Netflix has shifted $100 million to Black banks to follow through on its commitment to close the equity gap.
Netflix’s co-CEO Ted Sarandos (2nd from right) is married to Nicole Avant (right), daughter of music legend Clarence Avant (left) and Jacqueline Avant (2nd from left).
Mrs. Avant, 81, was killed during a home invasion in Beverly Hills on Wednesday.
Netflix moved 2 percent of its cash holdings, $100 million, to Black banks to address systemic racism, according to The Hollywood Reporter.
The Black financial institutions include Hope Credit Union, the Local Initiatives Support Corporation (LISC), The Change Company, Enterprise Community Impact Note, OneUnited Bank and Calvert Impact Capital’s Community Investment Note.
Netflix’s goal is to improve systemic racism that prevents Black-owned businesses from getting loans, especially those impacted by the pandemic.
“Because we pegged our commitment to 2 percent of Netflix’s cash, the investment also grows overtime [sic]. So we will be ‘topping up’ our commitment at the end of the year and moving more cash — over and above the $100 million already committed — into these institutions,” Netflix’s Aaron Mitchell and Shannon Alwyn wrote in a Dec. 1 post.