New York Times, June 30, 2020: Dealbook Newsletter | Netflix’s Big Idea to Support Black Communities
We have the first look at a new move to help bridge the racial economic divide in America: Netflix will shift some of its $5 billion in cash to financial institutions that focus on black communities.
Netflix will bank up to 2% of its holdings, or about $100 million, with such lenders. It will start with $35 million, split two ways: financing a new fund, the Black Economic Development Initiative, that will invest in Black financial institutions; and banking with the Hope Credit Union. (Netflix already spreads its cash among about 30 banks worldwide.)
