The gift was given on what would have been Daniel Pearl's 43rd birthday. The donation was made through the recently formed Jolie-Pitt Foundation, according to a report on the magazine's Web site.
"On this day our thoughts go out to Danny's family," the couple said in a statement to the magazine. "The Daniel Pearl Foundation is celebrating this day, his birthday, with music festivals around the world. The festivals are a great reminder of not just Danny's work as a journalist but of his life and his love of music."
Pitt and Jolie arrived on Thursday in Pune, India, where they are filming "A Mighty Heart," a movie based on the book written by Mariane Pearl, Daniel's widow. In the film, Jolie plays Mariane and actor Daniel Futterman plays the Wall Street Journal reporter.
Pitt and Jolie were mobbed by international press Sunday when they took an autorickshaw ride with their son, Maddox, 5.
Last month, the couple gave $1 million each to two humanitarian organizations: Global Action for Children and Doctors Without Borders.