Robert Johnson, founder and CEO of Black Entertainment Television, will step down from the post at the close of 2005, according to the Wall Street Journal.
Johnson reaped $3 billion when he sold BET to Viacom in 2000. He used part of the proceeds to purchase an NBA expansion team in Charlotte, N.C.
According to the article, Johnson has already relinquished day-to-day duties to Debra Lee, chief operating officer of BET.
Johnson is leaving BET to “devote more time to his other business interests, including the Charlotte Bobcats,” the article said. The Bobcats will move into a new $265 million arena next season. Johnson also has investments in real estate, hotels and restaurants.