Netflix at 5808 Sunset Blvd., Los Angeles. (Photo by Ringo Chiu).

Photo by Ringo Chiu.

Netflix Inc. transferred $ 100 million to finance institutions that support black communities in the United States.

The Los Gatos-based subscription streaming service and production company announced on December 1 that, in an effort to follow through on a pledge to tackle systemic racism, it has transferred 2% of its cash holdings to six financial institutions: Jackson, Mississippi Hope Credit Union; Local Initiatives Support Corp. downtown; Change Co., based in Irvine, Enterprise Community Partners Inc. in Columbia, Maryland; OneUnited Bank, located in Boston and Baldwin Hills / Crenshaw; and the community investment rating from Calvert Impact Capital Inc., based in Bethesda, MD.

The funds were intended for these institutions to facilitate more home loans and small businesses in black communities, especially those affected by the pandemic. In a post on the Netflix corporate blog, HR Director Aaron Mitchell and Treasurer Shannon Alwyn explained that the company’s investment will increase over time.

“We will ‘top up’ our commitment at the end of the year and move more money – in addition to the $ 100 million already committed – to these institutions,” they wrote.

The company initially made its pledge in June 2020, as other Hollywood institutions made similar pledges. Comcast Corp. pledged to distribute $ 75 million over three years to organizations like the National Urban League and the NAACP, and Sony Music Group has launched a $ 100 million fund to support social justice and anti-racism initiatives around the world.

The execution of Netflix’s commitment comes alongside ViacomCBS Inc.’s second annual update on Diversity, Equity and Inclusion in Media Society. In addition to providing a racial breakdown of its top executives (senior and senior vice presidents), the company reported that non-whites made up 37.7% of its domestic staff and 27.7% of its senior executives (vice-presidents). presidents and superiors), up slightly from 36.2%. and 25 percent, respectively. The company defended its high percentage of female board members among Standard & Poor’s 500 companies, with seven women on its 12-member board.

ViacomCBS figures are similar to those published in WarnerMedia’s Equity and Inclusion 2020-21 report, released in October. WarnerMedia has revealed that people of color make up 39% of its overall workforce in the United States, as in its inaugural report two years ago, and 28% of vice presidents and above, an improvement from 20% in 2019 .

Meanwhile, the ViacomCBS report also detailed diversity initiatives such as its HBCU Diversity in Journalism Fellowship; its Content for Change initiative, which uses data research and analysis to diversify the corporate culture and the creative supply chain both internally and externally; and a First Look Deal program targeting UK writers from historically excluded backgrounds.

WarnerMedia and ViacomCBS have both joined a group of media companies, including Inc., to submit a three-year plan to create a Black Equity at Work certification from Management Leadership for Tomorrow, a nonprofit that aims to diversify the fields of corporate leadership. Diversity initiatives have become an increasingly important component of a company’s public identity; in September, Walt Disney Co. announced its own Reimagine Tomorrow initiative, which will highlight the stories and talents of under-represented communities.

Netflix’s $ 100 million transfer further expands its diversity and inclusion initiatives, which include fair hiring and compensation practices, inclusive benefits, and employee resource groups serving communities’ shared experiences specific. In addition to detailing the allowances and dollar numbers in its blog post, Netflix also unveiled the new “Banking On Us” web series, which premiered December 1 on YouTube, featuring the new owners and the men. local businesses from communities of color that have directly benefited from Netflix’s contributions.

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