BET founder Bob Johnson, who became the first African American billionaire in 2000 when BET’s parent company was sold to Viacom for nearly $3 billion, said Wednesday that the owners of “Essence” magazine had "an obligation" to shareholders to sell the company to Time Inc., reports Richard Prince’s “Journal-Isms” column.

"At the end of the day, they will sell to the highest bidder. It's just a question of when," Johnson told Prince following a recent interview with “BET Nightly News” in Washington. "Black businesses will have to realize that to be in business takes precedence over being black, if you're going to grow your business.”


However, Earl G. Graves, publisher of “Black Enterprise” magazine, issued a statement saying that black firms should have had an opportunity to bid for the company.


“In selling their controlling interest to Time Warner, CEO Ed Lewis and the shareholders of Essence Communications have made the best deal they felt they could make. It is unfortunate, however, there wasn't an open bidding process in which black entrepreneurs could have made an offer for the company and possibly preserve Essence as a black-owned business and institution. There are a number of black entrepreneurs -- including those who own and operate BE 100s companies -- who had the resources and management capability to acquire and run Essence Communications."


As previously reported, Time Inc., which owned 49 percent of Essence Communications, signed a non-binding agreement to buy out the rest of the company.

laurarichardson said:

Bob Johnson's ignoramus ass said:

I read this shit in EURWEB 2day,,,I'm still in a state of disbelief

Harlepolis said:

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What gets me is that it sounds like Earl Graves might have been interested in buying a stake in the mag.I doubt Essence was under know obligation to go to Time Warner first.

The quality of the magazine has already deterioted and expect things to get worst. I think we are going to see the black cosmo.

Essence is a quality magazine. We just started getting it again. I'll be mad if it changes to reflect every other stinking tabloid magazine out there.

Damn Bob, how much cash do you need, man?

wasnt Oprah a billionare before this guy?

sosgemini said:

Black FEMALE that is!

Harlepolis said:

why yes, she is a female..

im just trying to figure out why this article declared him the first african american billionare...

does this mean Oprah isnt black?

sosgemini said:

Oprah, biggest FEMALE black billionare!
Bob Johnson, biggest MALE black billionare!

That was my point

Harlepolis said:

sosgemini said:

I rest my case, boo

Harlepolis said:

sosgemini...she didn't get the joke

laurarichardson said:

Oh, for crying out loud. And Johnson's dumb-ass comment about "bid'ness is bid'ness"

SquarePeg said:

i heard this last week. too bad. i wonder what changes will be made.

This comes at a time when Essence is really taking hiphop to task for its treatment and depiction of women. I wonder what effect, if any, this will have...

that sux, is this a question of $ or Class/integrity/pride/value?