George Lucas will give a large portion of his $4.05 billion sale proceeds from the Lucasfilm sale to a currently unknown foundation which supports education.
A spokesperson from Lucasfilm spoke with The Hollywood Reporter about the director’s intention to donate part of the Disney sale to primarily benefit education:
“George Lucas has expressed his intention, in the event the deal closes, to donate the majority of the proceeds to his philanthropic endeavors.”
George Lucas is currently chairman of Edutopia, which is part of the George Lucas Educational Foundation. It is unknown if he will put money into the existing foundation or if he will create an entirely new foundation which will also be focused on providing funding for education initiatives, The Wrapreports.
In 2006, Lucas used his current foundation to donate $175 million to his alma mater, USC. Over the year, Lucas has given to a number of charities including Make-A-Wish Foundation, Stand Up To Cancer, and the Film Foundation.
Lucas released a statement on Wednesday which expressed his desire to focus on philanthropy:
“For 41 years, the majority of my time and money has been put into the company. 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.”
In 2010, George Lucas made a philanthropy pledge:
“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.”
George Lucas’ decision to donate part of his proceeds of his Disney sale only help to further exemplify his philanthropic nature.