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.
Rapper Biz Markie Dead at 57
Born Marcel Theo Hall, he was known around the world and in Hip Hop as rapper Biz Markie a.k.a the “Clown Prince.” Unlike other rappers of his time, his fun and humorous lyrical style made him a household name that spanned generations. Best known for his most memorable 1989 hit single ‘Just a Friend’ became a top 40 hit in several countries and an anthem even for dating skeptics. Markie was a talented rapper, human beatboxer, singer-songwriter, DJ, and record producer. He also did some acting, appearing and guess starring in movies and various television episodes.
Markie reportedly battled some heath issues over the years and suffered complications from diabetes, peacefully passing July 16, 2021. He leaves to mourn his wife Tara who was by his side the evening he passed.
BAD DAD REHAB: THE NEXT SESSION
Following the success of its popular film BAD DAD REHAB, TV One recently announced the premiere of BAD DAD REHAB: THE NEXT SESSION. The film features a brand-new cast that includes rapper Anthony “Big Daddy Kane” Hardy (Something From Nothing: The Art of Rap, Dead Heist)as Owen, Lamman Rucker (“Greenleaf”, “Why Did I Get Married”) as Mr. Arnold, Blue Kimble (“Monogamy,” “Ruthless”) as Chauncey, Onye Eme-Akwari (“Queen of the South”) as Marshall, Carlo Mendez (“90210,” “Parks and Recreation”) as Hosea, Chrystale Wilson(“The Rich and the Ruthless”) as Marjory. The film will air on Sunday, June 20 at 8 P.M. ET/7C.
BAD DAD REHAB: THE NEXT SESSION follows the new class of Bad Dads hailing from Jersey City, New Jersey who must confront their personal demons in order to get their act together and become better dads. Hosea (Mendez) is more concerned about being his rebellious son’s best friend than disciplining him. Marshall (Eme-Akwari) works pyramid schemes in his mancave instead of helping his frustrated wife and son. Chaucey (Kimble) holds a grudge against his ex-girlfriend oblivious that it’s hurting their young daughter. Owen (Hardy) spent thirty years denying his daughter from an affair but now wants to make amends before her impending wedding.
Bad Dad Rehab: The Next Session is written by Keronda McKnight, directed by Juwan Lee with casting by George Pierre. The film is produced for TV One by Swirl Films with Eric Tomosunas, Keith Neal, Ron Robinson and James Sepplefrick serving as Executive Producers. For TV One, Jason Ryan is the Executive Producer in Charge of Production, Donyell McCullough is Senior Director of Talent & Casting and Robyn Greene Arrington is Vice President of Original Programming and Production.
Complimentary One-day Ticket To Six Flags Fiesta Texas
Six Flags Fiesta Texas is partnering with SA Metro Health to give away 20,000 one-day tickets – over $1.5 million in value – to people who get a COVID-19 vaccination at any Metro Health or partner vaccine clinic.
Beginning Tuesday, May 25, individuals who get vaccinated at any of these clinics will receive a complimentary one-day ticket to Six Flags Fiesta Texas valid through Sept 6, 2021 to enjoy a fun day at the park.
“Six Flags Fiesta Texas is honored to partner with city leaders to encourage residents to get vaccinated, especially in underserved communities,” said Park President Jeffrey Siebert. “We appreciate Mayor Nirenberg’s leadership on this initiative and we look forward to partnering with the City of San Antonio Metro Health to assist with their vaccine campaign efforts.”
Metro Health will also share the theme park tickets with its partners – including UT Health San Antonio, University Health System, University of the Incarnate Word, WellMed, San Antonio Fire Department, Bexar County Health Collaborative and Curative – to give to those who receive their vaccine at designated vaccine clinics.
“With so many people who enjoy visiting Six Flags Fiesta Texas each year, we hope people take advantage of this generous ticket giveaway and go get vaccinated. This could mean that 20,000 more residents get vaccinated to help us end the pandemic,” said Mayor Ron Nirenberg.
As a reminder, people can get vaccinated either by walk-in or appointment at the Alamodome drive-thru clinic from noon to 8 p.m. Wednesday-Friday.
For a list of locations of Metro Health vaccine clinics around the city, visit http://covid19.sanantonio.gov.
For more information about Six Flags Fiesta Texas, including operating hours, visit https://www.sixflags.com/fiestatexas.