Earlier this week it was announced that The Walt Disney Company had purchased George Lucas' Lucasfilm Ltd., and now word is buzzing that the film mogul is donating most of the money he received in the purchase.
According to several media reports, George Lucas announced he plans to donate to charity "most" of the money from the $4.05 billion he received in the transaction with Disney. Lucas was the sole shareholder in the company. Digital Journal had reported on the sale earlier this week.
The Hollywood Reporter indicated that Lucas said he plans to "quickly put the bulk" of the cash into a foundation that will focus on education causes.
“George Lucas has expressed his intention, in the event the deal closes, to donate the majority of the proceeds to his philanthropic endeavors," a Lucas representative told The Hollywood Reporter.
In 2010, Lucas had signed The Giving Pledge, an initiative led by Bill and Melinda Gates and signed by many others. At that time said he planned to donate his money to educational issues. At the time Lucas stated,
It [education] 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.
According to Forbes, Lucas' net worth is estimated at $3.4 billion, and the money received from the Disney sale will increase his net worth by over $700 million.
Over the years, Lucas has created many movies, but is perhaps best known for his Star Wars trilogies.
“For 41 years, the majority of my time and money has been put into the company,” Lucas said in a statement earlier this week after the sale was announced. “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."