GEORGE LUCAS HAD a few more surprises up his sleeve. On the heels of the unprecedented breaking news that he is selling Lucasfilm Ltd., and all of it’s subsidiaries to the Walt Disney Corporation, George Lucas revealed to the Hollywood Reporter that he will use that money for education philanthropy.
As chairman of Edutopia, part of the George Lucas Education Foundation, he may put the money towards that organization; or a completely different one.
George Lucas Will Use Disney $4 Billion to Fund Education
3:20 PM PDT 10/31/2012 by Alex Ben Block
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.