Netflix chairman/CEO Reed Hastings and his wife, Patty Quillin, are awarding $120 million to Historically Black Colleges and Universities — the larg

Netflix Chief Reed Hastings Donates $120 Million to Historically Black Colleges and Universities

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2020-06-17 13:53:07

Netflix chairman/CEO Reed Hastings and his wife, Patty Quillin, are awarding $120 million to Historically Black Colleges and Universities — the largest single contribution by an individual donor in support of scholarships at HBCUs.

The couple are donating $40 million each to Spelman College, Morehouse College and the United Negro College Fund. The grants come after Netflix announced it will donate $5 million to organizations dedicated to creating opportunities for Black creators, Black youth and Black-owned businesses, amid nationwide protests over racial injustice in the wake of the killing of George Floyd by Minneapolis police.

“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,” Hastings and Quillin said in a statement. “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.”

Hastings and Quillin said HBCUs are disadvantaged when it comes to philanthropic giving: “Generally, white capital flows to predominantly White institutions, perpetuating capital isolation. We hope this additional $120 million donation will help more Black students follow their dreams and also encourage more people to support these institutions — helping to reverse generations of inequity in our country.”