Netflix chief Reed Hastings and his philanthropist wife on Wednesday gave 120 million dollars to historically black U.S. colleges to fund full-ride scholarships for students.

The gift by the Netflix co-founder and his wife, Patty Quillin, to Spelman College and Morehouse College – two Atlanta universities – and the United Negro College Fund was touted as the largest-ever contribution by an individual in support of such scholarships.

"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."

Hastings, who as a younger man spent time in the Peace Corps and teaching high school-level math in Swaziland, and his wife have a history of philanthropy aimed at education.

Apple recently launched a 100 million U.S. dollars initiative to combat systemic racism, and Google has committed 275 million U.S. dollars to help black artists on YouTube, help fund African American small businesses and other projects to support the community.

(Cover image: Reed Hastings attends Reed Hastings panel during Netflix 'See What's Next' event at Villa Miani. /VCG )