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Netflix to spend about $100 milllon to support African-American communities
Netflix Inc will allocate 2 percent, or about $100 million, of its cash holdings to financial institutions and organizations that directly support African American communities in the United States.
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The Netflix logo is seen on their office in Hollywood, Los Angeles, California, US, on July 16, 2018. (REUTERS/Lucy Nicholson)
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etflix Inc will allocate 2 percent, or about $100 million, of its cash holdings to financial institutions and organizations 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.
Read also: Apple, YouTube unveil $100 million funds to support black causes amid US protests
"This capital will fuel social mobility and prosperity in the low- and moderate-income communities these groups serve," Netflix said on Tuesday.
Earlier this month, Chief Executive Officer Reed Hastings donated $1 million to think tank The Center for Policing Equity, which promotes police transparency and accountability through its research.
We’re so proud to have @reedhastings supporting our work to reform policing. His grant of $1 million will go directly toward helping us empower communities to hold law enforcement accountable to the values of equity and justice. Thank you! https://t.co/2M58y8JePx @DrPhilGoff pic.twitter.com/UF5VghAuNf
— Policing Equity (@PolicingEquity) June 2, 2020
