Netflix Commits $100 Million to Support Black Communities

Netflix Commits $100 Million to Support Black Communities


Video streaming giant Netflix has reportedly committed $100 million to support black communities in the United States. The company plans to commit 2 percent of its cash holdings to black financial institutions and will also donate to a fund to “support financing to more than 2,500 entrepreneurs, homebuyers and consumers of color.”

CNBC reports that video streaming giant Netflix announced this week that it plans to put two percent of its cash holdings in financial institutions and organizations to “directly support black communities in the U.S.”

Netflix stated in a blog post that it will commit as much as $100 million as part of its initial investment. $25 million will be moved to a new fund called the Black Economic Development Initiative which will invest in “Black financial institutions serving low and moderate-income communities and Black community development corporations in the U.S.”

The firm stated that $10 million will be donated

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