Business Career
In January-February 1943, Lady Bird Johnson spent $17,500 of her inheritance to purchase KTBC, an Austin radio station. She bought the radio station from a three-man partnership which included a future U.S. Secretary of the Navy and a future U.S. Secretary of the Treasury, Robert B. Anderson, and Texas oilman and rancher Wesley West.
She served as President of the company, LBJ Holding Co., and her husband negotiated an agreement with the CBS radio network. Lady Bird decided to expand by buying a television station in 1952 despite Lyndon's objections, reminding him that she could do as she wished with her inheritance. The station, KTBC-TV/7 (then affiliated with CBS as well), would make the Johnsons millionaires as Austin's monopoly VHF franchise. Over the years, journalists have written about how Lyndon used his influence in the Senate to influence the Federal Communications Commission into granting the monopoly license, which was in Lady Bird's name.
Although LBJ Holding's two small banks failed and were closed in 1991 by the FDIC, the core Johnson radio properties survived and prospered. Emmis Communications bought KLBJ-AM, KLBJ-FM, KGSR, and three other stations from LBJ Holding for $105 million in 2003.
Eventually, Johnson's initial $41,000 investment turned into more than $150 million for the LBJ Holding Company. Johnson remained involved with the company until she was in her 80s. She was the first president's wife to become a millionaire in her own right.
Read more about this topic: Lady Bird Johnson
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