Netflix CEO Reed Hastings donates $120 million to support historically Black colleges and universities – Los Angeles Times

Written by Kristi Sturgill

Netflix CEO Reed Hastings and his wife, Patty Quillin, announced Wednesday morning that they have given $120 million toward scholarships at historically Black colleges and universities — the largest individual donation to the institutions to date.

Spelman College, Morehouse College and the United Negro College Fund each received $40 million.

The two colleges, focused on educating women and men, respectively, are located in Atlanta. They are top producers of Black graduates receiving Fulbright scholarships and pursuing doctorates. The United Negro College Fund is a minority education organization that awards scholarships to more than 10,000 students each year and financially supports 37 historically Black colleges and universities.

Endowments at historically Black colleges and universities remain significantly lower than at comparable colleges. The median endowment for American historically Black colleges and universities is $15.7 million, compared with the median endowment of $36.8 million for non-HBCUs, a news release said.

Read more here.

By Jessica Yap-Chung
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