Netflix on Tuesday said it would start putting 2% of its cash holdings — or up to $100 million initially — into financial institutions and programs that help support Black Americans.
The streaming heavyweight said it will start with a $35 million commitment to two organizations, including $25 million going to the Black Economic Development Initiative, a new fund that will specifically invest in “low and moderate-income communities,” per Netflix. Another $10 million will be go to Hope Credit Union, with the goal of investing in underserved communities in the South; a few thousand Black homebuyers and entrepreneurs should be helped over the next two years by the investment in Hope, according to the company.
“We believe bringing more capital to these communities can make a meaningful difference for the people and businesses in them, helping more families buy their first home or save for college, and more small businesses get started or grow,” Netflix said in a blog post announcing the move.
Netflix added that its investment in Black communities aims to reduce the wealth gap between Black and white Americans.
“According to the FDIC, banks that are Black-owned or led represent a mere one percent of America’s commercial banking assets. This is one factor contributing to 19% of Black families having either negative wealth or no assets at all — more than double the rate of white households — according to the U.S. Federal Reserve,” Netflix said. “Black banks have been fighting to better their communities for decades but they’re disadvantaged by their lack of access to capital.The major banks, where big multinational companies including ours keep most of their money, are also focusing more on improving equity, but not at the grassroots level these Black-led institutions can and do. So we wanted to redirect some of our cash specifically toward these communities, and hope to inspire other large companies to do the same with their cash deposits.”
Tuesday’s decision comes a few weeks after Netflix CEO Reed Hastings and his wife Patty Quillin donated $120 million to several historically Black colleges.
15 Stars Whose Blackface Blunders Backfired, From Ted Danson to Jimmy Kimmel (Photos)
Don't even think of mimicking these celebrities.
Joni Mitchell
The singer posed in blackface on the cover of her album "Don Juan's Reckless Daughter" in 1977, and later went on to justify it by saying, "I have experienced being a Black guy."
Ted Danson
The "Cheers" star appeared at a New York Friars Club Roast in 1993 with then-girlfriend Whoopi Goldberg wearing blackface makeup to perform an offensive N-word-filled comedy routine.
Tom Hanks
The Oscar-winning actor came under fire in 2012 when video surfaced of a 2004 school fundraiser featuring Hanks and another man wearing blackface and stereotypical African clothing. Hanks later condemned the bit as "horribly offensive."
Jane Krakowski
The actress appeared in blackface in two episodes of the 2006-13 sitcom "30 Rock," in one case dressing as a Black man while co-star Tracy Morgan, who is African American, appeared as a white woman. Series creators Tina Fey and Robert Carlock pulled the episodes from circulation in 2020.
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Tyra Banks
The host of "America's Next Top Model" took heat, as did her show, for a photo shoot in 2009 in which competing models were made to look "biracial." Styling techniques included the darkening of contestants' skin.
Paula Deen
Following the epicure's ouster from the Food Network in the wake of her infamous N-word controversy, Deen posted a photo on Twitter from her show's 2011 Halloween episode featuring her son, Bobby, dressed as Ricky Ricardo, complete with brownface makeup.
Beyoncé
The diva took heat for a 2011 L'Officiel Paris cover with an "African Queen" theme for which the pop star's skin was darkened.
Jon Hamm
In a 2012 episode of "30 Rock," Hamm teamed with Tracy Morgan to re-create a parody version of a dated old TV show modeled on the stereotype-laden "Amos and Andy." Hamm doesn't so much blacken his face as dirty it, but the episode proved so problematic that creator Tina Fey pulled it from circulation in 2020.
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Julianne Hough
The singer/dancer/actress drew criticism over a 2013 Halloween costume for which she donned dark makeup to masquerade as Uzo Aduba's "Orange Is the New Black" character Crazy Eyes.
LAX/X17online.com
Shane Dawson
The YouTuber known for his outrageous characters in 2014 was forced to apologize for the use of blackface in some of his videos, including a parody of talk show host Wendy Williams.
Kylie Jenner
Fans of the reality star jumped all over a photo she posted to her Instagram account from a 2015 shoot, outraged that her skin appeared to be darkened. "This is a black light and neon lights people lets all calm down," Jenner responded.
Luann de Lesseps
The former countess and "Real Housewives of New York" star apologized for her 2017 Halloween costume as Diana Ross -- even though she insisted that she didn't actually do blackface. "I had bronzer on that I wear normally like the rest of my skin," she later told Andy Cohen on "Watch What Happens Live." "So I didn’t add anything to or would ever, ever dream of doing a blackface. Ever."
Oliver Peck
The longtime "Inkmasters" star announced he was departing the show in 2020 after an old photo resurfaced of him wearing blackface while portraying an NBA player.
Jimmy Fallon
The late-night host came under fire for a 2000 "Saturday Night Live" sketch in which he impersonated former "SNL" cast member Chris Rock -- in full makeup.
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Jimmy Kimmel
In June 2020, ABC late-night host apologized for a series of sketches from earlier in his career when he darkened his skin to impersonate Black stars such as NBA player Karl Malone and Oprah Winfrey. "I apologize to those who were genuinely hurt or offended by the makeup I wore or the words I spoke,” he said of the sketches from "The Man Show" which he co-hosted from 1999-2003.
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These celebrities offer a timely reminder that it’s never OK — so don’t try it