Netflix Chairman and CEO Reed Hastings and his wife, Patty Quillin, announced they are donating $120 million to historically black colleges and universities (HBCUs).
According to Variety, it is the largest single donation by an individual to support scholarships at HBCUs.
The contribution will be split in three ways with $40 million going to Morehouse College, $40 million to Spelman College, and $40 million to the United Negro College Fund (UNCF).
"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."
While touting the prestigious record of the schools, the couple also noted how HBCUs are “disadvantaged when it comes to giving.”
"Generally, white capital flows to predominantly white institutions, perpetuating capital isolation," they added. "We hope this additional $120 million donation will help more black students follow their dreams."
Hastings and Quillin urged other individuals to contribute to the schools in order to “reverse generations of inequity in our country."
Their donation comes after Netflix previously pledged $5 million toward organizations that create opportunities for black creators and to support black-owned businesses.
“Tackling racism and injustice in meaningful ways means creating long-term opportunities for the Black community,” Netflix said in a statement. “The main role we play is through our funding of and member viewing of important content like ‘When They See Us.’ As an additional step, today we’re committing $5 million to nonprofits dedicated to creating direct opportunities for Black creators, Black youth and Black-owned businesses.”
In addition, the streaming giant created a “Black Lives Matter” collection on the platform featuring over 45 movies and TV shows dealing with racial justice and the experience of black Americans.
The collection, which comes after weeks of protests around the country ignited by the death of George Floyd, includes “13th,” “Orange Is the New Black,” “Moonlight” and Spike Lee’s new film “Da 5 Bloods.”
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