Netflix is investing $100 million in Black-owned banks

CNN | Jun 30, 2020 at 10:38 PM
  • New York (CNN Business)Netflix (NFLX) on Tuesday said it would invest in Black-owned banks in an effort to help close the wealth gap between Black and White America.
  • The streaming service announced plans to deposit 2% of its cash, or an estimated $100 million, into Black-owned financial institutions and community development organizations.
  • As part of the initiative, the company is also investing $25 million into the New York-based Local Initiatives Support Corporation, a development finance company with 35 offices across the country that backs Black entrepreneurs across a variety of businesses.