Netflix CEO Reed Hastings will donate $120M to historically black universities
The donation will support scholarships at Morehouse and Spelman colleges and through the United Negro College Fund.
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Hasting's donation is the single largest individual gift ever given to support scholarships at historically black colleges and universities, said CBS This Morning. (Editors' note: CNET and CBS This Morning are both part of ViacomCBS.)
Hastings credited the CEO of the United Negro College Fund, Michael L. Lomax, for helping him and his wife understand the importance of historically black colleges and universities.
"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 have grown up with," said Hastings told CBS This Morning. "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."