Netflix CEO Reed Hastings Donates $120 Million to HBCUs

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Co-founder and CEO of Netflix Reed Hastings announced to CBS This Morning that he and his wife will donate $120 million to HBCUs.

This donation comes in to support scholarships at historically Black colleges and universities. The $120 million will be split among Morehouse College, Spelman College, and the United Negro College Fund. The money will also be enough for both universities to support over 200 students for the next decade.

Hastings spoke in an interview with Gayle King, Dr. Mary Schmidt Campbell (Spelman president), Dr. Michael L. Lomax (founder of UNCF), and Dr. David A. Thomas (Morehouse president) about the generous donation. Hastings explained how he and his wife “realized this is the time to do something bigger and to really try to bring the HBCU story front and center.”

Hastings and his wife spoke with board members and students at both universities, and they were initially set on donating $20 million to provide full-ride scholarships to students. Instead, they decided to increase the amount to $120 million.

The couple also explained that they did not want the gift to be named after them and instead, wanted the focus to be on celebrating Black achievement through HBCUs.

It’s inspiring that many entrepreneurs are wanting to improve education for Black students knowing that they can change the world. If you would like to watch the full interview, check it out on CBS This Morning.