The BET Network is a cable television network that focuses on Black entertainment. It also has a number of other businesses including magazine publishing, direct merchandising, and restaurants. Its founder, Robert L. Johnson, is a multibillionaire and the first African American principal owner of an NBA sports team.
In 1991, the company became the first Black-controlled company to be listed on the New York Stock Exchange. BET is a trailblazer in many ways, from awards shows to community projects and nationwide campaigns.
Founded by Robert L. Johnson
Robert L. Johnson is best known as the founder of BET, the first cable television network focused on African Americans, but his success story is much larger than that one single business. The 75-year-old has become a philanthropist and an advocate for increased representation of black voices in media, politics, and more. His story is an inspiration to aspiring entrepreneurs and to those who want to make a difference in the world.
Born in Hickory, Mississippi, Johnson grew up with a strong belief in hard work and education. He earned a bachelor’s degree from the University of Illinois and a master’s in public affairs from Princeton University. After graduation, he took on a number of professional jobs that allowed him to gain insight into the entertainment industry and learn about the challenges faced by blacks in business.
In 1979, Johnson launched Black Entertainment Television, the first cable network aimed at black audiences. The channel quickly became profitable and went public in 1991, becoming the first African American-controlled company to be traded on the New York Stock Exchange. Johnson sold the company to Viacom in 2001 for $3 billion.
Today, Johnson is the owner and chairman of RLJ Companies, an umbrella organization that operates in the media, sports, gaming, real estate, and financial services industries. He also serves on the board of directors for several companies, including RLJ Lodging Trust, KB Home, Lowe’s Co., Strayer Education, and Think Finance.
Founded as a cable television network
In January 1980, Johnson founded Black Entertainment Television, the first cable network devoted to the African-American market. Initially, the company broadcast just two hours of programming each week. Johnson’s goal was to create a channel that would showcase the full range of the black entertainment industry, from rap music videos and old sitcoms to comedy shows and infomercials.
Despite its limited reach at the time, BET soon became profitable. Its shows began to show up in Nielsen ratings, a crucial factor for generating advertising revenues. By 1985, the channel was reaching more than ten million cable households. Johnson was able to convince cable operators to pay carriage fees for BET, which made the channel more attractive to advertisers seeking to target black consumers.
In 1991, BET went public, becoming the first African American-claimed company to be listed on the New York Stock Exchange. The network was able to attract major investors, including Sears, Kellogg’s and Pepsi. As the cable industry deregulated, it became increasingly competitive, making BET more appealing to cable operators and advertisers. By the end of the decade, BET had launched an international channel and a variety of original shows, including news programs and town hall-style discussion shows such as Hip Hop vs. America. The company also created a line of skin-care products called Color Code.
Founded as a magazine
BET began as a low-cost cable television channel devoted to music videos and black culture. Johnson had a vision to create the nation’s premier media empire targeting the African American consumer market. He wanted to be the “de facto television network for black America.” He envisioned a business model that would allow him to control costs and attract advertisers. He also sought to expand his company’s presence in the community through a series of magazines, including the upscale general interest Emerge and the teen lifestyle YSB (“Young Sisters & Brothers”).
By the mid-1980s, BET had expanded its programming to include news programs, comedy showcases, and talk shows. It had been losing money for several years, but began to turn a profit by the end of that decade. It was a pioneer in black entertainment, and its exposure to hip hop helped establish many new black artists.
BET’s rap programming, however, generated much criticism from critics such as Public Enemy rapper Chuck D, syndicated columnist George Curry, cartoonist Aaron McGruder, and film director Spike Lee, who claimed that the program promoted blatant sexism and anti-intellectualism. Some groups even conducted protests outside the homes of BET executives. As a result, BET began to censor suggestive content from its music videos. It also screened movies for its adult audience and partnered with Blockbuster to offer family-oriented films.
Founded as a website
BET was founded as a website that allowed users to bet on sports and other events. The company has expanded to include a variety of other products. These include BET International, BET HER, BET Jams, and BET Studios. In addition, it operates the BET Awards and community projects. It also markets its own line of products, including the Color Code skin-care brand.
Despite the flurry of speculation about a possible sale, it’s not yet clear who will acquire the network. The deal could take months or longer to complete. Among the potential suitors are actor-director Tyler Perry, who has two series, Sistas and The Oval, airing on the network. He also owns a minority stake in the BET+ streaming service. Music mogul Sean “Diddy” Combs is another name that has been floated as a possible buyer.
However, a sale of BET could hurt Paramount’s existing streamer, P+, which is currently home to few new programs from the network (with the exception of RuPaul’s Drag Race, which has kept its VH1 branding even as it moved to MTV). Unlike the Peacock Channel, which features zero content from Hallmark, P+ has a dedicated brand hub filled with library content and IP owned by Par (like Everybody Hates Chris reruns). It’s possible that this could change if BET gets sold off.