Facebook CEO to announce $100M donation to Newark schools

Schools in New Jersey's largest city are poised to receive $100 million from Facebook founder Mark Zuckerberg.Reports say Newark Mayor Cory Booker, Gov. Chris Christie

NEWARK - Schools in New Jersey's largest city are poised to receive $100 million from Facebook founder Mark Zuckerberg.

Reports say Newark Mayor Cory Booker, Gov. Chris Christie and Facebook's Zuckerberg are expected to announce the donation this afternoon on Oprah Winfrey's Chicago-based TV show.

To see a breakdown of how the donation could be spent, click "NEXT" under the video player.

Under the arrangement, Booker will reportedly take some control over the troubled school system, which is run by the state and has some of its lowest test scores and poorest graduation rates in New Jersey.

The $100 million would be put as stock into a new foundation created by the 26-year-old CEO, according to a report on NJ.com. The stock would be liquidated as necessary for use in Newark schools. The arrangement would give Zuckerberg the ability to control the flow of money at his discretion if he believes it is not being spent appropriately, the report said.

?This historic donation is a real opportunity for Newark to become a national model for leveraging private dollars to improve an urban school system,? said Mashea Ashton, CEO of the Newark Charter School Fund.

Booker and Christie support changes that are opposed by teacher unions, including charter schools and teacher evaluations.

Facebook is based in Palo Alto, Calif.

For the full nj.com report, click here.AP wire services contributed to this report.

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