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Netflix to spend about $100 million to support African-American communities

  • Writer: Editor Desk
    Editor Desk
  • Jun 30, 2020
  • 1 min read

Netflix to spend $100M to support the African American Community
Netflix building.jpg

(Reuters) - Netflix Inc will allocate 2%, 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 here 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 U.S. 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.


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