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Netflix CEO Reed Hastings speaking in 2016. Photo: Andrej Sokolow/picture alliance via Getty Images

Netflix CEO Reed Hastings and his wife Patty Quillin announced Wednesday they are donating $120 million to the United Negro College Fund, Spelman College and Morehouse College.

Why it matters: It's the largest recorded individual gift to support scholarships at historically black colleges and universities (HBCUs), which Reed and Quillin hope will encourage other wealthy individuals to make donations as well.

What they're saying: “HBCUs have a tremendous record, yet are disadvantaged when it comes to giving," Hasting and Quillin said in a statement. "Generally, white capital flows to predominantly white institutions, perpetuating capital isolation.”

  • "We hope this additional $120 million donation will help more black students follow their dreams and also encourage more people to support these institutions — helping to reverse generations of inequity in our country."

The big picture: Unlike Ivy League colleges, HBCUs have comparatively small endowments and tend to receive most of their largest educational donations from alumni.

  • The donation comes in the midst of economic upheaval set off by the coronavirus pandemic, which has had an especially damaging effect on colleges and universities as high school graduates postpone pursuing higher education.

Go deeper: HBCUs are missing from the discussion on venture capital's diversity

Go deeper

Erica Pandey, author of @Work
Sep 13, 2020 - Economy & Business

The colleges that are getting reopening right

Illustration: Sarah Grillo/Axios

Universities that brought students back to campus have already seen a rough start to the fall, with more than 50,000 infections across the country. But some have seemingly cracked the code.

The big picture: A number of schools have managed to open up while quelling or even preventing outbreaks, either because they’re effectively testing and tracing or because they’ve got smaller student bodies and more rural locations.

Broncos and 49ers the latest NFL teams impacted by coronavirus crisis

From left, Denver Broncos quarterbacks Drew Lock, Brett Rypien and Jeff Driskel during an August training session at UCHealth Training Center in Englewood, Colorado. Photo: Justin Edmonds/Getty Images

The COVID-19 pandemic has thrown the NFL season into chaos, with all Denver Broncos quarterbacks sidelined, the San Francisco 49ers left without a home or practice ground and much of the Baltimore Ravens team unavailable, per AP.

Driving the news: The Broncos confirmed in a statement Saturday night that quarterbacks Drew Lock, Brett Rypien and Blake Bortles were identified as "high-risk COVID-19 close contacts" and will follow the NFL's mandatory five-day quarantine, making them ineligible for Sunday's game against New Orleans.

Updated 11 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Health: WHO: AstraZeneca vaccine must be evaluated on "more than a press release."
  2. Politics: McConnell temporarily halts in-person lunches for GOP caucus.
  3. Economy: Safety nets to disappear in DecemberAmazon hires 1,400 workers a day throughout pandemic.
  4. Education: U.S. public school enrollment drops as pandemic persists.
  5. Cities: Surge in cases forces San Francisco to impose curfew — Los Angeles County issues stay-at-home order, limits gatherings.
  6. Sports: NFL bans in-person team activities Monday, Tuesday due to COVID-19 surge — NBA announces new coronavirus protocols.
  7. World: London police arrest more than 150 during anti-lockdown protests — Thailand, Philippines sign deal with AstraZeneca for vaccine.