Sean “Diddy” Combs ranks No. 1 on this year’s Forbes Five, the magazine’s list of hip-hop’s wealthiest artists, with an estimated net worth of $580 million.
The bulk of the Bad Boy Records founder’s wealth comes from non-musical ventures, namely his deal with Diageo’s Ciroc. The agreement entitles him to eight-figure annual payouts and a nine-figure windfall if the brand is ever sold—and Ciroc’s value has never been higher.
“It is one of the fastest-growing brands within vodka,” says Jack Russo, an equity analyst at Edward Jones & Co. “Consumers are feeling a little bit better about their situation, and with that, they’re willing to spend more on premium products.”
The No. 2 spot goes to Shawn “Jay-Z” Carter, with a net worth of $475 million. He’s still rolling in cash from megadeals like his $204 million Rocawear sale in 2007 and his $150 million pact with Live Nation the following year. He continues to hold stakes in Roc Nation, Carol’s Daughter, the Brooklyn Nets—and, more significantly, the Barclays Center itself—while adding new partnerships with the likes of Duracell, Budweiser and Bacardi’s D’ussé Cognac.
Andre “Dr. Dre” Young ranks third with $350 million, thanks mostly to his Beats by Dr. Dre headphones. A year after selling 51% of the company to handset maker HTC for $300 million in August 2011, Dre and his partners bought back half of the half they sold in 2012—and their investment continues to soar in value due to Beats’ whopping 65% market share of the premium ($99 and up) headphone market.
Posts tagged as “Finance”
This Black History Month, NewsOne takes a look back at the top African-American moments from 2000 to 2012. Some will make you happy while others will undoubtedly make you angry and/or sad. Either way, here’s to the last 12 years of our living history. Enjoy!
Moment: Bob Johnson Becomes First African-American Billionaire
Bob Johnson, founder and former chairman and executive chief officer of Black Entertainment Television (BET), is noted as the first African-American billionaire. Johnson built the BET network and brand with ex-wife, Shelia Johnson, and then later took the company public.
After buying back all of the publicly traded stock, Johnson sold BET to Viacom for $3 billion. The move landed Johnson in “Forbes” magazine as the first Black American to be listed as one of the world’s top earners.
Another of Johnson’s many business achievements is becoming the first principal owner of a North American major-league sports franchise. The Charlotte Bobcats and its WNBA counterpart, the Sting, were owned primarily by Johnson’s investment group, which included former NBA superstar Michael Jordan. Johnson continues to make waves in the business world with his RLJ Companies brand and media investments.
article by D.L. Chandler via newsone.com
(Via CBS News) – As revelers in Times Square and cities and towns across the country wait for the ball to drop to ring in the new year, politicians in Washington have announced that a ball is not likely to drop on the average taxpayer. Negotiators have come to an agreement on the so-called “fiscal cliff” – and with less than three hours to spare, CBS News has confirmed.
Vice President Joe Biden traveled to Capitol Hill to brief Senate Democrats on the details of the deal; both Senate Majority Leader Harry Reid, D-Nev., and House Minority Leader Nancy Pelosi, D-Calif., have signed off on the agreement, White House and congressional sources told CBS News’ Chief White House Correspondent Major Garrett.
Daria Burke, a former Estee Lauder executive, has left her job to start a new program: Black MBA Women.
The stated goal on the organization’s website is to “create and reinforce a strong network of black women with top MBA degrees, and to empower the under-served post-MBA community by providing professional development content and programming, and access to relevant career opportunities.” The group is a membership organization that seeks to connect black women who are enrolled or have completed their studies at one of the nation’s top 25 business schools.
Before launching the program, Clutch reports, Burke was the director of make-up marketing at Estee Lauder. She points out that the CFO of that company, as well as executives at many others, are black women. Taken a step further, Black MBA Women wants to highlight the accomplishments of these women and encourage young black women to consider business school.
