Philanthropist and former newspaper executive Leonard Tow is pledging $5 million to the Columbia University’s Graduate School of Journalism, and $3 million to the City University of New York’s Graduate School of Journalism, to fund R&D and innovation efforts and figure out the future of newspapers, both in print and online. Besides figuring out new business models, the money will be used to train students in digital journalism skills.

CUNY’s Tow Center for Journalistic Innovation will function as an R&D center for business models and developing new ventures..the center would bring in VCs to fund the best ideas, according to Stephen Shepard, the journalism school’s dean, reports NYT. Columbia will focus on training its journalism students in digital media.

Tow, who is 80 now, is the former CEO of Citizens Communications and Century Communications.