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He worked 100-hour weeks to save a nearly bankrupt boat company. At 83, he’s just turned down $400 million for it—and gave it all to charity instead

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He worked 100-hour weeks to save a nearly bankrupt boat company. At 83, he’s just turned down $400 million for it—and gave it all to charity instead

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Costco's $14 million email settlement: Who qualifies for an up-to $500 payment and how to claim before the Aug. 24 deadline

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Mamdani’s pied-à-terre tax was designed to hit the wealthy, but it’s sending most New Yorkers to their estate lawyers
Arts & EntertainmentNetflix

Netflix: $100 million in coronavirus relief for creative ranks

By
Lynn Elber
Lynn Elber
and
The Associated Press
The Associated Press
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By
Lynn Elber
Lynn Elber
and
The Associated Press
The Associated Press
Down Arrow Button Icon
March 20, 2020, 3:47 PM ET
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Subscribe to Fortune’s Outbreak newsletter for a daily roundup of stories on the coronavirus outbreak and its impact on global business.

Netflix said Friday it is establishing a $100 million relief fund for workers in the worldwide creative community affected by the corona-virus caused halt of most film and television production.

“This community has supported Netflix through the good times, and we want to help them through these hard times, especially while governments are still figuring out what economic support they will provide,” Ted Sarandos, Netflix’s chief creative officer, said in a statement.

The majority of the fund will support the hardest-hit workers on Netflix’s own productions around the world, Sarandos said, and will supplement the two weeks of pay the company already agreed to pay the cast and crew on suspended productions.

In an effort to support the broader film and television industry, $15 million of the fund will be distributed to “third parties and nonprofits providing emergency relief to out-of-work crew and cast in the countries where we have a large production base,” according to the statement.

In the U.S. and Canada, Netflix said it will donate $1 million each to the SAG-AFTRA Covid-19 Disaster Fund, the Motion Picture and Television Fund and the Actors Fund Emergency Assistance in the United States, and $1 million between the AFC and Fondation des Artistes.

Elsewhere, including Europe, Latin America and Asia, Netflix is coordinating with industry organizations to create similar relief efforts, Sarandos said, with announcements planned next week on funding those efforts.

“What’s happening is unprecedented,” he said. “We are only as strong as the people we work with and Netflix is fortunate to be able to help those hardest hit in our industry through this challenging time.”

Efforts to contain the spread of the coronavirus have left the entertainment industry reeling, with the suspension of most productions and the closures of movie theaters, Broadway plays and concert postponements.

The vast majority of people recover from the new virus. According to the World Health Organization, people with mild illness recover in about two weeks, while those with more severe illness may take three to six weeks to recover.

More coronavirus coverage from Fortune:

—Financial crisis looms as corporate America presses for coronavirus bailout
—Tax deadline moved to July 15 due to coronavirus
—Death rate in China’s coronavirus epicenter is lower than previously thought
—How working parents are navigating childcare during the coronavirus pandemic
—As oil slides on coronavirus and price war, the market looks for the new normal
—Funerals in the time of coronavirus: How a pandemic is changing the industry
—Listen to Leadership Next, a Fortune podcast examining the evolving role of CEO
—WATCH: World leaders and health experts on how to stop the spread of COVID-19

Subscribe to Fortune’s Outbreak newsletter for a daily roundup of stories on the coronavirus outbreak and its impact on global business.

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