Netflix CEO donates $120 million to Spelman, Morehouse, and UNCF
After bringing black narratives to the forefront by creating a Black Lives Matter content genre on its platform, Netflix is taking another important step in the push for equality: investing in the education of black youth.
On Wednesday the streamer announced that Netflix CEO Reed Hastings and his wife, philanthropist Patty Quillin, have pledged to donate $120 million to support student scholarships. The money will be split across three organizations: the United Negro College Fund, which will receive $40 million; and Spelman College and Morehouse College, which will receive $40 million each.
“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,” said the couple 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.”
“HBCUs have a tremendous record, yet are disadvantaged when it comes to giving,” the statement continues. “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.”
To date, Hasting and Reed’s contribution is the single-largest individual donation to fund student scholarships at historically black colleges and universities.