Beyoncé at a Pepsi photo shoot in October. The images will appear early next year as life-size cardboard cutouts in stores.
Singer Beyoncé Knowles and Pepsi have agreed to a $50 million endorsement deal, according to the New York Times. The agreement includes promotional appearances, a new commercial and an investment into a few of Beyoncé’s creative projects.
“Pepsi embraces creativity and understands that artists evolve,” Beyoncé said in a statement. “As a businesswoman, this allows me to work with a lifestyle brand with no compromise and without sacrificing my creativity.”
Folorunsho Alakija on the November 2012 cover of Geneieve magazine in a dress by Iconic Invanity.
Oprah Winfrey is no longer the richest black woman in the world. The new leading lady is oil baroness Folorunsho Alakija from Nigeria. While drilling oil has reportedly made the 61-year-old owner of FAMFA Oil Limited a very rich woman — she is estimated to be worth at least $3.2 billion — Alakija started her ascent to financial supremacy in fashion.
Born into a wealthy family, Alakija studied fashion design in England back in the ’80s and soon after founded the Nigerian clothing label Supreme Stitches. Her one-of-a-kind creations were worn by the who’s who of African society, quickly making her the premier fashion designer in the West African country. In fact, she has been called one of the “pioneers of Nigerian fashion” and stays connected to the industry through the Fashion Designers Association of Nigeria (FDAN). The well-heeled businesswoman and philanthropist made the switch to oil in 1993 and the rest is history. Ventures Africa reports that Alakija owns at least $100 million in real estate and a $46 million private jet.
article by Julee Wilson via huffingtonpost.com
Dr. Dre is paid in full.
The ‘Ain’t Nuthin But a G-Thang’ rapper and producer ranked number one on a recently-released Forbes list of the world’s 25 highest paid musicians. He made an estimated $110 million between May 2011 and May 2012. Dr. Dre also topped the Forbes’ list of Hip-Hop earners in September.
The majority of Dr. Dre’s earnings comes from the sales of his line of headphones, Beats by Dre, rather than his music.
article via blackenterprise.com
To help small businesses in the Baltimore area, Mayor Stephanie Rawlings-Blake is launching a micro-loan fund to assist owners in hiring and stabilizing their businesses. The program, named BaltimoreMICRO, will enable small businesses with under $1 million in annual revenue to apply for loans that range in amounts from $5,000 to $30,000. To be eligible for the BaltimoreMICRO program, businesses must be based in Baltimore City. The owner of the business must also have a personal credit score of 650 or higher.
“[Small businesses] bring residents together and create a buzz that attracts people from throughout the region,” Rawlings-Blake said in a statement. “We want that to happen in more of Baltimore’s neighborhoods, and we must do what we can to support that. Baltimore’s neighborhoods that have experienced growth and revival in the past few years are known not only for their unique homes and character, but also for their small businesses, including stores and restaurants.”
As if he wasn’t already having a good enough year, LeBron James can add another accolade to an already stellar 2012.
The reigning league MVP, Finals MVP, Gold medalist and NBA champion has the league’s top-selling jersey, it was announced by the NBA on Wednesday. Oklahoma City’s Kevin Durant follows at No. 2, and Kobe Bryant, who’s held the position six times since 2001, sits at No. 3.
The NBA also announced that NBAStore.com had its largest Cyber Monday in history, with at least a 10 percent sales increase from 2011. Adidas, the official apparel supplier for the NBA, released its Christmas Day game jerseys which is a likely cause for the boost in online sales.
BIRMINGHAM, Ala.- Regions Financial (NYSE:RF) today announced the formation of the Regions HBCU Partnership, a collaboration with six Historically Black Colleges and Universities (HBCUs) in the Southeastern United States supporting financial education, academics, athletics, and alumni engagement. The Regions HBCU Partnership kicks off during the fall of 2012 at the following institutions, with plans to expand the program to additional HBCUs in the future: