Netflix makes $100 million commitment to support Black communities in the U.S.

Netflix is reallocating 2% of its cash holdings, initially up to $100 million, to support Black communities in the U.S.

Netflix announced plans to start putting 2% of its cash holdings into financial institutions and organizations to "directly support Black communities in the U.S."

A button for launching the Netflix application is seen on a remote control in this photo illustration in Warsaw, Poland on April 25, 2019.announced Tuesday it will start putting 2% of its cash holdings into financial institutions and organizations to "directly support Black communities in the U.S." It said $10 million will go to Hope Credit Union to fuel economic opportunity in underserved communities across the Deep South.

Aaron Mitchell, director of talent acquisition at Netflix, proposed the idea to Netflix CEO Reed Hastings. Mitchell teamed up Netflix Treasury director Shannon Alwyn to bring the $100 million commitment together in a few weeks.

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