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Kluge Shares the Wealth
It's raining money at Columbia University.
Billionaire John Kluge is giving $400 million to his alma mater, in what is the largest gift ever from an individual to an institute of higher education, according to the Chronicle of Higher Education.
Kluge, 92, is a media entrepreneur who built an empire of radio and television broadcasting outlets starting in the 1940s. They were eventually sold to Rupert Murdoch's News Corporation to become the core holdings of Fox.
Kluge has already given more than $110 million to Columbia over the years.
He graduated 70 years ago this spring.
by Megan Barnett
Laura Rich is a co-founder of Recessionwire, which provides news, advice, perspective and humor about the recession and the recovery.
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