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.
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.
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)
Caught Out review: This documentary on Indian cricket's biggest scandal is a sincere attempt at a marveling exposé
Could a game regarded as religion be so rotten? Why did our national heroes turn so vulnerable to the point of becoming national disgrace? Caught Out is an attempt to delve deeper into these chilling questions.
Darcelle, world's oldest working drag queen, passes away at 92
The nightclub that Darcelle opened more than 50 years ago in downtown Portland, Darcelle XV Showplace, posted a statement on Facebook expressing grief and asking for privacy and patience.
Gwyneth Paltrow expected to testify in ski collision trial; man claims star's recklessness caused his concussion
In a trial that Judge Kent Holmberg and attorneys for both parties have agreed will last eight days, with each side getting four to call witnesses, Friday marks the final day that Sanderson's attorneys can compel Paltrow to testify.