George Lucas Will Use Disney $4 Billion to Fund Education
Spokesperson for Lucasfilm tells THR the majority of the sale price will go toward educational philanthropy.
By the end of the year, the $4.05 billion sale of Lucasfilm to Disney should be finalized. And since George Lucas owns 100 percent of his company -- which has little to no debt -- all that money goes to him.
After that, Lucas plans to quickly put the bulk of the money into a foundation that will primarily focus on educational issues, a spokesperson for Lucasfilm tells THR.
“George Lucas has expressed his intention, in the event the deal closes, to donate the majority of the proceeds to his philanthropic endeavors.”
It's not yet clear which foundation will get the proceeds. Lucas is currently the chairman of Edutopia, which is part of the George Lucas Educational Foundation. He could put money into that or create a new foundation that would be funded from the sale.
The Foundation was the vehicle Lucas used to make a $175 million donation to his alma mater USC in 2006. He has also given to many other causes over the years including the Film Foundation, Stand Up to Cancer and the Make-A-Wish Foundation.
“For 41 years, the majority of my time and money has been put into the company,” Lucas said in a statement Wednesday. “As I start a new chapter in my life, it is gratifying that I have the opportunity to devote more time and resources to philanthropy.”
The spokesperson noted that this “announcement continues a commitment that Lucas made in 2010 to The Giving Pledge, where he stated, 'I am dedicating the majority of my wealth to improving education. It is the key to the survival of the human race. We have to plan for our collective future -- and the first step begins with social, emotional and intellectual tools we provide to our children. As humans, our greatest tool for survival is our ability to think and to adapt -- as educators, storytellers and communicators, our responsibility is to continue to do so.’”
For the full text of the 2010 letter, click here.