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Netflix to Move $100 Million into Black-Owned Banks

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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.

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Tough Love: Los Angeles

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CLEO TV’s new series TOUGH LOVE: LOS ANGELES sheds light on the mental health impacts of heartache and grief in the next episode airing Sunday, January 17, at 9 P.M. ET/8C. The 10-episode prime-time series spinoff is based on the Emmy-nominated web series TOUGH LOVE, which takes a raw and vulnerable look at the very real challenges of losing a loved one and enduring a breakup.  

The crew begins to unravel as this week’s episode addresses themes of self-harm and grief. Having a very difficult time processing her brother’s death, Mya begins to self-medicate. Responding to an apparent plea for help, Rashad urges Story to check on Mya after he receives a cryptic text message. After breaking down the door, they find Mya nearly passed out and attempt to resuscitate her. Story continues to catfish Raymond until he gets fed up with her excuses and decides to cut her off. Brian and Denise continue to butt heads as she doesn’t understand why Brian refuses to use a portion of his investment money on their impending wedding plans.

Created by Caleb and Roni Davis, TOUGH LOVE was nominated for a Daytime Emmy Award in 2017 for Outstanding Digital Daytime Drama Series. The series is produced by Creative Direction Group. Dexter Cole is Senior Vice President of Program Scheduling and Acquisitions for TV One. For more information about CLEO TV visit www.mycleo.tv and check out CLEO TV YouTube Channel. Viewers can also join the conversation by connecting via social media on TwitterInstagramPinterest and Facebook (@mycleotv) using the hashtag #TOUGHLOVELA and #CLEOTV

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The Imagination Engineer

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According to Penguin Random House, famed New York Times bestselling author Eric Jerome Dickey died Sunday, Jan. 3, 2021 in Los Angeles. Some of his noted works include “Sister Sister,” “Sleeping With Strangers,” and “Walking With Enemies.” Dickey was 59.

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New Soul Kitchen

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NEW SOUL KITCHEN’S SERVES UP SEASON FINALE DOUBLE-HEADER WITH STEAKHOUSE CLASSICS AND PRESSURE COOKED EATS ON SATURDAY, DECEMBER 26 AT 9 P.M. ET/8C

New Soul Kitchen Remix Premieres January 9 at 9 P.M. ET/8C

Chef Resha and Chef Bren Herrera pack a savory punch in the kitchen alongside Restaurateur, Entrepreneur and Host Chef Jernard Wells as they prepare a flavor-packed meal and must-haves on the season finale double header of NEW SOUL KITCHEN airing at Saturday, December 26 at 9 P.M. ET/8C and 9:30 P.M./8:30C. The chefs hearty homemade spins on these classic dishes are the perfect solution for restaurant cravings during the winter.

Chef Resha turns up the heat on a decadent Seared Garlic and Butter Steak, pairing the juicy dish with Roasted Sweet Potatoes topped with Savory Cider Caramel. Chef Jernard doubles-down on the flavorful seasonings, preparing Rosemary and Mint Lamb Chops and a side of Maple and Balsamic Brussel Sprouts. The second episode brings Chef Bren‘s deliciously Braised Peppered Oxtail to the table, complemented by Chef Jernard’s Pineapple Jerk Chicken. Tune in to catch these acclaimed chefs who make preparing professional-quality meals at home look like a breeze.  NEW SOUL KITCHEN is produced by Powerhouse Productions, with Rochelle Brown and Sonia Armstead serving as Executive Producers. For CLEO TV, Susan Henry and Gold Morgan serve as Executives in Charge of Production; Donyell Kennedy-McCullough is Senior Director of Talent & Casting; and Robyn Greene Arrington is Vice President of Original Programming and Production.
For more information about CLEO TV visit www.mycleo.tv and check out CLEO TV YouTube Channel. Viewers can also join the conversation by connecting via social media on TwitterInstagramPinterest and Facebook (@mycleotv) using the hashtag #NEWSOULKITCHEN and #CLEOTV

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