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Media mogul John Kluge (who you may remember gave CC a ridiculous amount of money) has announced that he will subsidize yet another of Columbia’s fine institutions–the Journalism School. A paltry $20 million of his 400 mil gift to the university will go to finishing the J-school’s $100 million Second Century campaign. The money also guaranteed that Columbia will receive some money ($5 million) from Leonard Tow.
Now that the J-school has so much cash on hand, they won’t be too disappointed to look at the stock prices for the Times or the Post over the past month. Print journalists–beware!
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@Alum Capital campaigns don’t “finish” when they reach their targets ahead of schedule. They continue until the announced target date and wind up with a lot more money than the stated goal. The J-School’s press release says that this is what the school is going to do.
Also, John Kluge’s $20m will not “guarantee” that Columbia will get any portion of the Tow challenge grant. The Tow foundation isn’t matching *all* contributions to the school. It is matching only those which will support the work of the Tow Center. Kluge’s money isn’t going to support that center, so it doesn’t trigger any of the matching funds. The school will get all of that money, but only after it brings in other donations.
@Jesus how much money did this dude make??