Black in Business

February 7, 2022

Former cable industry lobbyist, Robert L. Johnson spotted an opening and like many successful entrepreneurs, took a shot—and boy, did his investment work out! He started Black Entertainment Television (BET) with a $15,000 loan in 1980 and by 1991, he launched it as a public company—the first African-American-owned firm traded on the New York Stock Exchange.

I remember seeing his fledgling broadcasts when I moved to Washington, D.C. back in 1982, and his success and fortunes were noticeably on the rise. He has reached billionaire status and his business acumen is highly regarded. BET programming has had its share of critics over the years, but the groundbreaking efforts of Mr. Johnson surely opened the door for expanded programming and other entrants to the industry.

In a world where communications surround us and video is the content king, Robert L. Johnson was a breakthrough leader and his efforts and success deserve recognition.

In celebration of Black History Month, CNBC is featuring weekly stories from CNBC contributors and members of the Financial Wellness Council, including the lessons they’ve learned growing up, their advice to Black youth, their inspirations, and how they are working to close the racial wealth gap. Here is Mr. Johnson's spotlight:

Uniquely Delaware

Hockessin Colored School #107 - An Important Landmark Becomes an Impactful Center for DEI

The Hockessin Colored School #107 was built in 1920 and played a monumental role in the 1954 U.S. Supreme Court ruling, Brown v. Board of Education, which desegregated schools nationwide.

With funding from the state and other sources, the facility will be transformed into the Center for Diversity, Inclusion, and Social Equity. It will be a place to deliver “living” history lessons and host community conversations, as well as serving as a hub for innovation and collaboration. Learn more >

News You Can Use

This week’s economic news kicks off later today with consumer credit data from December. On Tuesday we’ll get insights on real household debt from the Q4, and international trade figures for December. Wholesale inventory information for December on Wednesday, along with the views of Fed Governor Micelle Bowman and Cleveland Fed President Loretta Mester. Thursday will be the busiest day of the week for economic data and will include jobless claims, Consumer Price Index results from January, along with core inflation figures. We wrap up on Friday with the University of Michigan consumer sentiment index and the UM five-year inflation expectations data from February.

This is a busy week for earnings calls. We get started today with calls from AECOM, Hasbro, Loews, and Simon Property Group. BP, DuPont, Incyte, Lyft, and Voya Financial are scheduled for Tuesday. Walt Disney leads the lineup on Wednesday and is joined by Equifax, Honda Motors, Toyota Motors, Yum! Brands, and Zynga. Coca Cola, Chemours, VeriSign, and Under Armour round out a week of busy activity.

Michael J. Quaranta

President

Delaware State Chamber of Commerce

In celebration of Black History Month, we will spotlight some of our Black-Owned Business Members:

Traffic Management, Inc. is the largest privately-owned minority business based in the U.S. TMI is well equipped to provide best-in-class products and services that include traffic control services, engineering, equipment rentals, product sales, sign manufacturing/installation and 24/7 emergency dispatch response.