Netflix is reallocating 2% of its cash holdings, initially up to $100 million, to support Black communities in the U.S.
Netflix announced it will start putting 2% of its cash holdings into financial institutions and organizations to 'directly support Black communities in the U.S.'
7:22 AM EDT@Matt_BelvedereKey PointsNetflix announced plans to start putting 2% of its cash holdings into financial institutions and organizations to "directly support Black communities in the U.S."The video streaming giant said in a blog post that its initial commitment will be as much as $100 million.
The initiative comes nearly two weeks after Netflix CEO Reed Hastings and his wife, Patty Quillin, donated $120 million to historically Black colleges and universities.A button for launching the Netflix application is seen on a remote control in this photo illustration in Warsaw, Poland on April 25, 2019.
Jaap Arriens | NurPhoto | Getty ImagesNetflixannounced Tuesday it will start putting 2% of its cash holdings into financial institutions and organizations to "directly support Black communities in the U.S."The video streaming giant said in a blog post that its initial commitment will be as much as $100 million.
In the first step in allocating that money, $25 million will be moved to a new fund called the Black Economic Development Initiative, investing in "Black financial institutions serving low and moderate-income communities and Black community development corporations in the U.S.," the company said.
It said $10 million will go to Hope Credit Union to fuel economic opportunity in underserved communities across 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," the company said.
The initiative follows the outcry over last month's police killing of George Floyd in Minneapolis. Many companies have been announcing donations and action plans to address the call in nationwide protests to eliminate racial injustices and inequalities.
Aaron Mitchell, director of talent acquisition at Netflix, proposed the idea to Netflix CEO Reed Hastings. Mitchell teamed up Netflix Treasury director Shannon Alwyn to bring the $100 million commitment together in a few weeks.In Tuesday's blog post, Mitchell and Alwyn said, "19% percent of Black families have either negative wealth or no assets at all, compared to only 9% of White households, according to the U.S. Federal Reserve. ... 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."
The plan comes nearly two weeks after Hastings and his wife, Patty Quillin,to historically Black colleges and universities. Hastings has given millions in funding to charter schools and in 2016 started a $100 million philanthropic fund for children's education.
On Monday,Netflix announceda six-episode drama series "Colin in Black & White," looking at former NFL quarterback Colin Kaepernick's experiences as a teenager that shaped his advocacy. Kaepernick collaborated with Emmy-winning filmmaker Ava DuVernay on the project.
Kaepernick, born to a white mother and Black father, was adopted in Wisconsin by a white couple who moved to California when he was a child."We seek to give new perspective to the differing realities that Black people face," Kaepernick said in a statement. "We explore the racial conflicts I faced as an adopted Black man in a white community, during my high school years."
Programming note: Aaron Mitchell, director of talent acquisition at Netflix, and Netflix CFO Spencer Neumann will appear on "Squawk Box" at 8:15 a.m. ET.— The Associated Press contributed to this report. Read more: CNBC »
andrewrsorkin Ask Aaron Mitchell to walk the Halls of Netflix tomorrow. Do a head count. He knows the true story. Jobs not handouts. andrewrsorkin They need gainful employment. I have worked in silicon valley for over 20 years walked the Halls at the biggest tech companies Netflix included and you rarely see a African American employee. Truth. They have been left behind during the tech jobs boom
andrewrsorkin and that's why I have unsubscribed since March; StupidZ🤡 andrewrsorkin Prob the most inefficient way to do it, but ok andrewrsorkin Modern day piracy. andrewrsorkin Post a list of the places that receive this funding and hold them accountable like everyone else. Bank mgr on phone calling their brother to come in for a loan in 5-4-3-2-1.
andrewrsorkin what a joke andrewrsorkin Good to know! andrewrsorkin Believe it when I see it! andrewrsorkin This is fantastic. It means approximately speaking Latinos at 60 million, 20% of 🇺🇸 will receive what around $125 million from netflix. Which should help the group with the largest high school drop out rate and most effected by the Covid-19 shutdown. Thank you in advance Netflix
andrewrsorkin Since its just 7 million blacks in poverty and they already have black on privilege to help them who is gonna help the 16.5 million whites living under poverty? Oppression doesn't care what color you are. andrewrsorkin You are racist andrewrsorkin Canceling netflix andrewrsorkin This is certainly important, but I can't help to think that if Netflix has money for charity then why doesn't Netflix have any money to pay taxes?
andrewrsorkin Pander much ? What good are all those millions allocated to Black Colleges if the Blacks who would be potential receipients of this money can't even graduate HIGH SCHOOL? Or is this a wide open premise that BLACKS can dip into this money whenever they think they need to and for whatever reason
andrewrsorkin Great I don’t remember anyone supported women at this level. Bandwagon More handouts to black communities? Add that to EBT, public housing, TANF, preferential hiring, diversity quotas.... yep, super oppressed. Why do people continue to immigrate here in record numbers? For the freedom or the oppression? Clowns.
Please use $19.99 of it to get Spencer Neumann a headset for use on zoom interviews. Echo dinagjoni Adults are really in the comments crying because NETFLIX did something good🤣 The Spanish need yo start Rioting too 😡 Other minorities have it just as bad. Heck even white people have their version of the hood, called a trailer park.
netflix curious of your commitment to support 20% of 🇺🇸, Latinos. Does that mean Latino communities will receive $120 or so million? proportionately speaking of course. Fair Equality Seems unfair for the others whom don't have the ability to raise capital because they happen to be of the other race! netflix you will not get any more from me!
How about you donate to help police be better equipped to handle one of the most difficult and necessary jobs ever. Does your money also go to help the many small businesses destroy by so called peaceful protesters. The virtue signaling from big business is becoming nauseating. This is why I don't subscribe to this garnage service. Wow
What about Asians and Hispanics? It’s amazing that people support companies donating based on race. Why not support poor communities? Or has the left brainwashed everyone into thinking that black = poor? What happens when, after 100 Million is spent, nothing improves? It's happened before. What happens when it happens again? And again? And again? How long done keep singing the same excuses for the same demographic before we hold them responsible?
What about Hispanics? I’ll boycott Black businesses now
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