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Hollywood Journal
  • 2 days ago
Netflix is looking to tackle systemic racism by shifting some of its cash holdings to financial institutions that support Black communities in the U.S.
Transcript
00:00Netflix is looking to tackle systemic racism by shifting some of its cash holdings to banks that support black communities.
00:08In a blog post on Tuesday, the streamer wrote,
00:10As part of our commitment to racial equity, we are turning understanding into action.
00:15Netflix has already voiced solidarity with nationwide protests over the death of George Floyd
00:19by sharing on its social accounts the, quote,
00:21In its latest move, Netflix said it will shift 2% of its cash holdings
00:29initially up to $100 million towards banks and organizations that directly support black communities.
00:36Adding in the post,
00:37We believe bringing more capital to these communities can make a meaningful difference for the people and businesses in them,
00:43helping more families buy their first home or safer college, and more small businesses get started or grow.
00:49Netflix CFO Spence Newman, in his own statement obtained by The Hollywood Reporter,
00:52said directing cash to banks supporting black communities would help end the, quote,
00:56capital isolation those communities faced, and the multi-generational racial wealth gap directly impacting many black families.
01:04Behind its $100 million commitment, Netflix will put $25 million in a newly established fund called the Black Economic Development Initiative
01:10to invest into black financial institutions serving low- and moderate-income communities
01:15and black community development corporations in the U.S.,
01:19while another $10 million will be deposited in the HOPE Credit Union to, quote,
01:23fuel economic opportunity in underserved communities across the Deep South.
01:27For more on this story, head to THR.com.
01:29For The Hollywood Reporter News, I'm Neha Joy.
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