Netflix, the world’s leading streaming entertainment service, has announced that it will be allocating two percent of its cash holdings – initially up to $100 million – into Black-owned financial institutions and organizations that directly support Black communities in the U.S. They are the first Fortune 500 company in history to ever do anything like this!
According to a press release on the company’s web site, Netflix will start its $100 million commitment by first moving $25 million to a newly established fund called the Black Economic Development Initiative. It will be managed by the Local Initiatives Support Corporation (LISC), a non-profit with a track record of developing underinvested communities. They will invest the funds into Black financial institutions serving low and moderate-income communities and Black community development corporations in the U.S.
In addition, $10 million will immediately go to Hope Credit Union in the form of a Transformational Deposit to fuel economic opportunity in underserved communities across the Deep South. Bill Bynum, CEO of HOPE, has spent the last three decades advancing economic mobility in distressed communities.
Another announcement will be made in the near future regarding the remaining $65 million, which will likely be split up among several other institutions including the nation’s largest Black-owned bank, OneUnited Bank.
Other Fortune 500 companies encouraged to do the same
Netflix reports that “if every company in the S&P 500 allocated a modest amount of their cash holdings into efforts like the Black Economic Development Initiative, each one percent of their cash would represent $20-$30 billion of new capital. And that would help build stronger communities, offering more Black families pathways to prosperity and a more equitable future.”
The company says, “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.”
Launched in 1997, Netflix currently has more than 183 million paid memberships in over 190 countries. Their annual revenue is usually around $20 billion.
Carver Annual Fundraiser Dec. 2
The Carver Development Board presents the Cavalcade of the Stars on Saturday, Dec. 2, at the Henry B. Gonzalez Center.
This annual fundraiser benefits the Carver’s School for Visual & Performing Arts’ Artist Residency/Master Class Program, summer camps, Youth Matinee Series, and supports the education programs of the Carver Community Cultural Center. The title fundraiser is Valero.
The night will start with a reception and silent auction at 5:30 pm. Dinner is served at 6:30 pm, and the show begins at 8 pm featuring Kiland Kyham, also known as Mr. Houston. Kyham is a gifted and powerful author, singer, and songwriter. He has performed and produced with such music legends as Al Green, Stevie Wonder, Johnathon Butler, and Smokey Robinson. He has written over 400 song jingles and has produced numerous projects.
For over 75 years, The Carver Community Cultural Center (“The Carver”) has served as the San Antonio Eastside’s foremost gathering place of cultural exchange and performance arts. It was originally erected in 1918 as a community center for African-Americans. By the 1930s, the building was repurposed as the Colored Library and renamed the Carver Library and Auditorium in honor of Dr. George Washington Carver. From the 1940s through the Civil Rights Era, prominent African-American entertainers such as Ella Fitzgerald, Duke Ellington, Count Basie, and Louis Armstrong played at the Carver.
Individual tickets for the Cavalcade of the Stars are $250 or $2,500 per table. For more information, visit (TheCarver.org).
Kirk Brings Tour to San Antonio
Kirk Franklin’s new album “Father’s Day” just released on Oct. 6, 2023. Franklin has written and produced “Father’s Day,” marking his first new solo album since the 2019 release of his Grammy-winning solo album “Long Live Love.”
Franklin says about Father’s Day and connecting with God’s love: “I hope this album is a stripped-down, honest conversation about the difficulty of the life journey and how life can be messy, nuanced, and a matter of trial and error even for those who subscribe to faith. But it’s all wrapped in a bow of love, and that love doesn’t always make sense, but is always constant.”
Legendary artist Kirk Franklin has etched a mark on the music industry with his soul-stirring melodies and powerful lyrics. With an astonishing 2 billion career streams, his music has touched the hearts of millions around the globe.
Highly decorated with an impressive collection of accolades, including 19 Grammy Awards, 42 Stellar Awards, 23 Dove Awards, and 8 Soul Train Awards, he stands as a true icon in the gospel genre.
Kirk Franklin’s unwavering passion for gospel music continues to shine as a beacon of inspiration, leaving an indelible legacy that will resonate for future generations.
Franklin will be featuring some of his new albums in The Reunion Tour at the Frost Bank Center (formerly AT&T Center) on Nov. 16 at 7 pm. Tickets are on sale now at Ticketmaster.com.
Joining Franklin on The Reunion Tour are Israel Houghton, David & Tamela Mann, Tye Tribbett, The Clark Sister with special guests of the New Breed, The Family, & God’s Property.
Jada’s Entangled Memoir – Worthy
By Ebony Huerta Wells
It must be nice! I don’t know if it’s just me, but when I heard actress Jada Pinkett Smith say she and her famous Oscar-slap husband, Will Smith, are separated but still married, I immediately thought that when I get upset with my husband, I have to sit in my car.
I don’t have another house to go to. I don’t even have another wing of the house to go to. And then I thought of the infamous Oscar slap in 2022 and the “Red Table Talk” discussion where she and Will Smith are in tears over her entanglement or affair. So, was all that necessary? Maybe to sell books, it may be necessary. Jada Pinket Smith’s new memoir, “Worthy,” has hit the shelves and she is making the talk show circuit. Like talk show host Sherri Shepherd said, the whole family should get Oscars for living a lie for seven years – supposedly the amount of time Mr. and Mrs. Smith have been separated.
Truthfully, I’m still trying to grapple with liking the couple – before her memoir. Unlike R. Kelly, Michael Jackson and Bill Cosby, Will Smith hasn’t been totally shunned yet, but he has paid a hefty price for his actions “defending” her honor. But it takes two to tangle, and I don’t think by any means we have heard of all his “entanglements,” and he has his own demons to work out.
. . . the whole family should get Oscars for living a lie for seven years . . .
In the Black community and especially in the entertainment industry, we don’t have a plethora of Black male actors. We are more accustomed to negative stories of Black men than good, so when Will Smith reprised his role as Muhammad Ali at the Oscars, we wanted so much to embrace him for his achievements. Instead, we had to defend Black men at work, hit rewind about a thousand times to make sure it wasn’t a skit, and then joke about it in our inner circles – what the hell was he thinkin’ fighting in front of white folks!
I haven’t read “Worthy,” but Jada Pinkett Smith does talk about Tupac, Chris Rock, and many more of our favorite celebrities. Maybe I will read it for that, or perhaps I will just wait for them to move back together again and stop all this actin’.
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