Netflix will donate $100 million to financial institutions and organizations that directly support Black communities in the United States, the company announced Tuesday in a blog post.
The streaming giant will start its $100 million commitment, consisting of 2% of the company’s cash holdings, with a $35 million contribution.
Twenty-five million dollars will be moved to a newly established fund, the Black Economic Development Initiative, which will allocate money to Black financial institutions serving low to moderate-income communities and Black community development corporations in the U.S.
Ten million dollars will be allocated to the Hope Credit Union to drive economic opportunity in underserved communities in the Deep South.
“We believe bringing more capital to these communities can make a meaningful difference for the people and businesses in them,” the blog post said.
Netflix CEO Reed Hastings and his wife, Patty Quillin, also revealed in early June their plans to donate $120 million toward student scholarships at historically Black colleges and universities.
Netflix’s announcement joins the wave of other $100 million commitments by big companies such as Apple, YouTube and Walmart toward racial equity initiatives.
“We plan to redirect even more of our cash to Black-led and focused institutions as we grow, and we hope others will do the same,” Netflix said.