Netflix CEO Reed Hastings and his wife are donating $120 million to Black institutions and colleges

• Netflix and its CEO, Reed Hastings, are donating money to Black communities and institutions.
• Hastings and his wife plan to give $120 million in personal donations to universities and colleges dedicated to educating students of color.
• Netflix is committing to spend $5 million to boost Black creators, Black youth, and Black-owned businesses.

Netflix CEO Reed Hastings is donating $120 million to historically Black colleges and universities, CNBC reported Wednesday.

Hastings and his wife, Patty Quillin, committed to giving $40 million to the United Negro College Fund (UNCF), as well as Morehouse College and Spelman College, two historically Black universities.

"The amount of tragedy really did get us to focus and say, 'let's do something now that will be supportive of these great institutions and give people some sense of hope,'" Hastings told CNBC's Andrew Ross Sorkin. "This moment is not the first time that racism has reared its, you know, terribly ugly head."

In the wake of ongoing activism sparked across the US after the police killing of George Floyd, major companies and business figures have started to take steps to support racial justice.

Beyond Hastings' personal donations, which are largely possible because of his 1.3% stake in Netflix, his company is also investing in Black communities.

Netflix is committing to spend $5 million partnering with organizations dedicated to creating opportunities for Black creators, Black youth, and Black-owned businesses. Some of the organizations Netflix is investing in include, Black Public Media, Black Girls Code, and Vermont Slauson Economic Development (VSEDC).

"Tackling racism and injustice in meaningful ways means creating long-term opportunities for the Black community," Hastings said in a statement to Business Insider. "The main role we play is through our funding of and member viewing of important content like When They See Us. As an additional step, today we're committing $5 million to nonprofits dedicated to creating direct opportunities for Black creators, Black youth, and Black-owned businesses."