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How I Built This with Guy Raz

Live Episode! Black Entertainment Television: Robert Johnson

How I Built This with Guy Raz

Guy Raz | Wondery

Business

4.831.1K Ratings

🗓️ 14 December 2017

⏱️ 42 minutes

🧾️ Download transcript

Summary

In 1979, Robert Johnson was a lobbyist for the burgeoning cable industry. That's when he got an idea for a channel called Black Entertainment Television. He started small, just a few hours of programming a week. But by the 1990s BET had become a cultural touchstone. In 2001, he sold BET to Viacom for $2.3 billion, making him the first African-American billionaire in US history. Recorded live in Washington, D.C. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Transcript

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0:00.0

Hey, Prime Members, you can listen to how I built this early and ad-free on Amazon Music.

0:07.0

Download the app today.

0:09.0

New Year's is here, and with it brings the possibility of change.

0:13.0

As one behavioral scientist put it, first starts are really powerful.

0:17.0

So as you head into 2023, LifeKit is a great resource to help you plan your life and tackle changes, both big and small.

0:24.0

Listen to the LifeKit podcast from NPR.

0:31.0

So when I got the idea for BET, I went out and talked to John, and we're sitting in his office, and he asked me, Bob, how much does it take you to launch BET?

0:45.0

And I said, John, about a half a million dollars.

0:48.0

And so Malone says to me, he said, Bob, here's what I'm going to do.

0:53.0

I'm going to buy 20% of your company for 180, and I'm going to loan you $320.

1:00.0

$183.20, there's your $500,000.

1:03.0

Now under that business plan, Bob, you will be 80, and I'll be 20.

1:09.0

Is that a deal?

1:10.0

I said, John, that's a deal.

1:13.0

What Malone didn't know at the time, if he'd reversed the numbers, is that I'll be 80 and Bob, you be 20.

1:18.0

I said, John, that's a deal.

1:20.0

From NPR, it's how I built this, a show about innovators, entrepreneurs, idealists, and the stories behind the movements they built.

1:35.0

I'm Guy Ross, and on this special live episode, how Bob Johnson turned a small cable channel called BET into a media empire and from it,

1:47.0

became the first African American billionaire in US history.

1:52.0

So when Bob Johnson came to Washington, DC as a young man in the early 1970s,

2:04.0

he planned to focus on public policy, which is what he did for most of his early years.

2:10.0

In the mid 1970s, Bob stumbled into a job with an obscure trade association called the National Cable Television Association.

...

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