Netflix CEO Reed Hastings Gives $120 Million To Black Colleges

Normally, when a philanthropist donates a large sum of money to a university or college, they expect a wing, hall or a bench to bear their name. That's not the case with Netflix CEO Reed Hastings. 

Hastings and his wife, Patty Quillin, announced Wednesday that they have donated $120 million toward scholarships at historically Black colleges and universities. This marks the largest individual donation to the institutions to date.

The only reason why they are making the announcement public is in hopes that others will follow suit. 

Who's receiving the big check? Spelman College, Morehouse College and the United Negro College Fund each received $40 million.

The United Negro College Fund is a minority education organization that awards scholarships to more than 10,000 students each year and financially supports 37 historically Black colleges and universities.

"I’m thrilled to announce that I’m funding a new $100m philanthropic fund for education, creatively named the Hastings Fund, through the Silicon Valley Community Foundation. Neerav Kingsland is the CEO of this fund, and will donate these funds in the best way possible for kids’ education. The first two gifts are to United Negro College Fund and to Hispanic Foundation of Silicon Valley to support college education of Black and Latino youth, totalling $1.5m. I’m so blessed to be able to do this, and I hope to do more in the future. Thanks to all of you who are Netflix members or employees for making this possible," Hastings said in a Facebook statement

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