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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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The Stage Is Set

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The NFL season is just a few weeks in, but the halftime time show is booked. Singer, actress, and business woman Rihanna will headline the 2023 NFL Super Bowl halftime show in Glendale, Arizona on February 12, 2023. This will be her first performance since she performed in public at the 2018 Grammy Awards, and since her 2016 album release. In 2018 it was reported that Rihanna and a number of other artist declined an invitation to perform at the Super Bowl in support of Colin Kaepernick, former San Francisco 49ers quarterback who was at the center of a National Anthem kneeling controversy.

Rihanna, Rock Nation and the NFL are believed to bring music and sports fans a momentous show. This will be Apple Music’s first time sponsoring the halftime show as they have now replaced long time sponsor Pepsi.

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New Highly Anticipated Season Premiere

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All-new episodes of TV One’s original docu-series, “UNSUNG” and “UNCENSORED” debut Sunday, September 25. “UNSUNG” leads with R&B legend Tony Terry at 9 p.m. ET/8C followed by “UNCENSORED” featuring award-winning actor and entertainer Kadeem Hardison at 10 p.m. ET/9C. Each episode will be published on TV One’s website TVOne.tv. “UNSUNG,” one of the network’s longest-running and seven-time NAACP Image Award-winning series, highlights the careers and explores the personal lives of some of the most talented and influential Black artists, performers and musicians in history. On this season’s premiere episode, singer Tony Terry shares the journey of his early success, experiencing longevity in the entertainment industry and clears the air in his own words. 

The season also includes: 

“Women Take The Mic” Sunday, October 2 

Reggae Revolutions Sunday, October 9 

Jean Carn Sunday, October 16 

Warryn Campbell Sunday, October 23 

Norman Conners Sunday, October 30 

Solar Records Sunday, November 6 

“UNSUNG” is narrated by actor Gary Anthony Williams and is executive produced by Frank Sinton and Arthur Smith of A. Smith & Co. Productions. Mark Rowland, Kysha Mounia and Jamecia Blount also serve as Executive Producers. For TV One, Austyn Biggers is the SVP of Programming and Jason Ryan is the Executive Producer in Charge of Production. 

Directly following “UNSUNG” is the return of the hit, autobiographical series “UNCENSORED,” which explores the lives of popular celebrities and personalities as they provide first-hand accounts of their successes and the obstacles they faced throughout their careers. The premiere episode highlights award-winning actor Kadeem Hardison. While best known for his iconic role as Dwayne Wayne in the classic “A Different World,” Kadeem transparently and authentically shares the story of his nearly four-decade career. 

This season also includes:  

Keshia Knight Pulliam Sunday, October 2

Tyson Beckford Sunday, October 9

Garcelle Beauvais Sunday, October 16 

KeKe Wyatt Sunday, October 23 

Mario Van Peebles Sunday, October 30 

Deon Cole Sunday, November 6 

“UNCENSORED” is produced for TV One by Eric Tomosunas, Keith Neal, and James Seppelfrick (Executive Producers), Jay Allen and Nikki Byles (Co-Executive Producers), and Rachel Valley (Producer) of Swirl Films. For TV One, Austyn Biggers is the SVP of Programming and Jason Ryan is the Executive Producer in Charge of Production. 

For more information on “UNCENSORED” and “UNSUNG,” visit TV One’s YouTube Channel and check out exclusive, behind-the-scenes content on http://www.tvone.tv. Viewers can also join the conversation by connecting via social media on TV One’s Twitter, Instagram and Facebook (@tvonetv) Be sure to follow “UNCENSORED” & “UNSUNG” on Facebook and Instagram (@UncensoredTVOne) using the hashtag #UncensoredTVOne and #UNSUNG. 

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Blacks Win Big

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This year at the 2022 Emmy Awards black actors and writers made their presence known. It was an extraordinary night at the Emmys with wins for the history books in major categories. Abbott Elementary and cast members walked away with Emmys including Quinta Brunson, Writing for a Comedy Series and Cheryl Lee Ralph who picked up her first-ever Emmy for Supporting Actress in a Comedy Series (Abbott Elementary). Ralph portrays Mrs. Howard, a tough but loving kindergarten teacher.

Actress Zendaya won her second Emmy for her role in HBO’s hit “Euphoria.” She made history because at age 26 she became the youngest to win two Emmys for Outstanding Lead Actress in a Drama Series. (Her first Emmy was won in 2020 in the same category for her portrayal of troubled teen Rue Bennett.) Lizzo’s “Watch Out for the Big Grrls” won in the Competition Program category, and Jerrod Carmichael won his first Emmy for Writing for a Variety Special Rothaniel.

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