The couple is donating several valuable pieces of art from their private collection, $5 million for the Chazen Museum building, and $3 million to establish two distinguished chairs.
Former co-worker Jason Wilde created the Tom Mulhern Scholarship for Sports Journalism to celebrate his mentor's talent and commitment to his profession.
The $150,000 award provides a significant boost to the L&S Career Initiative.
The annual Wisconsin-lifestyle magazine is produced by students enrolled in a course in the School of Journalism and Mass Communication.
Jason Cohen's <i>Facing Fear</i> was nominated for an Oscar in 2013.