March 11 (Bloomberg) -- George Washington University received three gifts totaling $80 million for its school of public health from charities associated with junk bond pioneer Michael Milken and Viacom Inc. Chairman Sumner Redstone.
The Milken Institute donated $40 million for research and scholarships to the school, which will be renamed the Milken Institute School of Public Health, the Washington-based university said yesterday on its website.
The Sumner M. Redstone Charitable Foundation donated $30 million for health research and the Milken Family Foundation gave $10 million to support the dean’s office.
Milken, 67, head of junk-bond trading at Drexel Burnham Lambert Inc. in the 1980s, served 22 months in prison after pleading guilty to securities fraud in 1990. The Milken Institute, based in Santa Monica, California, is a nonprofit research organization Milken and his brother founded in the early 1990s, according to its website.
Redstone, 90, founded New York-based Viacom and served as chief executive officer from 1996 to 2005. He is also chairman of CBS Corp.
“These extraordinary gifts collectively represent the largest donation ever received by the George Washington University,” said Nelson Carbonell, chairman of GWU’s board of trustees. “Such a generous contribution to the university demonstrates a commitment to the health of people all over the world.”
George Washington, founded in 1821, is a private university with about 25,000 students.
To contact the reporter on this story: Oliver Staley in London at firstname.lastname@example.org
To contact the editors responsible for this story: Lisa Wolfson at email@example.com Chris Staiti