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Media Moguls Bob Johnson, John Malone Reconnect to Help Minorities Increase Retirement Savings

In 1980, media moguls Bob Johnson and John Malone partnered together to launch prominent cable network, BET (Black Entertainment Television). Now 40 years later, they’ve reconnected to team up for a new business venture. According to Black Enterprise, serial entrepreneur Johnson started RLJ Cos., his portfolio of businesses that include the Retirement Clearinghouse L.L.C. — a company in which businessman Malone is now an investor in. Citing this renewed partnership as a “meeting of like minds,” both Johnson and Malone announced the latter party has purchased a minority stake in Retirement Clearinghouse to help shrink the wealth and retirement savings gap for minorities, a news release reports. “I invested alongside Bob when he launched Black Entertainment Television. When Bob approached me to talk about his work with 401(k) auto portability, I recognized an opportunity to extend that work into practical ways to achieve inclusive capitalism,” Malone shared in a statement . He also...

Njera Perkins

Nov 27, 2020