Bloomberg makes $600 million contribution to 4 Black medical schools

Michael Bloomberg's organization Bloomberg Philanthropies is announcing a $600 million gift to the endowments of four historically Black medical schools.

Bloomberg, the former New York City mayor and the billionaire founder of Bloomberg LP, will make the announcement Tuesday in New York at the annual convention of the National Medical Association, an organization that advocates for African American physicians.

"This gift will empower new generations of Black doctors to create a healthier and more equitable future for our country," Bloomberg said in a statement.