SOURCE OF WEALTH: BET, RLJ Companies
FUNDING AREAS: Arts & Culture, Global
OVERVIEW: Robert Johnson has given big gifts to select institutions, including at least $5 million to Smithsonian’s National Museum of African American History and Culture. He once moved philanthropy through the Robert L. Johnson Foundation, but the current status of the vehicle is unclear.
BACKGROUND: Robert L. Johnson graduated with a B.A. from the University of Illinois and his M.A. from Princeton University. Johnson was co-founder and chairman of Black Entertainment Television (BET), which sold to Viacom for $3 billion. He is the founder and Chairman of The RLJ Companies, which owns or holds interests in businesses operating in hotel real estate, private equity, consumer financial services, asset management, automobile dealerships, entertainment, and video lottery terminal (VLT) gaming.
ISSUES:
ARTS & CULTURE: Johnson has given at least $5 million to Smithsonian’s National Museum of African American History and Culture in Washington D.C. He’s also supported places like the National Underground Railroad Freedom Center in Ohio.
GLOBAL: Johnson has given several million to William J. Clinton Foundation. In 2007, the Liberian Enterprise Development Finance Company (LEDFC) was established to provide loans to Liberian- owned Small and Medium Enterprises (SMEs). LEDFC formed partnership with CHF International and The Overseas Private Investment Corporation (OPIC) that committed 20 million dollars in loan capital to LEDFC, while the Robert L. Johnson Foundation provided start-up operating capital to administer the loans.
LOOKING FORWARD: While America’s first black billionaire is no longer quite as wealthy, he is still one of the richest black Americans, and should be watched for greater giving.
LINK: RLJ Companies
