Reed Hastings

Business • Media & Advertising
Netflix CEO to donate $120 million to HBCUs
Reed Hastings speaking at the Media Convention Berlin in 2015
Reed Hastings speaking at the Media Convention Berlin in 2015 Credit: Mondileinchen / CC BY-SA (Creative Commons Attribution ShareAlike 4.0)

Reed Hastings, CEO of Netflix, announced that he and his wife Patty Quillin would be donating a total of $120 million to three HBCUs, historically black colleges and universities. Morehouse College, Spelman College and United Negro College Fund will receive $40 million each.

In their statement, the pair said that they have "supported these three extraordinary institutions for the last few years" because they believe that "investing in the education of Black youth is one of the best ways to invest in America's future" and adding "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."

Netflix reduces streaming quality in Europe

Following the coronavirus outbreak, more and more people in different European countries are voluntarily staying at home or forced due to movement restrictions. With this comes a higher internet usage throughout the whole continent. After talks between Thierry Breton, the European Commissioner for Internal Market and Services, and the Netflix CEO Reed Hastings, the streaming service has announced that it would reduce the data consumption by 25% by lowering the picture quality and therefore "preserve the smooth functioning of the internet during the Covid-19 crisis".