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6/30, 1:42 PM (Source: TeleTrader)
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Netflix pledges $100M towards black communities

Streaming giant Netflix announced on Tuesday it will direct $100 million toward black-owned businesses and communities amid increased scrutiny of racial and economic justice in the United States.

The first $25 million will be allocated to the Black Economic Development Initiative, which invests in "black financial institutions serving low and moderate-income communities and black community development corporations in the US," the company said.

In the aftermath of the death of George Floyd, similar initiatives were announced by various companies, including Facebook and PepsiCo.

Breaking the News / JC