Netflix founder Reed Hastings and his wife gave $120 million to historically black US colleges to fund full-ride scholarships for students.
Netflix founder and his wife, Patty Quillin have given the largest ever fund in support for scholarships to Spelman College and Morehouse College and the United Negro College.
“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,” Quillin and Hastings said in a statement.
“Historically black colleges and universities have a tremendous record, yet are disadvantaged when it comes to giving.”
The money is to be spent during the coming decade to pay for 200 students to attend full 4-year college programs.
Quillin and Hastings said they hoped the scholarships help “reverse generations of inequity in our country.”
Reed Hastings and his wife Quillin have a history of philanthropy aimed at education.
Recently, Apple has also launched a $100 million initiative to combat systemic racism. Whereas, Google has committed $275 million to help black artists on YouTube. It helped fund African American small businesses and other projects to support the community.
Earlier, Netflix had reported increasing profits as subscriptions surged by almost 16 million at the streaming television service during lockdown.
“After record subscriber additions, Netflix is and will continue to be the media company least impacted by COVID-19,” said eMarketer forecasting analyst Eric Haggstrom.
“Their business is a near perfect fit to a population that is suddenly housebound.”
Netflix made a profit of $709 million on revenue of $5.8 billion in the first three months of this year.
While, the number of paid subscribers rose by 15.7 million from the previous quarter to total nearly 183 million, according to earnings figures.