Netflix chief Reed Hastings and his philanthropist wife on Wednesday gave $120 million to historically black US 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 colour -- 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 initiative to combat systemic racism, and Google has committed $275 million to help black artists on YouTube, help fund African American small businesses and other projects to support the community.