Leonard Tow, 80, philanthropist and former newspaper executive (CEO of Citizens Communications and Century Communications), donated five million dollars to the Columbia University Graduate School of Journalism and three million to the City University of New York (CUNY) Graduate School of Journalism for research and development (R &D) and "innovation efforts" to study the future of print and online newspapers, PaidContent.org reports.

CUNY's Tow Center for Journalistic Innovation will be the "R & D center for business models and developing new ventures", PaidContent.org wrote. "The center would bring in venture capitalists s to fund the best ideas", according to Stephen Shepard, reported PaidContent.org via New York Times. Meanwhile, Columbia will be focused "on training journalism students in digital media", according to PaidContent.org.

Source: PaidContent.org