Netflix, Howard Set Up $5.4M Scholarship To Honor 'Black Panther' Star Chadwick Boseman

Netflix Inc. NFLX, along with Howard University, has established a $5.4 million scholarship fund in honor of the late Black Panther star Chadwick Boseman.

What Happened: Boseman, who passed away from colon cancer in August last year, earned a Bachelor of Fine Arts degree from the historically Black institution in 2000. The scholarship will cover four years of full tuition at Howard's College of Fine Arts, which was named after Boseman earlier this year, the streaming video-on-demand company said in a statement.

"It is with immense pleasure and deep gratitude that we announce the creation of an endowed scholarship in honor of alumnus, Chadwick Boseman, whose life and contributions to the arts continues to inspire," said Howard University President Wayne A.I. Frederick.

"This scholarship embodies Chadwick’s love for Howard, his passion for storytelling, and his willingness to support future generations of Howard students."

"[Boseman] always spoke of his time at Howard and the positive way it shaped his life and career. Now, we will have the opportunity to give many future superheroes a chance to experience the same," added Netflix Co-CEO Ted Sarandos.

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Why It Matters: The scholarship is designed to provide exemplary students and those who can demonstrate the financial need a chance to pursue their passions. The inaugural year will see one member of each class being granted the scholarship while the following years will see one incoming freshman granted the award on an annual basis, Netflix said in a statement.

Price Action: Netflix's shares last closed 1.6% lower at $603.35 on Monday and traded 0.44% higher in the pre-market session at $606 at press time on Tuesday.

Photo: Courtesy of Gage Skidmore on Flickr