lots of them in
this down market. ...