IT Blog

Netflix on Tuesday pledged $100 million as part of its “commitment to racial equity.” The streaming giant said it will allocate 2% of its cash holdings, initially up to $100 million, into financial institutions and organizations that directly support Black communities in the US.

To start, Netflix said $35 million of its $100 million commitment will be placed in two vehicles. The company will move $25 million to the newly created Black Economic Development Initiative to invest in Black financial institutions serving low- and moderate-income communities. Another $10 million will go to the Hope Credit…