Posted on November 3, 2012

George Lucas to Commit Proceeds From Disney Deal to Foundation

Filmmaker George Lucas plans to devote the bulk of the proceeds from the sale of his Lucasfilm company to his philanthropic endeavors, the Hollywood Reporter reports.

A spokesperson for Lucasfilm told the Reporter that Lucas, who owns 100 percent of the company, plans to transfer much of the $4 billion he receives from its sale to the Walt Disney Company to a private philanthropy that will focus on education issues in the United States. Lucas, a signatory to the Giving Pledge created by Bill and Melinda Gates and Warren Buffett, currently serves as chairman of Edutopia, a project of the George Lucas Educational Foundation. It has not been announced whether the Star Wars director plans to transfer money from the sale into the foundation or a new entity.

Over the years, Lucas has made a number of high-profile charitable gifts, including a $175 million gift to his alma mater, the University of Southern California, in 2006.

"For forty-one years, the majority of my time and money has been put into [Lucasfilm]," said Lucas in a statement released on 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."