Netflix co-founder and CEO Reed Hastings, and his wife Patty Quillin, have announced a donation of $120 million to the United Negro College Fund, Spelman College and Morehouse College. This is a record-setting individual gift for a Historically Black college or university.
In a statement, Hastings and Quillin 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. HBCUs have a tremendous record, yet are disadvantaged when it comes to 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.”
In an interview for CBS This Morning, Hastings gave kudos to Dr. Michael L. Lomax, president and CEO of the United Negro College Fund.
He said in part, “About five years ago, I set up a program at my alma mater… And so I was telling Michael Lomax, you know, ‘Look at what I’m doing at Bowdoin College.’ And he said, ‘Well, that’s great. But, you know, there’s this whole other world.” And what happens is that white capital tends to flow to predominantly white institutions. And it’s just what you know and are comfortable with and . And he offered to help Patty and I get to know the HBCUs… And then this year, with the tragedy in America and everyone feeling hopeless, we realized this is the time to do something bigger, and to really try to bring the HBCU story front and center.”
This comes after Netflix announced earlier this week that they were committing $5 million to Black Nonprofits for creators, youth and businesses.