Netflix says it will allocate $100mn to financial institutions supporting African American community in the US

Netflix's initiative comes after US companies face increasing pressure from investors, consumers and workers to address widespread racial inequality.

FP Staff June 30, 2020 19:32:21 IST
Netflix says it will allocate $100mn to financial institutions supporting African American community in the US

Netflix will allocate 2 percent, or about $100 million, of its cash holdings to financial institutions and organisations that directly support African American communities in the United States, the streaming giant said on Tuesday.

Netflix says it will allocate 100mn to financial institutions supporting African American community in the US

Netflix logo. Image from Reuters

The company said in a blog post it will start with $35 million, of which $25 million will be moved to a new fund, "Black Economic Development Initiative", and $10 million will go to Hope Credit Union for creating opportunity in underserved communities.

The move comes as US companies face increasing pressure from investors, consumers and workers to take action against widespread racial inequality after the death of African American George Floyd in police custody.

“This capital will fuel social mobility and prosperity in the low- and moderate-income communities these groups serve,” Netflix said on Tuesday.

CNBC notes that this decision was announced a week after the streamer's CEO Reed Hastings and his wife Patty Quillin donated $120 million to Black varsities.

Netflix has also announced a six-episode limited series on American sportsperson Colin Kaepernick. Colin in Black & White will examine Kaepernick’s high school years to illuminate the experiences that shaped his advocacy.

(With inputs from Reuters)

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