Netflix CEO And Wife Donate $120M To HBCUs

SANTA CRUZ, CA — Netflix CEO Reed Hastings and wife Patty Quillin announced Wednesday that they are donating $120 to historically black colleges and universities, CBS reported.

The money will cover tuition and room and board for 200 students over the next decade each at Morehouse College, Spelman College and the United Negro College Fund. Each institution will get $40 million.

The $120 donation is the largest ever to support HBCU scholarships, CBS reported.

The donation is a "liberating gift" that will allow students to transition into their careers and serve their communities without financial stress, said Spelman President Mary Schmidt Campell in a statement.

White capital tends to go to white schools, perpetuating inequity, Hastings and Quillin said in the statement.

"We've supported these three extraordinary institutions for the last few years because we believe that investing in the education of Black youth is one of the best ways to invest in America's future," they said. "Both of us had the privilege of a great education and we want to help more students — in particular students of color — get the same start in life."

Morehouse, Spelman and UNCF urge others to donate to HBCUs, which "improve mobility and create new generations of leaders, increasing justice, equality and opportunity in America."