Netflix CEO Reed Hastings has opted to donate $120 million to Historically Black Colleges and Universities. The $120 million donation will be split evenly between United Negro College Fund, Morehouse College and Spelman College.
“HBCUs have a tremendous record, yet are disadvantaged when it comes to giving,” Hastings and his wife, Patty Quillin, stated.
“Generally, White capital flows to predominantly White institutions, perpetuating capital isolation,” the couple added.
JUST ANNOUNCED: @Netflix co-founder & CEO @ReedHastings and his wife Patty Quillin say they'll give $120M, to be split among @Morehouse & @SpelmanCollege & @UNCF — the largest single individual gift ever to support scholarships at historically black colleges and universities. pic.twitter.com/33ZLzdNLzW
— CBS This Morning (@CBSThisMorning) June 17, 2020
With this donation, the couple hopes to support “Black students to follow their dreams” and “encourage more people to support these donations.”
Spelman President Mary Schmidt Campbell called the gift “historic” and MoreHouse College President David Thomas said it was “an affirmation of the work we are doing.”
“We are enormously grateful for this affirmation of the importance of the work that HBCUs do to educate the next generation of Black leaders,” Campbell continued.
Hastings and Quillin are not the only two to have donated to Morehouse and Spelman as of late. Oprah Winfrey, Robert F. Smith and Charles Barkley have all made large donations to the Atlanta HBCUs.