Media mogul John W. Kluge plans to give at least $400 million and up to $600 million to Columbia University, a source familiar with the donation told WNBC late Tuesday.
The donation to Kluge's alma mater will be used for undergraduate and graduate financial aid. The amount of the donation, believed to be the largest ever to Columbia, will depend on the value of Kluge's estate at the time of his death.
Kluge, 92, attended Columbia on an academic scholarship and graduated in 1937.
A press conference announcing the donation is expected to be held at 11:45 am New York time, with New York Mayor Michael Bloomberg, former Mayor David Dinkins and Rep. Charles Rangel in attendance.