Netflix to spend about $100 million to support African-American communities

FILE PHOTO: The Netflix logo is seen on their office building in Hollywood, Los Angeles, California, U.S. July 16, 2018. REUTERS/Lucy Nicholson/File Photo

(Reuters) - Netflix Inc will allocate 2%, or about $100 million (81.3 million pounds), of its cash holdings to financial institutions and organizations that directly support African American communities in the United States, the streaming giant said on Tuesday.

The company said https://media.netflix.com/en/company-blog/building-economic-opportunity-for-black-communities in a blog post it will start with $35 million, of which $25 million will be moved to a new fund, "Black Economic Development Initiative", and $10 million will go to Hope Credit Union for creating opportunity in underserved communities.