Netflix Logo

Netflix

On Tuesday, Netflix announced it is putting 2% of its cash holdings into financial institutions that directly support Black communities in America. Netflix is committing to giving up to $100 million to Black Economic Development Initiative, Hope Credit Union and other Black owned financial institutions.


Where the money is going

$25 million of these funds will be allocated to the Black Economic Development initiative which invests in Black financial institutions that aid low to moderate income communities and foster black community development in the U.S. $10 million will go to Hope Credit Union to ignite economic opportunities in neglected communities in the Deep South.

"Over the next two years, HOPE estimates the Netflix deposit will support financing to more than 2,500 entrepreneurs, homebuyers and consumers of color,"

Long Term Goals

Of the entertainment platform's $5 billion cash balance last quarter, 2% will be put into Black owned or led financial institutions so the company can still manage liquidity. Netflix's director of talent acquisition Aaron Mitchell proposed the idea and teamed up with the treasury director Shannon Alwyn to commit to $100 million. In a blog post, they said:

Black banks have existed to fight this for generations, spurring economic growth by extending credit in often underbanked communities. But they're disadvantaged in their access to capital, especially from large multinational companies, when compared to other banks."

Netflix is committed

Many brands, athletes and celebrities have donated and used their voice to talk about the racial injustices in this country following the death of George Floyd in Minneapolis. On Monday, Netflix announced it was making a six episode series on former NFL Quarterback Colin Kaepernick's advocacy in Colin in Black and White with filmmaker Ava DuVernay.

BECOME
AN INSIDER!
By clicking "Subscribe", you agree to the Privacy Policy and Terms of Use.
2020 Emmy Awards Preview: What To Expect, Big Nominees, And More! | Celebrity Page

With the 2020 Emmys right around the corner, we're giving you a closer look at the biggest night in #TV with our Emmy Preview! From nominees to expectations, we're giving you everything you need to know. Today's episode features Tracee Ellis Ross, Brian Cox, Dan Levy, Laura Linney, Sarah Snook, and more.

72nd Primetime Emmys

The Television Academy

Holy Schitt's Creek! The 72nd Primetime Emmy Awards pressed on this evening, giving fans of television something to celebrate. Here's a recap of tonight's show:

KEEP READING Show less

The time has finally arrived...the 72nd annual Primetime Emmys are here! We're live blogging this year's show where we will feature who wins, who got snubbed, and more!

KEEP READING Show less